Skip Ribbon Commands
Skip to main content

News release

San Francisco

North Bay Office Market Continues to Draw Investor Interest

JLL closes the sale of Civic Center Plaza in California’s Marin County


With the Bay Area economy growing faster than any major metro area in the country and drawing increased focus from both domestic and foreign investors, transaction activity throughout the market remains robust. Secondary, suburban markets including those in the North Bay are increasingly benefitting from these dynamics, and JLL's Capital Markets experts today announced the firm has completed the $28 million sale of Civic Center Plaza in San Rafael, California on behalf of Broadreach Capital Partners.

JLL Managing Directors Michel Seifer and Rob Hielscher, and Vice President Erik Hanson completed the sale to new buyers, San Francisco-based property owner and developer Union Property Capital.

“We’ve seen a notable increase in interest in the North Bay from investors across the spectrum, including public and private, local and global,” said Seifer. “The sales of Larkspur Landing in January, 1 & 3 Harbor Drive in Sausalito in February, and now Civic Center in San Rafael, show strong evidence of the increasing institutional appeal of the region."

Civic Center Plaza is a two-building, 93,535-square-foot LEED Silver-certified office campus in the heart of Marin County in San Rafael, California. The property is located near US Highway 101, which serves as the main thoroughfare from San Francisco to Sonoma and Napa counties in California as well as a new Sonoma-Marin Area Rail Transit ("SMART") light rail station which is slated to open this year.  Vacancy rates in Marin County declined by 25 percent over the last two years while supply remains limited due to high demand combined with constraints on new development in the county.

JLL's capital markets experts are among the most active in the Bay Area, having closed more than 25 transactions valued at more than $2.1 billion across the greater Bay Area in 2015.  JLL is also the market leader in capital markets transactions in the North Bay, having sold more than 3.1 million square feet of assets valued at more than $500 million since 2010.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

-Ends-

About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.​