22 Aug, 2019, 17:10 ET
MILL VALLEY, Calif., Aug. 22, 2019 /PRNewswire/ -- ScanlanKemperBard (SKB) and Angelo Gordon have announced the sale of Belvedere Place, a three-story, best-in-class office complex located in Mill Valley, California. The 104,544 rentable square foot property offers numerous amenities and is centrally located, offering convenient access to San Francisco and other parts of Marin County.
As its first investment with Angelo Gordon, SKB purchased Belvedere Place in 2016 in an off-market transaction. The property was sold to GTIS Partners and Graham Street Partners in early August, 2019.
SKB and Angelo Gordon further improved the property by developing a premium amenity package, which included an on-site fitness center, electric vehicle charging and secured bike lockers. Through on-going tenant improvements and leasing efforts, SKB increased occupancy from 65% to 100%, and secured an impressive tenant roster. Tenants currently include Merrill Lynch, UBS, Redwood Trust, and WeWork, which occupied the first phase of its lease at Belvedere Place in early 2019. WeWork is also a tenant of two additional SKB-owned properties.
According to SKB Senior Vice President, Greg Scharlemann, "We are honored to be part of the team that procured the right mix of amenities and tenants that resulted in a great rent roll and sales price per square foot in Marin County."
SKB is an established real estate merchant banking firm based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $4.36 billion, including equity invested of $1.54 billion, comprised of 28.9 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of their markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities. Visit SKB online at www.skbcos.com to learn more.
About Angelo Gordon
Angelo Gordon has been matching money with opportunity since 1988. It is a leading, privately-held alternative investment firm, managing approximately $33 billion across a broad range of credit and real estate strategies. For 30 years, it has been investing on behalf of pension funds, corporations, endowments, foundations, sovereign wealth funds and individuals. Over its entire history, Angelo Gordon's investment approach has consistently relied on disciplined portfolio construction backed by rigorous research and a strong focus on capital preservation. Visit angelogordon.com to learn more.
Share this article