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4/28/17
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DivcoWest has purchased an 88k sf office property in downtown San Mateo in a deal said to be worth around $73 mil, or over $800/sf. The Class A building is located at 101 S. Ellsworth, just one block from downtown San Mateo’s Caltrain station.
The six-story building sits in a walkable neighborhood surrounded by many retail and restaurant amenities. Close proximity to Caltrain service and easy access to several freeways puts employees of tenants in the building just 25 minutes from San Francisco and residential locations throughout Silicon Valley.
101 S. Ellsworth has averaged 99% occupancy over the last 10 years and is one of only five Class A office buildings in San Mateo’s downtown core offering more than 80k sf of space. Tenants at the building include Merrill Lynch, Acacia Capital Corp and United American Bank.
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