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The 300 block of University Avenue in downtown Palo Alto is aflame, according to Megan McCarthy, who's on the scene. "Flames are shooting 20 to 30 feet into the air from the rear of the building," reports Palo Alto Online. Threatened by the blaze: The Peninsula bureau of the San Jose Mercury News. A block away: Accel Partners, the VC firm which funded Facebook and BitTorrent, among others. Anyone know of other businesses that might be affected? Leave a comment, and Megan will update us if there's more news.