SAN MATEO, CA—The San Mateo market continues to benefit from its central location between San Francisco and Silicon Valley. According to Cushman & Wakefield research, San Mateo’s office vacancy dipped below 10% at the close of 2015. Average asking office rents in the submarket have grown 24% in the last two years.

Within this vibrant market, a strategically located property has changed ownership. Seagate Properties Inc. partnered with RGA Real Estate Investments LLC in the acquisition of The Atrium for $61.6 million or $376 per square foot. Located at 1900 South Norfolk St., the class-A office building is situated at the prominent intersection of Highway 101 and 92. The Atrium totals 163,791 square feet and is 90% occupied.

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