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8/09/12
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A 10-story office property in Foster City is expected to trade hands in a deal worth $610 per sf. The 13-year-old property, a 295k sf building at 303 Velocity Way, is currently being used as the corp HQ by Electronics for Imaging Inc. According to a recent report in The Registry, the sale is expected to close in October at a price of around $180 mil.
The buyer is Gilead Sciences, a Foster City-based biopharm firm currently headquartered nearby, at 333 Lakeside Dr. Per The Registry, Gilead has indicated that they intend to expand their operations into the admin/lab building.
In closed Bay Area sales activity, The Electronic Frontier Foundation, a local firm specializing in defending online free speech and consumer rights, purchased 815 Eddy St, a 15.1k sf building located in the Van Ness Corridor of San Francisco. The firm intends to occupy the entire building as their new headquarters in San Francisco. Senior Vice President Tim Maas of Colliers’ San Francisco Investment Services Group represented the seller in the transaction.
And, in a deal from a month or so ago, McClellan Estate Company paid $7.5 mil for a 41k sf ($183/sf) commercial property located at 575 Marina Blvd in San Leandro, midway between Interstates 880 and 580. The property is fully leased to Paramedics Plus, which provides ambulatory service in the East Bay. Originally constructed in 2005/2006, the single-story, high-image building is comprised of 13k sf of office space and 28k sf of warehouse space and is situated on 5.43 acres. Scott O’Brien and Ron Labetich with Cassidy Turley represented buyer. The seller was Anthony Batarse Jr.
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