The highest rent in the U.S. belongs to venture capitalists in Silicon Valley

Aydin Senkut started his venture capital firm Felicis Ventures in San Francisco a decade ago. Five funds and more than $430 million later, Senkut is ready to open an office on Sand Hill Road, alongside such Silicon Valley institutions as Kleiner Perkins Caufield & Byers and Sequoia Capital. But he’s going to have to pay up.

Located in Facebook Inc.’s hometown of Menlo Park, California, Sand Hill Road has the most expensive office space in the U.S., even as the startup market moderates, according to data from commercial real estate firm Cushman & Wakefield. At an average of $129.91 per square foot annually, it’s up about $6 from last year and exceeds the cost of renting high-end offices in Greenwich, Connecticut, and on New York’s Park Avenue. It is also far more than the $75.39 for comparable space in San Francisco’s south Financial District, which saw a price increase over the last year similar to its neighbor in the Valley, said Robert Sammons, a regional director at Cushman & Wakefield. …

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The highest rent in the U.S. belongs to venture capitalists in Silicon Valley