Prometheus Sells San Mateo Office For $62M
Seagate Properties and RGA Real Estate Investments have purchased San Mateo's The Atrium office building for $61.6M ($376/SF).
The 164k SF Class-A office at 1900 S Norfolk St is at the intersection of Highways 101 and 92 and near Caltrain. Included in the purchase was a nearly one-acre development site.
Seagate VP of acquisitions Brian Johnson says The Atrium is prime office space with a diverse mix of tenants in a central location between San Francisco and Silicon Valley. San Mateo has started to see growth that it wasn't drawing even two years ago.
The JV purchased the building from Prometheus Real Estate Group, its original developer. Prometheus remains the largest tenant of the property, which is 90% occupied.
The three-story building recently underwent a $300k renovation of its open-air atrium and has added new signage, lighting and an EV charging station. Segate plans to continue upgrades to the property.
Cushman & Wakefield's Steve Herman, Eric Fox and Bob Gilley repped the seller; Kurt Scheidt and Terry Daly of Cushman & Wakefield Mortgage Services closed on the loan with lender Wells Fargo. Steven Hinds and Peter Ryan of George Elkins Mortgage Bank helped create the JV. Leasing brokers are Mike Moran, Ben Paul and Pat Jaeger of Cushman & Wakefield.
