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February 22, 2020
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Buchanan Street Partners Makes Bay Area Office/Life Science Buy

1/30/20

Buchanan Street Partners has acquired Newark Tech Park, a 99.7k sf, two-building office and life science project in San Francisco’s East Bay, for $26.2 mil, or $263/sf. The property, located at 8000 and 8100 Jarvis Ave, was 98% leased at time of sale.

Built in 2001, the Newark Tech Park is located at the base of the Dumbarton Bridge, a crucial transportation link connecting the near East Bay to the heart of Silicon Valley. The property features efficient floor plates, expansive glass lines, 16’ clear heights, and building systems that can accommodate tech and biotech space – uses reflected throughout the rent roll.

“The distinct advantages of this location – combining proximity to Silicon Valley decision makers with accessibility to the affordable housing of the East Bay – has fueled a micro-market of tech, life science, and advanced manufacturing users,” said Bob Dougherty, Executive Vice President at Buchanan Street Partners.

“With the 8100 Jarvis building likely to become fully vacant by mid-year 2020, Buchanan is planning to capitalize upon the opportunity to take advantage of burgeoning bioscience demand in this micromarket,” said Dougherty. The firm plans to make significant upgrades to position the project to appeal to both life science and tech users.

Buchanan financed the acquisition through assuming an in-place CMBS loan on 8000 Jarvis and securing a new bank loan on 8100 Jarvis. Peter Thompson of Jones Lang LaSalle assisted with the bank financing. Grant Lammersen, Steve Golubchik, Tyler Myerdirk, and Edmund Najera of Newmark Knight Frank listed the property on behalf of the seller, New York-based Time Equities.






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