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12/29/16
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Lionstone Investments has purchased a 49.4k sf office building in Berkeley in a recent transaction said to be worth just over $22 mil, or around $450/sf. The majority of the building, or about 42k sf, is occupied by anchor tenant WeWork, the shared workspace company.
Located at 2120 University Ave, just a block west of the University of California, Berkeley campus, the property was sold by Soma Capital partners, out of San Francisco. The location is also just two blocks from the BART station in downtown Berkeley.
Soma had picked up the property in early 2014 for just under $10 mil. It was vacant at the time but the firm spent $2.5 mil in renovations that included upgrades to the elevator, HVAC, building lobby and more.
Besides WeWork, the fully occupied building now includes two retail tenants – Ippudo Ramen Kitchen (3.2k sf) and Blue Bottle Coffee (1.7k sf).
JLL represented the seller in the transaction.
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