California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Meridian Buys First Mid-Peninsula Office Building
San Ramon, CA-based Meridian acquired a six-story, 100,000-square-foot office building in San Mateo, CA from DivcoWest reportedly for $63 million. The 72%-leased building, located at 1300 South El Camino Real, is near downtown San Mateo.
DivcoWest acquired the 1987-built building in 2015, and subsequently rolled rents to market and when combined with current vacancy, made it an ideal time to divest the asset. Current major tenants include Charles Schwab, LendingTree and the Silicon Valley Community Foundation.
Meridian’s Awais Mughal says, “We purchased this asset as part of our value-add office investment strategy. This is a high-quality asset that has been well maintained by a sophisticated and strategic owner. The building has flexible floorplates that can accommodate many different-sized tenants.”
The purchase represents Meridian’s largest general office deal to date. and its first general office acquisition in the mid-peninsula submarket.
NKF’s Tyler Meyerdirk represented both the buyer and the seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
