Tishman Speyer Properties is planning to sell three San Francisco Bay Area office complexes this year, hoping to capitalize on demand from investors and the recent rise in rental rates. According to a Bloomberg report, Tishman is seeking $430 million for the properties, a $135 million profit as the complexes were purchased for $295 million in transactions dating back to 2005.
The properties to be marketed include:
350 Rhode Island Street in San Francisco was originally developed for dot com tenants and designed by Pfau Long Architecture/Gordon Chong, with later development and renovation to accommodate the California Culinary Academy by Forell/Elsesser. The 260,000 square-foot, two-building office complex on a Potrero Hill was previously owned by SKS Investments. Tishman purchased the property in 2011 for $42 million and is said to expect $60 million in the sale.
Dublin Corporate Center in Alameda County is a Class A office campus comprised of three office buildings alongside Interstate 580. The current vacancy rate of the 18.6-acre Class A office campus is unknown, but Oracle Corp. is the lead tenant at the complex. Tishman is hoping to bring in $110 million for its sale, after reacpitalizing the property in 2010 by buying back all of the property's debt at a discount and committing new capital used to fund capital expenditures and leasing costs.
Sunnyvale Office Park in Sunnyvale comprises of three, 4-story Class A office buildings located in the heart of Silicon Valley. The 424,825 square-foot project is 100% leased to Juniper Networks, Inc. and serves as their world headquarters. Tishman acquired Sunnyvale Office park in 2005 for $174 million and is seeking a sale price of $260 million.
For more news and information visit Blumberg Capital Partners.
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