Santa Fe, NM-based Gemini Rosemont, a national investor in commercial real estate, paid $89,604,000, or $560 per square foot, for the 160,000 square foot office property in Belmont located at 600 Clipper Dr., according to public documents. The investment in the three-story, Class A office building was the company’s first in the Bay Area and second in California. The company also owns the 177,489 square foot 610 West Ash property in San Diego.
The seller of the Belmont asset was AFL-CIO Building Investment Trust, which owned the building since June of 2014, when it paid $59.9 million for it, according to public documents.
One of the tenants in the property is the Volkswagen Group of America’s electronics research lab. SunEdison was also a tenant in the building.
The property’s location on the Peninsula puts it in close proximity to Oracle’s seven public cafes and numerous amenities. The building also has a free Caltrain shuttle that takes employees to the nearby station. The Bay Trail, as well as the O’Neill Slough Trail is directly next to the property, as is the Hyatt House Belmont hotel.
The new owner is a fully integrated real estate investment firm that buys and manages high-quality commercial properties across the country. Most of its investments are in the southern United States. The company now owns four properties in the Western United States, which includes the two in California, one in Phoenix, Ariz., and one in Bellevue, Wash.
The company’s portfolio is comprised of over 100 buildings totaling approximately 13.6 million square feet in over 20 states across the U.S. Since October 2010, Gemini Rosemont has acquired approximately 7.6 million square feet of Class A and B multi-tenant office assets in select markets valued at more than $1.2 billion, according to the company’s statement. Gemini Rosemont has sponsored more than 160 investment vehicles and deployed over $900 million of investor equity to make more than $2.7 billion in purchases, and has acquired and manages approximately 30 million square feet of commercial real estate.