The buyer was Bom-Bay Partners, an LLC created to take ownership of the property. The buyer's broker says the company behind the LLC will utilize the building as its headquarters. No information was available on the type of business that will occupy the space. The principal address and agent of the LLC is that of Andrew Colvin and Guttenberg, Rapson & Colvin LLC, which is located at 1111 Broadway/ Suite 1500 in Oakland.

"Essentially this was an owner/user purchase, and we are seeing a trend of more owner/users buying out investors in the Bay Area," says Gabe Burke, the Colliers International broker that represented the buyer. "Low interest rates have made purchasing more attractive than leasing; conversely, selling has become more attractive to investors who find that a disposition of a vacant building--because of depressed lease rates--will yield a betterreturn."

According to Simeon's website, much of the rest of the 98,000-sf, three-building development (999-1007 Canal Blvd.) also is available. Including the building that was sold, the company's website lists 84,000 sf as available.