SAN FRANCISCO, May 18, 2016 – A tightening Bay Area office market continues to draw competition across a broad range of investors and lenders, with many increasingly setting their sights on the North Bay submarket. On behalf of Jamestown, L.P., JLL’s Capital Markets experts today announced the firm secured $45.1 million in acquisition financing for Larkspur Landing Office Park, a three-building campus located in central Marin County. JP Morgan provided the loan.
Managing Director John Manning, Executive Vice President Alex Witt and Senior Vice President Pavan Malhotra led the JLL team on the transaction. JLL’s investment sales experts including Managing Directors Michel Seifer and Rob Hielscher closed the sale of the asset on behalf of Equity Office Properties.[contextly_sidebar id=”kNQOpOvvpLceU68Xm4Y9z7tyuNI3pcTb”]“Vacancy rates continue to drop across the Bay Area and we’ve seen a significant uptick in investment activity across Marin County,” said Manning. “Lenders were drawn to a Class A office park with a diverse tenant base and proximity to amenities including the Marin Country Mart.”
The three buildings total 199,046 square feet and feature an interior courtyard offering terraced areas with outdoor seating. The properties are located off of Highway 101 and directly across from the Larkspur Landing ferry terminal.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.