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1/23/17
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Long Market Property Partners closed on a Bay Area office buy, paying $8.45 mil for the Vintage Office Building, a three-story, 27.1k sf ($312/sf) building in the East Bay city of Orinda. The building is located at 25 Orinda Way, north of the confluence of Camino Pablo and Hwy 24 in the city’s downtown area, roughly 10 miles northeast of Oakland.
The asset was sold by Sleepy Hollow Investment Company as part of a recent Bay Area portfolio sale. It was one of 14 buildings involved.
The building’s unique design features include creative brick and timber spaces and abundant interior and exterior glass. The property provided the buyer offered an immediate upside investment opportunity with below market rents and 80% near-term rollover.
Eric Fox, Michael Speers, and Steve Hermann with Cushman & Wakefield represented the seller. Local market advisory was provided by Cushman & Wakefield’s Whiff Collins.
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