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1/03/17
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Meridian has acquired 1000 Marina, a six-story, 105k sf office building in the Bay Area city of Brisbane, for $29 mil, or $276/sf. The building was 90% leased at the time of sale.
The property, situated just east of Bayshore Blvd and the 101 Fwy in the Sierra Point submarket of San Mateo County, was sold by TA Associates, a private equity firm based in Boston, MA. The sale closed in the final week of 2016. The deal represented Meridian’s second major office transaction in northern California since September, when the firm sold The Atrium, a 77k sf office building in Pleasanton.
According to Dan Rosenbaum, Meridian’s Senior Vice President of Acquisitions in northern California, “This acquisition represents our largest general office acquisition to date. The building is located in northern San Mateo County in a very vibrant sub-market. South San Francisco and Brisbane are the epicenter of the biotech universe and we think that 1000 Marina will continue to benefit from that.”
Rosenbaum added, “Google, through its YouTube subsidiary, has purchased a tremendous amount of multi-tenant office space in San Bruno over the last year. As YouTube grows into those owned buildings, those displaced tenants will need to move somewhere. This was one of the drivers in our decision to buy this building. As is the case in most buildings that we buy, we will perform some significant upgrades to the building, including common areas and exterior gathering places. This purchase is consistent with our value-add approach towards general and medical office. We perceived that the in-place rents were below market and there were some aesthetic and livability upgrades to perform. While the building is not located within walking distance of public transportation, 1000 Marina has the Sierra Point Commuter Shuttle, which connects office workers to both BART and Cal-Train often and effectively.”
Joe Moriarty and Seth McKinnon of CBRE were involved in the sale. CBRE’s Simon Clark and Matt Mulry had been handling the leasing of the property for the seller and will continue on as listing agents for Meridian.
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