1.1M SF East Bay Waterfront Development Snagged For $265M
DRA Advisors and Local Capital Group have purchased the 27-building, 1.1M SF Marina Village office park in Alameda from Brookfield Property Partners for a reported $265M.
The owners will revamp the 200K SF of currently vacant space in the complex to attract life science tenants seeking Class-A office and research space, with JLL handling leasing.
“[DRA Advisors and Local Capital Group] have the capital to spend on proven spaces to make them state-of-the-art lab spaces,” JLL Vice President Grant Yeatman told Bisnow. “There’s a serious demand for that type of product and not a ton of supply in the Emeryville, Berkeley, Oakland and Alameda areas.”
The life science industry has a firm foothold in South San Francisco, where average asking rents for office and R&D space in the first quarter were $62.28 per SF annually, compared to $44.16 for the East Bay and $41.40 in northern Alameda, according to Cushman & Wakefield.
Yeatman said the new inventory at Marina Village will be a welcome option for growing life science firms. He wouldn’t divulge what rent would be in the available space at the site, but did say rents would go up because of the capital investment and added amenities, which he said include a new fitness facility, conference centers and café areas.
“Ownership is committed to supporting tenants with programs to deliver new amenities as we transform Marina Village,” Local Capital Group partner Dan Poritzky said in a statement.
Open suites range from 5K SF to over 40K SF for a full building at the 60-acre waterfront office park.
Local Capital Group is a real estate investment company based in San Francisco with a portfolio of over 3.5M SF of commercial space throughout the Bay Area. DRA Advisors is a New York-based Registered Investment Adviser that specializes in real estate investment and management.
