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5/20/21
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Harvest Properties and an affiliate of Cerberus Capital Management L.P. have sold DC Station, a 385k sf, Class A office building and adjacent seven-level parking structure in Daly City. From what we hear, the deal had a total value of around $168 mil.
DC Station is located at 2001 Junipero Serra Blvd. The property benefits from an attractive transit-oriented location, large and flexible floorplates, recently completed on-site amenities, and overall high asset quality relative to its replacement cost and other comparable trades in the marketplace.
Harvest and Cerberus acquired the asset in April 2018 for about $114 mil. The partnership determined the building could accommodate life science users, paving the way for a potential conversion into this product type. Approximately 70% leased at the time of acquisition, the partnership implemented a robust leasing program that resulted in the execution of more than a dozen leases, exceeding 105k sf, to bring the occupancy to more than 90% by early 2020.
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