Barker Pacific Leases Up Office Space in Novato

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By Jon Peterson

Los Angeles-based Barker Pacific Group has leased a total of 118,913 square feet in the Hamilton Landing office complex in Novato. Just over 50,000 was in renewal leases and the remainder, 68,000 square feet, is in existing tenant expansions.

“We feel good about being able to have the leases signed for our property in a difficult real estate environment,” says Michel Barker, managing director with Barker Pacific.

The new leases signed include a transaction with 2K, a Novato-based game company. The new lease covers 19,600 square feet for a renewal and 26,092 square feet for an expansion in Hangar 9 facility within Hamilton Landing.

Raptor Pharmaceutical has expanded its presence in the Hangar 7 of the property. It has added 10,892 square feet to its 30,989 square feet of existing space. The firm will be moving into the new space in the spring of 2014. The biopharmaceutical company focuses on rare diseases and orphan drugs.

Other recent leases signed for Hamilton Landing include EDG Interior Architecture, Touchfactor, Inc. and Paulson Investment Company.

Hamilton Landing is considered to be a Class A project. Barker would not comment on the lease terms except to say that they were market rate leases. According to data supplied by Cornish & Carey Commercial Newmark Knight Frank, the average asking rate for the third quarter for office buildings in Novato was $2.31 per square foot.

Hamilton Landing has a total of 403,000 square feet of space. Hangars 7 and 9 represent 120,000 square feet in the project together. The entire office complex is now 85 percent occupied. This puts it in a much better situation than the overall office market in the submarket. Cornish & Carey had the third quarter office vacancy for Novato at 32 percent for Class A space. The total square footage for Class A space in Novato is 1.8 million square feet.

Barker Pacific has been involved in the project since 1999. In 2001, the company brought in Prudential Real Estate Investors as its joint venture equity partner.

Barker Pacific owns some other assets in the San Francisco Bay Area. These include One Sansome Street in San Francisco and Rowland Plaza in Novato.

West Coast Commercial Real Estate News