Meridian Acquires 105 KSF Office Building for $29M
- Jan 04, 2017
Brisbane, Calif.—Meridian has purchased 1000 Marina, a six-story, 105,000-square-foot office building in San Mateo County, Calif., from Boston-based equity firm TA Associates. The company purchased the 90 percent-leased building for $29 million. The 1983-built asset is LEED-certified, offers 396 parking spaces, common area Wi-Fi and was owned by TA Associates since October 2007, according to Yardi Matrix.
“This acquisition represents our largest general office acquisition to date. South San Francisco and Brisbane are the epicenter of the biotech universe and we think 1000 Marina will continue to benefit from that,” said Dan Rosenbaum, Meridian’s senior vice president of acquisitions in northern California, in prepared remarks. “As is the case in most buildings that we buy, we will perform some significant upgrades to the building, including common areas and exterior gathering places. This purchase is consistent with our value-add approach towards general and medical office.”
This marks Meridian’s second major office transaction in northern California since September 2016 when it sold The Atrium, a 77,000-square-foot office building in Pleasanton. CBRE investment brokers Joe Moriarty and Seth McKinnon assisted in this transaction and the team of Simon Clark and Matt Mulry will continue on as the leasing brokers.
Image courtesy of Meridian