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DivcoWest Buys San Mateo Office For $73M
101 South Ellsworth Ave. in San Mateo
DivcoWest continues to expand its Bay Area office holdings. It just bought 101 South Ellsworth Ave. in San Mateo. The purchase price was $73M, according to the San Francisco Business Times.
The building has had an average occupancy rate of 99% over the past 10 years and is one of five Class-A office buildings in San Mateo’s downtown core with more than 80K SF. The 88K SF six-story building is close to retail and restaurants as well as Caltrain and several freeways.
DivcoWest purchased an 83K SF building in downtown San Jose in March and will renovate that building to attract small tenants.
