PALO ALTO — First Citizens Bank & Trust Co., which acquired the assets and deposits of failed Silicon Valley Bank, bought a downtown Palo Alto office building at a price that echoes back to a booming market before the COVID-19 outbreak.

At the corner of University Avenue and Ramona Street, the four-story 41,400-square-foot building was bought for $82 million, according to documents filed on Aug. 8 with the Santa Clara County Recorder’s Office. Florida-based Inspire Real Estate Holdings was the seller.

First Citizens Bank & Trust purchased the building at 250 Hamilton Ave. through a conventional grant deed transaction.

Inspire Real Estate bought it from Hewlett-Packard in 2003. The price wasn’t disclosed at the time.

The building, which is just a few blocks from a train station and Stan

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