Acquisition

Seagate Properties added this premier Class A multi-tenant office campus to its portfolio in 2019. Built in 1982 and consisting of 114,000 sf, this recently renovated, institutional-quality two-building project is located at 1 and 3 Harbor Drive in Sausalito, California.

Meticulously maintained and tastefully upgraded, each building at The Harbors contain three floors where tenants enjoy a shared conference room, indoor secured bike storage, a courtyard with wifi, car charging stations, on-site showers, and on-site property management. This peaceful office environment provides a sense of community and soul that matches the rich, colorful history of Sausalito.

Located in the affluent Southern Marin waterfront community less than four miles north of the Golden Gate Bridge, this incredible seaside campus is just a ferry ride to downtown San Francisco, an 8-minute bike ride to downtown Sausalito for amenities including retail shops and restaurants, walkable access to the surrounding hills and harbor, and several suites include balconies that allow tenants to take advantage of Sausalito’s year-round temperate climate.

The Senator, a 10-story, 180,123 sf historic landmark office building is located at 1121 L Street in Sacramento and directly across from the State Capitol and was added to the Seagate portfolio in December 2018. First opened in 1924, it was officially recognized as Hotel Senator until 1979, serving as a nexus of California political and social activity for more than 50 years, before it was converted to a multi-tenant office building in 1982. It reopened under the name Senator Hotel Office Building, giving lobbyists immediate access to California’s state politicians.

The property is on the National Registry of Historic Places and was designated in the Italian Renaissance style, with a large, high-ceilinged lobby and reception area and is centrally located in Downtown Sacramento with abundant shopping and dining, approximately five blocks from the new Golden 1 Center (Sacramento Kings arena), and one black from the Sacramento Convention Center and Community Center Theater, both of which will be undergoing a $300+M renovation which should greatly enhance the property’s immediate surroundings.

The previous owner acquired the building in 2015 and began a substantial renovation program to update the building’s vacant tenant spaces to appeal to creative office space users. Seagate immediately commenced upon a major restoration of the historic façade and continues the creative office improvements to vacant tenant spaces. Additionally, Seagate has made many other upgrades, including lobby updates, new outdoor patio upgrades, common area upgrades, and a new bike storage facility and a new conference center. Showers and a fitness center are planned to be completed in 2021.

Built in 1983, the three-story aluminum and glass clad office building is designed around an open-air atrium, which recently underwent a $300,000 renovation and serves as a central gathering area for tenants, complete with Wi-Fi, new hardscape, updated water feature, and modern furniture. Other recent capital improvements include new signage, lighting, and the installation of an EV charging station. Seagate plans to continue with upgrades to the property and tenant spaces in order to lease up the current vacancy and retain existing tenants as leases expire.