SAN FRANCISCO (March 31, 2015) – Rubicon Point Partners, San Francisco-based real estate investment company, announced the sale of two Class A office buildings in Silicon Valley: 274-282 Castro Street in Mountain View, Calif., and 1870 Embarcadero Road in Palo Alto, Calif.
“We had identified both the Mountain View and Palo Alto properties as well-located in transit hubs and prime for a strategic repositioning,” said Ani Vartanian Boladian, managing partner, Rubicon Point Partners. “We were able to execute on our vision for both concurrently, renovating the properties to a superior use for office space and thus creating the opportunity for a sale—all within approximately 18 months.”
Located in the heart of downtown Mountain View, 274-282 Castro Street is a 30,466-square-foot property two blocks from the downtown Mountain View Baby Bullet Caltrain stop, a commuter rail connecting San Francisco, San Mateo and Santa Clara counties. Mobile application search leader Quixey is the sole tenant of the two-story building, which underwent significant renovations in 2002 with further updates in 2012.
A 30,752-square-foot building located in Palo Alto, 1870 Embarcadero Road has direct access to the Palo Alto Baby Bullet Caltrain stop via the Embarcadero Shuttle, operated by Caltrain, as well as the Marguerite Shuttle. Renovated in 2011, the building is 100 percent leased to Sullivan and Cromwell, a 135-year-old law firm.
Separate confidential investors purchased each building for a total of more than $40 million.
The HFF investment sales team representing the seller included Steven Golubchik, senior managing director and co-head of HFF’s San Francisco office; John Simerlein and Ben Bulloc, both directors; and, Josh DiSalle, a senior analyst.
About Rubicon Point Partners
Rubicon Point Partners (RPP), founded in 2010 and led by Ani Vartanian Boladian and Razmig Boladian, is a San Francisco-based real estate investment company that invests and manages a diversified portfolio of office buildings throughout the San Francisco Bay Area. RPP offers creative solutions sought by companies at the forefront of innovation. The firm targets in-fill communities that benefit from proximity to mass-transit, employment centers, amenities and services. RPP’s tenants include small and large companies, including Fortune 100 companies. For more information about Rubicon Point Partners, visit www.rubiconpoint.com
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.