SAN FRANCISCO–Rubicon Point Partners, a real estate investment company, recently closed on the sale of two Class A office buildings in Silicon Valley: one at 274-282 Castro St. in Mountain View, CA, and the other at 1870 Embarcadero Rd. in Palo Alto, CA. Separate confidential investors purchased each building for a total of more than $40 million.
“We had identified both the Mountain View and Palo Alto properties as well located in transit hubs and prime for a strategic repositioning,” said Ani Vartanian Boladian, managing partner, Rubicon Point Partners. “We were able to execute on our vision for both concurrently, renovating the properties to a superior use for office space and thus creating the opportunity for a sale—all within approximately 18 months.”
The 30,466-square-foot Castro Street property is located two blocks from the downtown Mountain View Caltrain station, which connects commuters to San Francisco, San Mateo and Santa Clara counties. Mobile application search leader, Quixey, is the sole tenant of the two-story building, which underwent significant renovations in 2002 and had further updates in 2012.
The 30,752-square-foot building in Palo Alto has direct access to the Palo Alto Caltrain station via the Embarcadero Shuttle as well as the Marguerite Shuttle. Renovated in 2011, the building is 100% leased to Sullivan and Cromwell, a 135-year-old law firm.
The HFF investment sales team representing the seller included Steven Golubchik, senior managing director and co-head of HFF's San Francisco office; John Simerlein and Ben Bullock, both directors; and, Josh DiSalle, a senior analyst.
Golubchik tells GlobeSt.com: “The sale of these assets shows the resurgence of high net worth investors coming back into the market and viewing infill markets such as Palo Alto and Mountain View as recessionary-proof submarkets as they begin to look at safe havens for continuous cash flow.”
Rubicon Point Partners was founded in 2010 and is led by Vartanian Boladian and Razmig Boladian for investment and management of a diversified portfolio of office buildings throughout the Bay Area. The firm targets in-fill communities that benefit from proximity to mass transit, employment centers, amenities and services.
As reported in January, Holliday Fenoglio Fowler, L.P. (HFF) was the seller rep on another Class A office project in Silicon Valley. HFF is a leading provider of commercial real estate and capital markets services including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
