SAN FRANCISCO-Basin Street Properties has re-entered the Marin County market with the acquisition of Shoreline Office Center for $22.25 million. The two class-A office buildings, is just seven miles from San Francisco.
The seller of the 98,652-square-foot property was Equity Office Properties. Fast growing startup Glassdoor, a jobs and career community co-founded by top Expedia and Zillow executives, will lease 37,000 square feet in one of the buildings, effective early 2014.
Shoreline Office Center boasts a prominent waterfront location with views of the San Francisco Bay and Mount Tamalpais. The property is situated directly off Highway 101, offers ample parking and numerous shopping and dining options nearby, as well as recreational opportunities, such as a bike path and bay access for paddle boarding.
Basin Street Properties will pursue capital improvements to the property, including individual suite upgrades and installing an energy efficient management system for the center.
“Our current real estate investments are centered around viable mid-market locations in the Northern California and Northern Nevada regions,” explains Matt White, president and CEO of Basin Street Properties. “With the office market in Marin County experiencing a substantial resurgence in recent years, especially in light of skyrocketing San Francisco rates coupled with falling vacancy rates, Shoreline is the perfect property for us to make our re-entrance here after selling our Novato properties in 2005.”
Rob Hielscher and Mike Seifer of Jones Lang LaSalle represented Equity Office Properties in the sale of Shoreline Office Center, while Basin Street Properties brokered the deal for itself. Glassdoor was represented by Jon Wittemeyer and Laurence Morgan of CBRE in securing its lease. Local North Bay real estate company Meridian Commercial will serve as the leasing agency for Shoreline Office Center, which can accommodate tenant space ranging from 1,500-5,000 square feet.
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