(EDITOR’S NOTE: According to sources familiar with the details for the sale, the property sold for $72.5 million, or just around $697 per square foot. Newmark Knight Frank was the listing agent on the sale, and the company declined comment when contacted about this sale. The seller was a joint venture between privately-held real estate merchant bank ScanlanKemperBard and privately-held investment advisor Angelo, Gordon & Co., which purchased the asset in November 2016 for $46,750,000, or approximately $454 per square foot.
NEW YORK — GTIS Partners LP (“GTIS”), a real assets investment firm headquartered in New York City, with offices in São Paulo, Los Angeles, San Francisco, Atlanta, Paris, and Munich, and Graham Street Realty (“GSR”), an experienced San Francisco-based commercial real estate owner-operator, today announced the formation of their joint venture and the simultaneous closing of their acquisition of Belvedere Place, a Class A office building in Mill Valley, California.
Belvedere Place was built in 2000, is 100% leased, and is Marin County’s newest, highest-quality Class A office building. The property comprises two three-story buildings with a total of 104,000 rentable square feet of space. Beyond this, the building offers direct-access garage parking, electric car charging stations, 20’ ceilings in lobby entrances, and a private fitness center.
“We’re delighted to partner with GSR to make this acquisition a reality,” said David Pahl, Managing Director, GTIS Partners. “Belvedere Place is a textbook example of what we look for both in an MSA and in a property itself – a supply-constrained market with significant barriers to entry for new developments, attractive returns with strong cash-on-cash yields, and a roster of blue-chip occupants. This is our first office acquisition for our GTIS US Property Income Partners fund, which complements our existing portfolio of residential assets, providing further strong, predictable cashflow.”
Current occupants include Merrill Lynch, UBS, WeWork, Redwood Trust, and several private wealth management firms.
“Marin County is the most affluent county within the San Francisco Bay Area, with median incomes of $133,000 and median home prices over $1.1 million, and the area is home to many executives and other well-educated professionals,” said David Messing, Managing Principal of Graham Street Realty. “Geographically speaking, Belvedere Place couldn’t be better situated, with direct access to Highway 101 providing easy commutes to the North Bay and a 20-minute drive to downtown San Francisco across the Golden Gate Bridge.”
About Graham Street Realty
Graham Street Realty (GSR) is a private, San Francisco-based commercial real estate investment company with assets in the Western United States. Since its founding in 2007, the firm’s focus has been on value-add investment in the multi-tenant office building market. GSR currently owns more than 1.2 million square feet of commercial office space. To learn more, visit www.grahamstreetrealty.com.
About GTIS Partners
GTIS Partners is a global real assets investment firm headquartered in New York with offices in Los Angeles, San Francisco, Atlanta, São Paulo, Brazil, Paris, France and Munich, Germany. GTIS Partners was founded in 2005 and is managed by President Tom Shapiro and Senior Managing Directors Josh Pristaw, Rob Vahradian, Tom Feldstein, João Teixeira, and Amy Boyle. GTIS Partners has 88 employees and approximately $4.5 billion of gross assets under management. The firm pursues opportunistic real asset investments through direct equity investment and lending activities. To date, the firm has committed capital to residential, retail, industrial, office, hotel, and mixed-use projects in the U.S. and Brazil, and is among the largest real estate private equity companies in Brazil. For more information, please visit www.gtispartners.com.