NOVATO, CA—Rowland Plaza, a 143,444-square-foot office project has been acquired by Buchanan Street Partners for $24.9 million or $174 a square foot from a joint venture between Barker Pacific Group and Rockwood Capital. This is Buchanan Street’s second acquisition in the Bay Area this quarter. Grant Lammersen and George Eckard of Cushman & Wakefield represented the seller. Buchanan Street represented itself.

Chris Herthel, senior vice president of Buchanan Street Partners, tells GlobeSt.com: “The core of San Francisco has tightened due to growing companies and positive absorption. There has been a spike in development due to demand, but companies are growing faster than developers can build. Because of this issue, businesses are expanding north due to the lack of available space and high cost of locating in the city–and Novato is in the midst of that path of expansion.”

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