Buchanan Pulls Trigger Again in S.F.
Buchanan Street Partners, named after Buchanan Street in S.F. (where their first office was), is getting back to its NorCal roots, with its second property purchase in two months.
This time it's the 143k SF Rowland Plaza in Novato, bought for $24.9M. The seller is a JV between Barker Pacific Group and Rockwood Capital, and Barker tells Bisnow there were "a handful of bidders" on the deal. The SoCal-based Buchanan Street team, here on a company hike in Palm Springs, plans to do exterior and interior renovations to the project by mid-2016, including a complete lobby renovation. The 73% leased property, filled with accounting to healthcare tenants, includes two three‑story buildings at 75 and 88 Rowland Way.
This is Buchanan Street’s second acquisition in the Bay Area this quarter. The first was a 112k SF flex office campus in South S.F. Companies are expanding north due to lack of space and the high cost of locating in central S.F., and the Novato property (pictured) was appealing because it's in the path of that expansion, says Buchanan SVP Chris Herthel. Grant Lammersen and George Eckard from Cushman & Wakefield repped the seller. Buchanan Street repped itself.
