While the building is not located within walking distance of public transportation, 1000 Marina has proximity to the Sierra Point commuter shuttle, which connects office workers to both BART and Caltrain.

“The way we own and operate 1000 Marina will be consistent with our goals for this value-add strategy. We see the opportunity to give smaller, more stable tenants a similar quality of space to newer and larger tech-centric buildings through a repeatable, thoughtful approach,” Rosenbaum tells GlobeSt.com. “Our construction and entitlement capacities as a developer of both office and medical office lend themselves to this line of business.”

Meridian worked with CBRE investment brokers Joe Moriarty and Seth McKinnon during purchase negotiations, due diligence and closing.

“The existing CBRE listing team of Simon Clark and Matt Mulry has been doing a great job bringing the asset's rents to market and will continue on as our listing agents,” John Moutsanas, Meridian vice president of acquisitions tells GlobeSt.com.

Meridian is a California office property developer. It has access to capital through its parent company, Marcus & Millichap Company.

Google

BRISBANE, CA—With proximity to the thriving biotech community, 1000 Marina is a six-story 105,000-square-foot office building located in the Sierra Point submarket, which was just acquired by Meridian. The seller was TA Associates, a private equity firm based in Boston. Meridian paid slightly less than $29 million for the 90% leased building.

“We are able to purchase a well-located class-A-minus building with great bones in need of renovations and, once complete, will provide tenants with a competitive alternative to the high cost of neighboring class-A buildings,” John Pollock, Meridian's COO, tells GlobeSt.com.

The purchase is its largest general office acquisition to date and represented Meridian's second major office transaction in Northern California in four months. The firm sold The Atrium, a 77,000-square-foot office building in Pleasanton, CA, in September 2016.

“The building is located in northern San Mateo County in a very vibrant submarket. South San Francisco and Brisbane are the epicenter of the biotech universe and we think that 1000 Marina will continue to benefit from that,” says Dan Rosenbaum, Meridian's senior vice president of acquisitions in Northern California. “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 proximity to the Sierra Point commuter shuttle, which connects office workers to both BART and Caltrain.

“The way we own and operate 1000 Marina will be consistent with our goals for this value-add strategy. We see the opportunity to give smaller, more stable tenants a similar quality of space to newer and larger tech-centric buildings through a repeatable, thoughtful approach,” Rosenbaum tells GlobeSt.com. “Our construction and entitlement capacities as a developer of both office and medical office lend themselves to this line of business.”

Meridian worked with CBRE investment brokers Joe Moriarty and Seth McKinnon during purchase negotiations, due diligence and closing.

“The existing CBRE listing team of Simon Clark and Matt Mulry has been doing a great job bringing the asset's rents to market and will continue on as our listing agents,” John Moutsanas, Meridian vice president of acquisitions tells GlobeSt.com.

Meridian is a California office property developer. It has access to capital through its parent company, Marcus & Millichap Company.