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4/01/15
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Two Class A office buildings in Silicon Valley were sold in separate deals that totaled roughly $40 mil. The properties, located at 274-282 Castro St in Mountain View and 1870 Embarcadero Rd in Palo Alto, were both sold by San Francisco-based Rubicon Point Partners and bought by different, unnamed investors.
Located in the heart of downtown Mountain View, 274-282 Castro Street is a 30.4k sf property two blocks from the downtown Mountain View Baby Bullet Caltrain stop, a commuter rail connecting San Francisco, San Mateo and Santa Clara counties. Mobile application search leader Quixey is the sole tenant of the two-story building, which underwent significant renovations in 2002 with further updates in 2012.
1870 Embarcadero, Palo Alto |
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The other property, a 30.8k sf building at 1870 Embarcadero Rd in Palo Alto, has direct access to the Palo Alto Baby Bullet Caltrain stop via the Embarcadero Shuttle, operated by Caltrain, as well as the Marguerite Shuttle. Renovated in 2011, the building is 100 percent leased to Sullivan and Cromwell, a 135-year-old law firm.
“We had identified both the Mountain View and Palo Alto properties as well-located in transit hubs and prime for a strategic repositioning,” said Ani Vartanian Boladian, managing partner, Rubicon Point Partners. “We were able to execute on our vision for both concurrently, renovating the properties to a superior use for office space and thus creating the opportunity for a sale—all within approximately 18 months.”
The HFF investment sales team representing the seller included Steven Golubchik, senior managing director and co-head of HFF’s San Francisco office; John Simerlein and Ben Bulloc, both directors; and, Josh DiSalle, a senior analyst.
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