DRA Advisors and Local Capital Group add 400,000 SF waterfront campus and development site to recent purchase of +1MM SF Research Park at Marina Village
(EDITOR’S NOTE: According to public documents filed with the county, the partners paid $85 million, for the additional property adjacent to their Marina Village asset, which they bought for $265 million. The seller of the most recent off-market transaction was San Francisco-based Simeon Properties, which purchased the four property development with an adjacent development lot in June of 2017 for $60,450,000. The four buildings are located at 300-600 Wind River Way in Alameda.)
OAKLAND, CA. – DRA Advisors and Local Capital Group moved quickly to expand tenant opportunities at The Research Park at Marina Village on the Alameda waterfront with the August 29 purchase of Regatta Commons. Directly adjacent to Marina Village, this additional 275,000 square feet of adjacent office/life science plus a development site expands their overall life science offering to 950,000 square feet in the 1.4 million square foot business park. Large tenant improvement packages and a curated life science project team have led to significant leasing activity as the asset emerges as the Bay Area’s next life science cluster.
Grant Yeatman, Sam Swan and Scott Miller of JLL, who were selected to handle leasing of Marina Village, will also handle leasing for the newly acquired property.
“The Research Park at Marina Village just got BIGGER!”
Ownership said in June that they were committed to supporting tenants with new amenities at Marina Village and this additional strategic acquisition in the geographic center of the Bay provides tenants with flexibility, scalability and varied options and amenities in the face of ever tightening life science and office markets around the Bay,” said Grant Yeatman, JLL. “We have been pleased with the leasing momentum over the first 90 days, especially on the life science front. Our goal is to accommodate growth and enhance the latest life science cluster in the Bay Area.”
“With Emeryville, Berkeley, San Francisco and Oakland filling with tenants, we believe that Alameda provides an excellent transit-friendly location with all the essential components of a live-work-play environment to suit modern businesses and their talent,” said Dan Poritzky of Local Capital Group. “The Research Park at Marina Village just got bigger and this acquisition is another significant step in realizing the promise we made in June that we would support tenants with new amenities and options.”
Poritzky highlighted the larger tenant improvement allowances, flexible and large block space availabilities, including a new development opportunity, as well as the expansion of transit options – including the addition of ferry services – as significant competitive advantages of the Alameda life science cluster. “We’re also right on the waterfront – where else can you grab on a complimentary paddleboard or kayak and explore the estuary and bay in your lunch hour?”
The combination of Marina Village and the new acquisition creates one of the largest waterfront life science campuses in the Bay Area and provides immediate large block availability to tenants unable to find suitable space elsewhere throughout the Bay. In addition to 275,000 SF of existing low–rise, waterfront office space in four buildings located at 300-600 Wind River Way, the expansion comes with the opportunity to develop an additional 150,000 SF of entitled, state of the art commercial space.
Just next door, Marina Village has over 500,000 SF of dedicated life science and research space. With 125,000 SF of direct vacancy deliverable today, vacant space is being redesigned to accommodate sophisticated lab users. Vacant suites range from 5,000SF to over 40,000SF for a full-building user, with the ability to create a campus environment. Life science and other users now also have quality office options right next door.
The Research Park at Marina Village is a 60-acre office park set within a 200-acre master-planned community on the waterfront in Alameda, less than 15 minutes from Oakland International Airport. The 12th Street BART Station and San Francisco-Alameda Ferry provide easy public transportation access to the development through a dedicated project shuttle, which is surrounded by shopping and retail amenities.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com