JLL Closes Two Bay Area Office Properties

SAN FRANCISCO-On behalf of Equity Office Properties Trust, Jones Lang LaSalle’s Capital Markets experts have concluded the sale of Drake’s Landing and Wood Island, two office complexes located in southern Marin County, a northern suburb of San Francisco. A large life insurance company purchased Drake’s Landing and Harrigan, Weidenmuller Co. purchased Wood Island in a 1031 Exchange.

Managing directors Michel Seifer and Rob Hielscher and vice president Aaron Herter led the JLL team on the transaction representing the seller.  Tim Muller, Brian Muller as well as Jim Clifford of Montgomery Advisors advised and represented Harrigan, Weidenmuller.  “The properties are located in a very supply constrained market and provide stable in-place cash flow, diverse tenant rosters and upside potential through the ability to increase rents as the market continues to tighten,” said Seifer. “The transactions were an unparalleled opportunity to invest in high-quality real estate in a region that boasts one of the nation’s wealthiest demographics.”