(EDITOR’S NOTE: According to sources familiar with the details of the transaction, the sale price on the transaction was $25 million, or just under $280 per square foot. JLL declined to comment on the sales price when contacted for this story.)
NOVATO, Calif., October 24, 2018 – JLL Capital Markets announced the sale of Woodside Office Center, a premier, three-story Class A suburban office property in the affluent Marin enclave of Novato. Woodside is the only Class A office project within walking distance to the amenities of downtown Novato, including the future Sonoma Marin Rapid Transit (SMART) rail station at the historic train depot site in Old Town Novato.
After a broad marketing campaign on behalf of the seller, a joint venture between Artemis Real Estate Partners and Ellis Partners, JLL’s Capital Markets team of Michel Seifer, Rob Hielscher, Kristina Wollan and Erik Hanson, working with Whitney Strotz of Cushman & Wakefield, closed on the sale of the property at 7250 Redwood Boulevard on October 17th. The buyer was San Francisco-based Dunhill Partners West led by Mark Hutchinson and Doug Twillman.
“This is truly a best-in-class asset that will continue to be a top performer in the Northern Marin market, and we are happy to see it remain in good hands with Dunhill,” said Jason Morehouse, Director of Acquisitions at Ellis Partners. “We thank our leasing and property management team at Cushman & Wakefield and the investment sales team at JLL for their outstanding execution through all phases of our ownership.”
“We feel fortunate to have been selected as the buyer for this beautiful asset and look forward to continuing to operate Woodside to the highest quality standards,” said Hutchinson, President and CEO of Dunhill Partners West.
Completed in 2003 and totalling 89,457 square feet, Woodside Office Center is 89 percent leased to a diverse, high-quality mix of credit tenants representing a range of industries including co-working, investment management, environmental engineering, financial services, marketing, real estate and legal. The property offers its tenants beautiful landscaping and exceptional panoramic views of Mt. Tamalpais and the Marin Headlands, along with electric vehicle stations and garage parking. Severe restrictions on development in Marin County will continue to keep inventory in check, while Bay Area demand continues to drive rents higher in attractive suburban markets like Marin.
“The market dynamics driving demand across the Bay Area have expanded into secondary suburban markets including northern Marin,” said Seifer, a Managing Director with JLL Capital Markets. “This sale of Woodside Office Center and the property’s performance since Ellis Partners’ acquisition validates these positive market dynamics as well as Ellis’ excellent stewardship of this asset since 2015.”
This is the fourteenth institutional sale executed by the JLL Capital Markets team in the North Bay since 2011. With more than 3.4 million square feet of transactions closed valued at nearly $570 million, JLL Capital Markets is the leading investment sales team in Marin and the North Bay.
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 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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 nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com