Wareham Places Berkeley Asset on the Market, Looking for Low $50MM Pricing

Berkeley, JLL, Bay Area, Wareham Development, The Saul Zaentz Company, San Francisco, UC Berkeley, 2600@Tenth, East Bay Hils

BERKELEY, CA. (Feb. 5, 2019) – JLL’s Bay Area Capital Markets team has begun marketing 2600@Tenth, one of the largest institutional quality office properties in Berkeley, CA. Michel Seifer, Rob Hielscher, Erik Hanson and Kristina Wollan are handling the sale process on behalf of the owner, Wareham Development.

Located at Tenth and Parker Streets in West Berkeley, this is the second time 2600@Tenth has been placed on the open market for sale since it was completed in 1980. Wareham, a major developer and owner of life science, healthcare and technology campuses in the Bay Area with a multi-tenant portfolio of more than four million square feet, acquired the property in 2007 from the original developer and only previous owner, The Saul Zaentz Company.

2600@Tenth, which encompasses a full city block, consists of a seven-story office tower and two-story annex which together total approximately 125,000 rentable square feet.  The upper floors of the seven-story tower have unobstructed 360-degree views of the East Bay Hills, San Francisco and the Golden Gate Bridge.  2600@Tenth is approximately 65 percent occupied by a mix of tenants in fields such as technology, architecture, life science and creative/media, providing investors with a rare opportunity to add significant value through leasing and/or renovating/repositioning the property on this 2.64-acre parcel.  The property is less than two miles from downtown Berkeley and the UC Berkeley campus, and forms part of the Berkeley/Emeryville “Innovation Corridor,” a robust and growing cluster of life science and technology companies.  

2600@Tenth is at an exceptional location for an urban campus environment. It sits within a highly walkable neighborhood close to housing, shopping and dining amenities such as Berkeley Bowl West, the Rare Barrel ale house, Fourth Street Berkeley, Far Leaves teahouse, and San Pablo Avenue.

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 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com