SAN FRANCISCO, CA – DTZ, a global leader in commercial real estate services, announces the following new assignments and lease and sale transactions originated in the firm’s Northern California offices:
DTZ Multi-Family Group Awarded Sale for 77-Unit Apartment Complex in Menlo Park, CA
DTZ’s Multi-Family Group has been awarded the sale listing for the 77-unit Atherton Park Forest Apartments community in the affluent city of Menlo Park, CA. DTZ recently listed the property for sale at a price of $38.8 million. The three-story community is composed of (50) 1 bed /1 bath and (27) 2 bed / 2 bath apartment units, while amenities include an on-site laundry facility, pool and gated subterranean parking. Located at 1670 El Camino Real, the property is well located along the area’s main thoroughfare and is just a short walk to downtown Menlo Park and the city’s Caltrain station. The complex is also close to the downtowns of Palo Alto and Redwood City and Stanford University as well as several of the region’s premier professional and tech firms. Elite multi-family brokers Brian Henry and Justin Bautista, both Executive Managing Directors based in DTZ’s Palo Alto office, are handling the sale.
Allianz Leases 85,000 SF in Petaluma, CA, Marking City’s Largest Office Lease in Over a Decade
Allianz Global Corporate & Specialty (AGCS) has leased ±85,000 square feet of space within the Redwood Business Park in Petaluma, CA. AGCS closed a multi-year deal with Colony Capital, Inc. that will give it occupancy of the entire second and a portion of the first floor(s) within the ±140,500 square foot, two-story building located at 1465 N. McDowell Avenue. AGCS is the Allianz Group’s dedicated carrier for corporate and specialty insurance business. AGCS will fill a significant portion of the building’s current vacancy, while the remaining space in the building may also allow the opportunity for future expansion. The property provides easy access to Old Redwood Highway (Petaluma Boulevard) and U.S. Highway 101 as well the city’s newly revitalized downtown area. An abundance of retail, health club and professional services are also conveniently within a few blocks. The transaction represents several high watermarks across the region in years: it is the city of Petaluma’s largest office lease in well over a decade (2003); it’s the largest office lease in all Sonoma County in the past three years; and it’s also the largest office lease in the entire North Bay in the past three years. Brian Foster, Steven Leonard and Trevor Buck represented the landlord in the transaction.
Mr. Foster stated, “This is a tremendous, and in some ways a landmark, deal for the city of Petaluma and our local marketplace, and helps solidify the region’s desirability for major companies wanting to be here.” He added, “This is a high-quality property in a desirable business park in an affluent North Bay region.”
NetSuite Expands its Global Headquarters in San Mateo, CA — Grows Footprint by 42%
NetSuite has recently completed a significant expansion of its global headquarters to more than 165,000 square feet by leasing an additional 49,266 square feet at 2955 Campus and 2929 Campus Drive in San Mateo, CA. NetSuite now leases the entirety of the 2955 Campus building, where it has been a tenant for more than 10 years, having grown its footprint nearly tenfold over that period. Ben Paul and Kevin Waldman with DTZ represented NetSuite in this expansion, and Paul has advised NetSuite since the company was under 10 people working in the proverbial “garage.” The two buildings are part of a 500,000 square foot office project owned by Hudson Pacific Properties and also represented by Ben Paul, Pat Yaeger and John Barsocchini of DTZ.
Cogswell College Relocating Silicon Valley Campus from Sunnyvale to North San Jose, CA
Cogswell College will be moving its Silicon Valley campus from Sunnyvale’s Moffett Park area to northern San Jose. Cogswell signed a long-term lease for the entire ±46,000 square foot building set on ±3.0 acres at 191-195 Baypointe Parkway. The property is well located along Baypointe Parkway near E. Tasman Drive, in close proximity to N. First Street, California Route 237 and Interstate 880. It also provides immediate access to public transportation, including VTA Light Rail and ACE train shuttle, plus many retail, hospitality and residential amenities. Notably, Cogswell’s former and new campus locations both reside in a prestigious area in the heart of Silicon Valley known as The Golden Triangle. Kalil Jenab with DTZ represented the landlord in the transaction.
Imperva Expands by ±50% at Bayshore Technology Park in Redwood City, CA; Continues Project’s Growth
Imperva, a leading provider of cyber security systems, has signed a lease to expand its headquarters at the Bayshore Technology Park in Redwood City (Redwood Shores), CA by approximately 50% to nearly 75,000 square feet. Imperva leased an additional 24,164 square feet of space on the ground floor in the building at 3400 Bridge Parkway and also extended the term on its existing 50,450 square feet of space at 3200 Bridge Parkway. Owned by Prudential, Bayshore Technology Park is a 20-building Class A office/R&D campus located adjacent to the San Francisco Bay. The project, which totals 1 million square feet and is home to leading technology and software companies, has seen a flurry of new leasing activity through the first half of 2015 with several notable companies for a total of nearly 140,000 of new occupancy. Mike Moran, Ben Paul and Randy Arrillaga with DTZ represented the landlord in the transaction(s).
2001 Broadway, aka I Magnin Building, Reaches Full Occupancy with zTailors Lease
zTailors, a new venture from Men’s Wearhouse founder George Zimmer, has leased a full floor and mezzanine at 2001 Broadway, also known as the I Magnin Building, in Oakland, CA. Located on the second floor, zTailors will use its new 13,760 square foot office space as an online menswear accessories retail store . The transaction, which now brings the five-story building to full occupancy, adds to a flurry of new leases signed at the property over the past 18 months that has included other new key tenants SF Bay Financial, Tierra Mia Coffee, Minted.com and Vigilent. Each of these four tenants came from out-of-market. Owned by Tom Henderson, dba Call Socket III Holding Company, LLC, 2001 Broadway is a historical building very well located in Oakland’s burgeoning Uptown district. John Dolby and Dane Hooks represented the owner in the transaction(s).
Mr. Henderson stated, “We are thrilled to have another exciting company like zTailors join the diverse group of tenants already in the building and the Uptown area. In the last two years, the building and area have experienced a real renaissance, and Downtown Oakland has a lot of momentum.”
Mr. Hooks stated, “It’s exciting for Oakland right now. With such a hot real estate market climate, we’ve experienced a very steady migration from several companies relocating from San Francisco and elsewhere, not just in our building(s) but throughout the city.
Adyen Grows Its San Francisco Headquarters as Global Payments Company Expands to Nearly 20K SF
Adyen has increased its occupancy at 274 Brannan Street to a full floor of nearly 20,000 square feet. The rapidly growing global payments company, co-headquartered in San Francisco, leased an additional 11,151 square feet of space and now has the entire top floor of the six-story building. The property is currently owned by The Swig Co. Jeff Moeller, Zac Monsees and Peter Conte with DTZ represented the tenant in the transaction.
Adyen also selected DTZ’s Project and Development Services group to perform tenant improvements on the expansion space. The DTZ project team is being led by Rick Coeur.
Joint Venture of Cigna and Harvest Sells Bridgepointe Office Park in San Mateo, CA, for $49 Million
The joint venture of Cigna Realty Investors and Harvest Properties has sold the ±130,844 square foot Bridgepointe Office Park campus in San Mateo, CA, for $49 million to New York Life Real Estate Investors. Bridgepointe Office Park is comprised of two three-story, multi-tenant office buildings located at 1500 and 1510 Fashion Island Boulevard. The project was nearly 80% leased at the time of sale to a mix of professional and tech firms. Located along the mid-Peninsula, the high-image park is positioned in the heart of the 92/101 Corridor providing immediate accessibility to San Francisco, Silicon Valley and the East Bay. The property lies adjacent to the Bridgepointe Shopping Center and is also conveniently located across the street from a Hillsdale Caltrain shuttle service stop. Steve Hermann, Robert Gilley and Eric Fox with DTZ represented the seller in the transaction.
The ±120,400 SF Zanker Business Center Sells in North San Jose, CA
A global investment advisor has successfully completed the sale of the Zanker Business Center in North San Jose, CA, to Washington Holdings, a Seattle-based real estate investor active throughout the western United States. The multi-tenant project consists of four single-story R&D buildings totaling ±120,400 square feet located at 1920 through 1980 Zanker Road. Each of the buildings totals approximately 30,000 square feet. The project was nearly fully leased at the time of sale to a mix of tech and professional companies such as Univision Local Media, Sharp Electronics and Hitachi Metals America. The business center is well located along Zanker Road near N. First Street, with quick access to major freeways, light rail, the San Jose International Airport and many nearby amenities. Washington Holdings plans to reposition the property with the amenities and architecture typical of a modern Class A office/tech park. Eric Fox, Robert Gilley and Steve Hermann with DTZ handled the investment sale transaction on behalf of both parties, with leasing support from DTZ’s Steve Horton, Gregory Davies, Colin Feichtmeir and Kelly Yoder.
Ellis Partners Acquires Woodside Office Center, Novato, CA
San Francisco-based Ellis Partners has acquired Woodside Office Center in downtown Novato, CA. Situated prominently at the intersection of Redwood Boulevard and De Long Avenue, just off Highway 101, the high-quality Woodside Office Center is an 87,000 square foot multi-tenant office building. Built in 2003, it has attracted a diverse and high quality roster of tenants including Hennessy Advisors, a Novato-based publicly traded investment manager, the law firm of Grancell, Stander, Reubens, Thomas and Kinsey, APC, and Regus, the world’s largest supplier of flexible office spaces, set to open in August. The seller was represented by Mike Seifer of JLL and Whitney Strotz of DTZ. Ellis Partners has hired leasing brokers Whitney Strotz and Steven Leonard of DTZ to market the available suites at Woodside and will work with DTZ Property Management’s Warren Mead and Don Denne to manage the day-to-day operations of the property.
35-Unit Villa Oaks Apartment Community in Santa Rosa, CA, Sells for $7.3 Million
Brandon Broll of Broll Investments has sold the 35-unit Villa Oaks apartment community in Santa Rosa, CA, to a private investor for $7.3 million. Comprised of eight buildings on 2.71 acres, the property is located at 5065-5145 Parkhurst Drive and consists of (17) 2 bed / 1 bath, (10) 1 bed / 1bath, (4) 2 bed / 2 bath units plus (2) 3 bed / 1.5 bath and (2) 1 bed / 1 bath townhome units. The property is located in a quiet residential neighborhood on the desirable eastern side of the city. Scott Gerber with DTZ represented both parties in the transaction.
DTZ provides this information based on best-available knowledge and does not warrant accuracy provided us by 3rd parties. For further verification and/or questions, please contact the brokers listed below with the particular news announcement.
DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors around the world with a full spectrum of property solutions. The company’s core capabilities include agency leasing, tenant representation, corporate and global occupier services, property management, facilities management, facilities services, capital markets, investment and asset management, valuation, research, consulting, and project and development management. DTZ provides property management for 1.9 billion square feet, or 171 million square meters, and facilities management for 1.3 billion square feet, or 124 million square meters. The company completed $63 billion in transaction volume globally in 2014 on behalf of institutional, corporate, government and private clients. Headquartered in Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices in 50 countries and represent the company’s culture of excellence, client advocacy, integrity and collaboration.
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