The property manager for the asset is Monika Picardo, who comes to the building from Morlin Asset Management LP, where she most recently oversaw management and infrastructure improvements at 550 California St. Prior to Morlin, Picardo was general manager at Prentiss Properties where she was responsible for the management of a portfolio of approximately 1.5 million sf in Oakland and on the Peninsula.
CBRE Investors' Strategic Partners U.S. IV acquired the building from an investment client of Lowe Enterprises, which developed the building. The six-story glass-and-brick skinned stricture includes has a raised-floor system and 9,000 sf of street-level retail space. Floor plates range from 32,000 sf to 61,000 sf and ceiling heights range from 10 to 12 feet. The triple-net asking lease rate is expected to be approximately $45 per sf.
When Lowe's investment client acquired the site in 2006 it had already been entitled for the project and the foundations already had been poured. Lowe reportedly paid $83 per entitled sf.
Mission Bay is a 303-acre master-planned development that will eventually hold 5 million sf of office and commercial space, 6,000 residential units, 750,000 sf of retail and 500 hotel rooms alongside the 43-acre UCSF research campus.
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