The seller was HMS Gateway Office LP that developed the property in 1999. The local investor group is called Consolidate Farms.

HMS has developed more than 600,000 sf in the Gateway Commercial Center where the building is located. The partnership also recently sold the 150,000-sf Corixz Campus to Chapman Raiser. Adjacent to 701 Gateway, the partnership is developing an additional 135,000 sf Class A office building. HMS is also developing a 600,000 sf office and hotel campus on the South San Francisco waterfront.

Gary Willard, a former senior vice president of CB Richard Ellis, led the investment sales team that represented both parties in the transaction. Willard recently left CBRE to join BT Commercial Real Estate as a managing partner, investment services group, in the Burlingame office.