New Urban Properties intends to hold the building under a long-term strategy for Silicon Valley. "Smaller buildings like Bubb Road cater to the Valley's growth and are a great investment," says New Urban partner Dave Skyhawk, who says the company is "on an aggressive campaign" to grow its Silicon Valley portfolio. Gregg von Thaden and Duffy D'Angelo of Colliers Parrish represented the company in the transaction; Jeff Rogers and Phil Arnautou represented the seller.
New Urban has acquired five other Bay Area assets in the past year, including a similar-sized building in Mountain View (779 East Evelyn Ave.) and four historic class B office buildings in Downtown San Francisco. Most recently, New Urban paid in excess of $25 million for 625 Market St., a 71,345-sf office building at the corner of Market and New Montgomery streets. Built in 1907 and fully renovated in 2001, the property is 93% leased; Bank of America is the anchor tenant. The seller was Leslie Tang Shillings' LTDD Inc.
New Urban's other San Francisco holdings include 332 Pine St., 354 Pine St., 580 Market St. and 74 New Montgomery St., all of which were originally built between 1907 and 1923. The property at 74 New Montgomery is being converted into 107 residential condominiums. Sales began in June.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
