New Urban Properties intends to hold the building under along-term strategy for Silicon Valley. "Smaller buildings like BubbRoad cater to the Valley's growth and are a great investment," saysNew Urban partner Dave Skyhawk, who says the company is "on anaggressive campaign" to grow its Silicon Valley portfolio. Greggvon Thaden and Duffy D'Angelo of Colliers Parrish represented thecompany in the transaction; Jeff Rogers and Phil Arnautourepresented the seller.

New Urban has acquired five other Bay Area assets in the pastyear, including a similar-sized building in Mountain View (779 EastEvelyn Ave.) and four historic class B office buildings in DowntownSan Francisco. Most recently,New Urban paid in excess of $25 million for 625 Market St., a71,345-sf office building at the corner of Market and NewMontgomery streets. Built in 1907 and fully renovated in 2001, theproperty is 93% leased; Bank of America is the anchor tenant. Theseller 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 ofwhich were originally built between 1907 and 1923. The property at74 New Montgomery is being converted into 107 residentialcondominiums. Sales began in June.