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Meridian Divests 104K-SF Office Building in Brisbane for $40M
San Ramon, CA-based Meridian completed the sale of a 104,000-square-foot multi-tenant office building located on 1000 Marina Blvd. in Brisbane, CA. The sale price was $39.5 million, in an off-market transaction with Phase 3 Real Estate Partners of South San Francisco and San Diego.
Meridian acquired the six-story building, which was built in 1983 on 4.5 acres, in December of 2016. At the time of the acquisition, the building was 92% leased, and subsequently Meridian completed $2.5-million in property upgrades to the interiors, exteriors and building systems.
Meridian’s John Moutsanas says, “This was Meridian’s largest general office acquisition at the time. We were big believers in the resurgence of the North San Mateo County market, particularly due to the explosion in life science demand, coupled with YouTube’s large presence and expanding footprint in San Bruno. Our strategy proved out.”
CBRE’s Northern California Capital Markets team represented both parties.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
