SAN MATEO, CA—Woodstock Development purchased 1840 Gateway Dr. in 2006. The class-A 70,000-square-foot office building was sold in 2014 to Westbrook Partners upon renovating the project.
Monday Properties recently acquired the property with just 20% occupancy. The off-market transaction closed at $25 million, GlobeSt.com learns.
“The building is 20% occupied in a 92% leased market, so the plan is to invest in common areas and tenant areas to deliver top-quality space for tenants to lease. Our research points to 55-plus tenants in the market with a total immediate demand of 500,000 square feet,” Brendon Lydon, senior vice president of acquisitions for Monday Properties, tells GlobeSt.com. “Additionally we have the ability to place three building-top signs that face busy Highway 92, which is a nice differentiator for the asset.”
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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.
