By Meghan Hall
The life sciences and healthcare industries have proven to be one of the most resilient sectors over the past year, and as such, office buildings leased by these types of companies continue to attract eager investors. In another recent Bay Area deal, Nome Capital Partners has purchased an Alameda office asset for $79.5 million, or about $626 per square foot. The building is fully-leased to Penumbra, according to The Mercury News.
The asset is located at 1310 Harbor Bay Parkway and totals 127,000 square feet. It was originally developed by a joint venture of Dallas-based Hillwood and Oakland-based srmErnst Development Partners. The building’s features include a conference center, cafe, courtyard and parking. srmErnst had owned the property since 2005, according to public records.
Previously, The Registry reported that the property was under contract to sell for about $87 million, according to sources familiar with the property. The parties involved entered into contract to trade the property back in March of this year, but the sale was not set to close until the development was complete. Construction wrapped in July. Nome Capital acquired a $49 million loan from Aareal Capital Corp. in order to finance its acquisition of the asset.
JLL Capital Markets, as well as Cushman and Wakefield, worked to arrange the deal on behalf of the parties involved.
Penumbra’s lease of the property is slated to last 15 years and includes three-percent annual increases. $15.8 million has already been invested in tenant improvements that feature high-end finishes and additional perimeter offices.
The building itself is part of the larger Harbor Bay Business Park, a 325-acre master-planned development. Currently, more than 100 companies call the campus home, including Exelixis, Abbott, ABB and AllCells. Prior to taking its space at 1310 Harbor Bay, Penumbra had already occupied 217,000 square feet of office space in Harbor Bay. The company, according to its website, considers Harbor Bay its headquarters.