Representing the seller on behalf of Cushman & Wakefield's capital markets were Eric Fox, Michael Speers and Steve Hermann. Local market advisory was provided by Cushman & Wakefield's Whiff Collins.

“This portfolio was assembled in the early 1990s from lenders who took back properties with the collapse of the savings and loan, and emergence of the federal RTC. After a 25-year hold, the owner elected to take advantage of where we are in the current cycle to sell the assets, either as a portfolio or component sales. This was the largest multi-locational portfolio sale in the East Bay in the last 15-plus years,” Speers, executive director, capital markets, Cushman & Wakefield, tells GlobeSt.com. “Leasing fundamentals remain strong for Bay Area office. High net worth investors are differentiating themselves from institutional investors as a viable alternative.”

All of the properties in the portfolio feature buildings with efficient floor plates and competitive parking ratios. The properties are located in multiple submarkets with access to key regional freeways along with proximity to amenities, residential communities and surrounding business centers.

“One of the unique aspects of this project was managing simultaneous negotiations and sales,” says Fox, executive managing director, Cushman & Wakefield. “Marketing a geographically diverse portfolio required our team to access both institutional and private capital markets. The marketing team's ability to expand the buyer pool mitigated transaction risk and increased value.”

As previously reported, Meridian recently acquired 1000 Marina, a 105,000-square-foot office building in the Sierra Point submarket of Brisbane, CA.

SANTA CLARA, CA—With continued strong fundamentals in place throughout the Bay Area, an investor recently took advantage of timing in the cycle to shed a mega-portfolio of 10 assets. Sleepy Hollow Investment Company's Bay Area office portfolio, which sold for approximately $130 million, is a collection of multi-tenant office buildings located in several key submarkets.

The portfolio encompasses 661,319 square feet of office space spread across 10 properties and is comprised of 14 separate office buildings located on more than 32 acres of land. The office properties were sold in components to five buyers that included Eagle Canyon Capital, Square I, STG Group, James Lindsey and Long Market Property Partners.

“I'm very proud of a terrific 25 year run with this portfolio for my investors and my team. We achieved incredible returns despite several difficult market cycles and we thrived in multiple locations. Our tenure culminated in a timely exit, with a great execution by the Cushman team to quality buyers who will do a wonderful job with these great properties going forward,” says Adam Henderson, president and CEO of Sleepy Hollow Investment Company.

The portfolio is currently 92% occupied and its 132 tenants represent a wide variety of industries. The properties are located in the East Bay, Silicon Valley and the North Bay, specifically in Pleasant Hill, Walnut Creek, Orinda, San Ramon, Dublin, Santa Rosa and Santa Clara. The portfolio featured class-A office buildings including The Terraces in Pleasant Hill and Riviera Plaza in Walnut Creek.

Representing the seller on behalf of Cushman & Wakefield's capital markets were Eric Fox, Michael Speers and Steve Hermann. Local market advisory was provided by Cushman & Wakefield's Whiff Collins.

“This portfolio was assembled in the early 1990s from lenders who took back properties with the collapse of the savings and loan, and emergence of the federal RTC. After a 25-year hold, the owner elected to take advantage of where we are in the current cycle to sell the assets, either as a portfolio or component sales. This was the largest multi-locational portfolio sale in the East Bay in the last 15-plus years,” Speers, executive director, capital markets, Cushman & Wakefield, tells GlobeSt.com. “Leasing fundamentals remain strong for Bay Area office. High net worth investors are differentiating themselves from institutional investors as a viable alternative.”

All of the properties in the portfolio feature buildings with efficient floor plates and competitive parking ratios. The properties are located in multiple submarkets with access to key regional freeways along with proximity to amenities, residential communities and surrounding business centers.

“One of the unique aspects of this project was managing simultaneous negotiations and sales,” says Fox, executive managing director, Cushman & Wakefield. “Marketing a geographically diverse portfolio required our team to access both institutional and private capital markets. The marketing team's ability to expand the buyer pool mitigated transaction risk and increased value.”

As previously reported, Meridian recently acquired 1000 Marina, a 105,000-square-foot office building in the Sierra Point submarket of Brisbane, CA.