The Emeryville Connection: A news magazine published by the Emeryville Chamber of Commerce
BUSINESS BRIEFS
BAY CENTER SOLD
The Bay Center office complex adjacent to Interstate 80 in Emeryville that was once the home of Sybase Inc. has been sold for about $120 million, about $366 per square foot, according to participants in the deal.
Located in one of the tightest commercial leasing markets in the East Bay -- with vacancies hovering around 5 percent -- the three-building, 327,750-square-foot property commanded what is believed to be a record price per square foot for Emeryville, according to brokers.
Principal Real Estate Investors and its partner, Harvest Properties, said they closed on the 7.6-acre property about two weeks ago. Tenants include drugmaker Novartis, Jamba Juice, Sendmail and MobiTV Inc. The complex is 94 percent occupied, according to the buyers.
Harvest Properties, a commercial real estate services firm in Emeryville, will manage the complex, said Robert Gilley, of C.B. Richard Ellis. Gilley and fellow broker Steve Hermann represented both sides in the deal.
The sellers were property developers TMG Partners and hedge fund Farallon Capital Management LLC, both in San Francisco. They owned the complex under the name Bay Center Office LLC.
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