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EOP Buys North Bay Complex, Puts 12 Buildings on the Market

SAN FRANCISCO-At the same time it is marketing 2.3 million sf of office properties in the region for sale, the Chicago-based office REIT pays $19.2 million for the ground lease interest in a two-building, 98,000-sf complex San Francisco's Mill Valley submarket.

By Brian K. Miller | Updated on January 06, 2005

SAN FRANCISCO-Equity Office Properties Trust has acquired for $19.2 million the long-term ground lease interest for Shoreline Office Center, a two-building 97,910-sf office complex in San Francisco’s North Bay. The 83% leased office complex is located at the intersection of Shoreline Highway and Highway 101 in the Mill Valley submarket. In a prepared statement, EOP president/chief executive Richard Kincaid says the purchase is part of the company’s strategic focus “on redeploying capital from our non-core markets into targeted growth markets,” which is to say markets where it already has or believes it can achieve a dominate position. The quote stems from the company’s September announcement that it plans to unload over the next five years some 17 million sf of office product located in nine “non-growth” markets, including 43 buildings in the Bay Area totaling 1.9 million sf. Of the 43 Bay Area assets, 41 buildings totaling 1.7 million sf are R&D research buildings in the San Jose area. None of the properties mentioned in that announcement correspond with EOP’s latest Bay Area disposition effort, for which Secured Capital recently began distributing flyers in the brokerage community. The flyers are marketing 12 buildings totaling 2.3 million sf, including four individual properties in San Francisco, a five-building complex in Palo Alto, a two-building complex in San Rafael and a single building in Foster City. The properties are coming to market unpriced, according to the flyer from Secured Capital. The San Francisco properties are 301 Howard, 580 California, 120 Montgomery and 201 Mission, which together total 1.5 million sf. The Palo Alto property is 3400 Hillview Ave., a five-building complex totaling 206,000 sf. The San Rafael property is the two-building, 155,000-sf San Rafael Corporate Center and the Foster City property is the 398,000-sf Parkside Towers development.

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