SAN FRANCISCO, CALIF., MAY 30, 2018 – Roseview-PMRG Fund I (the “Fund”), a $250 million discretionary fund formed by PMRG and The Roseview Group, announced today that it has completed a $1.3 million renovation of 1 & 3 Harbor Drive, a two-building, 113,114-square-foot office complex in Sausalito, California. The Fund acquired the asset in February 2016.
Gensler San Francisco was the architect and designer for the project which included a complete renovation to both building lobbies, common corridors, ground floor restrooms and locker rooms. It also included a new bike room with wall mounted bike racks and a Dero Fixit service station. Improvements to the outdoor courtyard include new tables and seating, new landscaping and planters and redwood screen fencing. A new conference room and kitchen was added that features a 10-foot long by 5-foot wide conference table custom made by skilled shipwright Matthew Turner of Educational Tall Ship in Sausalito. The table is hewn from California Pine with live edges.
“The Harbors has the best “bones” of any office building in Sausalito and now it has the look and feel today’s office tenants deserve – and are demanding” said Steve Corridan, Partner of The Roseview Group. “Our tenants are ecstatic over the improvements.”
“We wanted a renovation that combined the artistic vibe of Sausalito with the creative tech vibe of the Silicon Valley,” said John Dailey, Executive Vice President of PMRG. “This property is poised to attract creative and tech tenants looking for an economical alternative to San Francisco.”
Developed in 1982, 1 & 3 Harbor Drive is located in Marin County just ten minutes north of San Francisco. The property is currently 77% leased to several tenants including investment advisor Aperio Group and Prima Medical.
About Roseview-PMRG Fund I, LLC
Roseview-PMRG Fund I, LLC seeks to acquire and reposition existing office assets, which can be acquired below replacement cost, by investing capital to upgrade building common areas and mechanical systems and to fund tenant improvements and leasing commissions. The Fund will bring an operational approach to owning office assets and, in addition to growing revenue, will focus on operating buildings more efficiently, improving the tenant experience and reducing waste and promoting eco-friendly consumption. The Fund will target mid-teens returns with total investment per asset of $15 to $65 million in primary and secondary markets.
About The Roseview Group
The Roseview Group is a privately owned real estate investment and advisory firm that serves institutional clients across the country. Collectively, Roseview’s principals have served as lead investment officers on several billion dollars of real estate equity and debt investments. The partners have led investment companies, launched funds, raised and invested billions of institutional capital, worked with family offices as well as public and corporate pension funds, and established a track record of success with a great level of integrity. Roseview manages the Roseview Evergreen Fund, a $500 million separate account relationship with a major US pension fund. The Fund is also actively seeking acquisitions of GSA-leased assets and value-added multifamily assets. www.roseview.com
Headquartered in Houston, Texas, PMRG is one of the nation’s leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in more than 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG’s clients and investors include large financial institutions, advisors and high net worth individuals. By capitalizing on the team’s experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.
PMRG’s portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities. Our goal is to generate exceptional returns for our clients and investors by focusing on real estate fundamentals. For additional information about PMRG, visit www.pmrg.com.