South Bay Office Asset Nets $180M
- Aug 21, 2018
A partnership between Northwestern Mutual Life Insurance and McCarthy Cook has acquired Castro Station, a 114,809-square-foot office campus in Mountain View, Calif., from TH Real Estate. The sale was valued at $179.7 million, according to Yardi Matrix.
NKF Capital Markets represented the seller in the transaction. TH Real Estate bought Castro Station in late 2015 for $148.5 million from PSAI Realty Partners.
Located at 100, 150 and 200 W. Evelyn Ave., the three-building campus is approximately 1 mile from the intersection of El Camino Real and California Route 85. Nearby public transportation links the area with San Francisco and the wider Bay Area.
“Castro Station is a generational Mountain View asset, providing scale and direct access to both Caltrain and a diverse amenity base,” said Vice Chairman Steven Golubchik of NKF Capital Markets in a prepared statement. “Castro will continue to be the top-performing Mountain View asset as tenants’ demand for Caltrain proximity continues to increase.”
Golubchik worked alongside NKF’s Edmund Najera, Tyler Meyerdirk and Darren Hollak in the transaction.
The property’s two- and three-story buildings were constructed in phases between 2000 and 2014. The asset is 94 percent leased to seven tenants, primarily IT companies. Dropbox anchors the asset, fully occupying the structure at 200 W. Evelyn Ave.
Last year, Dropbox signed a 750,000-square-foot lease in San Francisco, the largest commercial lease executed in the city’s history at the time.
Image courtesy of NKF Capital Markets