Sale of boutique office property in San Francisco Eastbay closes for $12.8M
JLL Capital Markets completes the sale of the 28,931-square-foot 25 Orinda Way in Orinda, California
SAN FRANCISCO, March 20, 2023 – JLL Capital Markets announced today that it has closed the sale of 25 Orinda Way, a boutique, Class A, office building located in the San Francisco suburb of Orinda, California.
JLL represented the seller, Long Market Property Partners. Volwood Management acquired the asset.
Built in 1974 and renovated in 2018, the three-story 25 Orinda Way is currently 91% leased and serves a diverse mix of tenants in professional and medical services, biotech and public utilities. The building features exposed brick and timber and upgraded HVAC and lighting.
Situated at 25 Orinda Way, the asset benefits from excellent proximity to nearby residential communities and area amenities along with a close commute to downtown Oakland and San Francisco.
The JLL Capital Markets team was led by Senior Director Erik Hanson, Senior Managing Director Rob Hielscher, Senior Director David Dokko, Managing Director Adam Lasoff, Associate Mike Matera and Analyst Caroline Reynolds. In addition, leasing advisory services were overseen by Knute Bucklew, Head of Agency Leasing for the Eastbay at JLL.
“Despite a time of uncertainty in the overall office market, we are continuing to see interest from investors pursuing high-quality assets in markets with strong demographics, abundant amenities and quality of life. Long Market Property Partners has executed on a thoughtful business plan with the asset and we are excited for new ownership’s opportunity for continued success,” said Hanson.
JLL Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Long Market Property Partners, LLC
Long Market Property Partners is a privately held real estate company that takes a hands-on approach to owning and operating real estate. The company seeks investments that allow it to leverage experience in capital markets, leasing, property management, capital improvements and tenant relationships to mitigate risk and deliver exceptional returns to investors.
The principals of Long Market have a track record acquiring and repositioning office and retail assets across multiple west coast markets and bring a thoughtful blend of both institutional and entrepreneurial strategies to each investment.