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December 6, 2021
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Rubicon Point Partners Buys 77k sf Medical Office Building Adjacent to University of California San Francisco Campus

11/09/21

In a San Francisco medical office buy, Rubicon Point Partners purchased 350 Parnassus, a 77k sf building just a block from Golden Gate Park. The firm financed the deal with a $53.7 mil first mortgage loan provided by Mesa West Capital.

Built in 1968, 350 Parnassus is immediately adjacent to the 4 msf University of California San Francisco (“UCSF”) Medical Center at Parnassus Heights, UCSF’s original and largest campus. UCSF is one of the word’s preeminent medical and life science universities and the Parnassus campus provides hospital care, regenerative medicine research and houses the schools of Medicine, Dentistry, Nursing and Pharmacy. UCSF is one of the world’s preeminent medical and life science universities.

The UC Regents, the governing body of the University of California college system, is the largest tenant in 350 Parnassus, leasing space for medical professionals affiliated with the Medical Center. The remaining tenancy is leased to medical professionals in private practice. On site‐amenities at the property include a Starbucks and Pharmacy along with an outdoor seating area offering panoramic, unobstructed views of the Golden Gate Bridge and Downtown San Francisco. The property was 77% leased at closing.

The financing was arranged by Ramey Daya with Newmark. Joshua Westerberg led the origination team for Mesa West. A portion of the loan proceeds from the five-year, floating rate loan will be used to pay costs associated with improving the main lobby, tenant spaces, elevators and corridors and other common areas of the nine-story building.




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