LARKSPUR, CA-Spieker Properties is the new owner of Drakes Landing, a 122,000-sf office building here with in place rents that are 65% of today’s market rates. The Menlo Park-based REIT paid Heitman Properties approximately $330 per sf, or $40.25 million, for the property, which is 96% leased.

Drakes Landing is located in southern Marin County, one of the most supply-constrained markets on the West Coast. Spieker now owns and operates 390,000 sf of office space in the submarket. It’s nearby holdings include Larkspur Landing (190,000 sf) and Wood Island (75,000 sf), “the two projects that probably compete most closely with Drakes landing” for tenants, says Spieker’s Stuart Rothstein, who brokered the deal with partner Craig Vought. “We’re bullish on the market.”

Rothstein tells GlobeSt. there is room for much upside in the property as leases expire. Current market rents for similar properties in South Marin County are between $40 and $50 per square foot per year, says Rothstein, while in place rents at Drakes landing are about 65% of that. Seller Heitman Properties could not immediately be reached for comment on its reasons for the sale.

Spieker also announced this morning the acquisition of the Lincoln Center development in Lake Oswego, Ore., just south of Portland. The company paid $118.75 million ($161 per sf) for 735,000-sf in six buildings, the biggest being the 12-story, 224,383-sf Lincoln Tower on Southwest Greenburg Road. Including its multiple Kruse Way properties, Spieker owns approximately three million sf in the submarket.

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