San Francisco Office Asset Trades for $115M

By IvyLee Rosario

DC Station, Daly City, Calif.

Harvest Properties and an affiliate of Cerberus Capital Management have acquired DC Station, an office building in San Francisco‘s suburb of Daly City, Calif. According to Yardi Matrix, the asset traded for $114.5 million and was subject to an undisclosed loan held by The Blackstone Group. The seller, RREEF Property Trust, purchased DC Station back in 2004 as part of a $143 million portfolio transaction.

“We are excited to complete our first transaction with global investment leader Cerberus,” said John Winther, managing partner at Harvest Properties, in a prepared statement. “Both Cerberus and Harvest see this as an opportunity to acquire a high quality property at a compelling price and, ultimately, add value through thoughtful leasing activity as we capitalize on the changing demand drivers in the area.”

High Occupancy

Located at 2001 Junipero Serra Blvd., the nine-story property is LEED Silver certified and was built in 2001. Situated off Interstate 280 and adjacent to the Daly City BART Station, the building offers large floor plates, high ceilings, bay hill views, a conference center, a locker room with showers, an electric vehicle charging station, a fitness center, Wi-Fi and 1,753 parking spaces. Comprising 383,000 square feet, the multi-tenant office asset is anchored by the global headquarters of Genesys, a leader in omnichannel customer experience and contact center solutions. Other tenants include Kome Japanese Seafood & Grill Buffet, Bank of America, Subway and Satellite Healthcare.

CBRE’s Simon Clark and Conor Famulener will represent both companies in the continued leasing of the asset. According to Yardi Matrix, there are currently three rentable spaces available in DC Station, ranging from 3,052 to 45,503 square feet.

Image courtesy of Yardi Matrix