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| 1000 Marina, San Mateo County, CA |
SAN RAMON, CA. – Meridian,
a full-service office property developer in California, is pleased to announce
the purchase of 1000 Marina, a
six-story 105,000-square-foot office building in San Mateo County, Calif.
The seller was TA
Associates, a private equity firm based in Boston, Massachusetts. Meridian paid
just under $29 million for the 90%-leased building located in the Sierra Point
Submarket in the city of Brisbane.
The purchase closed in the
final week of 2016 and represented Meridian’s second major office transaction
in northern California since September when the firm sold The Atrium, a
77,000-square-foot office building in Pleasanton.
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| Dan Rosenbaum |
According to Dan Rosenbaum, Meridian’s Senior Vice
President of Acquisitions in northern California,
“This acquisition represents
our largest general office acquisition to date. The building is located in
northern San Mateo County in a very vibrant sub-market. South San Francisco and
Brisbane are the epicenter of the
biotech universe and we think that 1000 Marina will continue to benefit from
that.”
Rosenbaum added, “Google,
through its YouTube subsidiary, has purchased a tremendous amount of
multi-tenant office space in San Bruno over the last year. As YouTube grows
into those owned buildings, those displaced tenants will need to move
somewhere.
“This was one of the
drivers in our decision to buy this building. As is the case in most buildings
that we buy, we will perform some significant upgrades to the building,
including common areas and exterior gathering places. This purchase is
consistent with our value-add approach towards general and medical office.
“We perceived that the
in-place rents were below market and there were some aesthetic and livability
upgrades to perform. While the building is not located within walking distance
of public transportation, 1000 Marina has the Sierra Point Commuter Shuttle,
which connects office workers to both BART and Cal-Train often and
effectively.”
For a complete copy of the company’s news release,
please contact:
Anne Monaghan
Monaghan
Communications
830.997.0963
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