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1/15/16
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Jamestown L.P. acquired Larkspur Landing Office Park, a three-building, 199k sf office campus in the Marin County city of Larkspur, in a recent $82 mil ($412/sf) transaction. Built between 1978 and 1980, the complex is located at 700-1100 Larkspur Landing Circle, roughly 11 miles north of San Francisco.
Situated on 9.4 acres, the office complex features a campus with a centrally located, 100k sf courtyard with green space and outdoor seating. Each of the project’s three buildings is connected by a bridge to the central courtyard. The property is across the street from the Marin Country Mart, a revitalized open-air shopping destination featuring a variety of retail amenities, including eateries, boutiques, fitness facilities and other services, enhanced by frequent community and special events.
The property is located directly across from the Larkspur Ferry Terminal, which offers direct service to the San Francisco Financial District and AT&T Park, and connects with the Marin Airport, which provides daily service to the San Francisco International Airport. The location is convenient to Highway 101, which is Marin County’s primary link to San Francisco via the Golden Gate Bridge. Additionally, current plans for the Sonoma-Marin Area Rail Transit (SMART) will terminate this rail system just south of the property, providing a major future amenity for the property’s tenants.
The city of Larkspur is at the heart of the current resurgence in the Central Marin County office market, bolstered by dramatic expansion in San Francisco. The Larkspur market is also experiencing high demand by business owners who desire a location nearby the enclaves of Sausalito, Kentfield and Belvedere/Tiburon, as well as by professionals who want to work close to home. Larkspur Landing’s diverse mix of tenants includes hedge fund and wealth management firms, financial and professional services, insurance and private equity firms, and technology companies.
The seller, Equity Office Properties, was represented by JLL’s Bay Area Capital Markets Group.
Larkspur Landing complements Jamestown’s existing creative office portfolio in San Francisco that today includes 731 Market Street, 799 Market Street, and Waterfront Plaza. Atlanta-based Jamestown has restored a number of high profile, historic real estate properties across the country. Leading examples include: San Francisco’s storied Ghirardelli Square, Atlanta’s Ponce City Market and Chelsea Market in New York City. Jamestown’s Bay Area portfolio also includes Alameda South Shore Center and Fourth Street—an urban high street retail project located at the southern end of Fourth Street in Berkeley, CA.
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