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4/19/16
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Graham Street Realty has acquired The Promenade, a three-story 43k sf multi-tenant office building in Berkeley, for $13.4 mil ($312/sf). The property, located on a .42-acre parcel at 1936 University Ave in the heart of downtown, was sold by Seagate Partners.
The property includes structured parking with 120 parking spaces and is elevator- and valet-serviced. Built in 1992, the building was nearly 90% leased to approximately 20 tenants at the time of sale. The largest tenant in the building (and the only with over 5k sf) is UC Berkeley, which is also a key driver of the local market.
The Promenade features high end construction, flexible layout, abundant natural light, and high-end finishes throughout. The property is positioned near the UC Berkeley campus, the popular Arts District and provides a transit-oriented location just two blocks from the BART station.
Michael Speers with Cushman & Wakefield’s San Francisco office represented the seller in the transaction.
“The Promenade is a fantastic asset positioned in one of the most vibrant, unique and growing markets in the Bay Area,” said Speers. “Exemplifying its stability, desirability and great pride of ownership, more than half of the existing tenant base has occupied the building for at least 10 to 20 years.”
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