Seagate Properties

A Real Property Investment & Operating Company

Office

San Rafael Corporate Center

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San Rafael Corporate Center (SRCC) is a Class A, LEED Gold certified office campus situated on a landscaped 13 acre site in Central San Rafael, California. The property consists of four office buildings, two of which were initially developed in 2001. Seagate and a joint venture partner acquired two existing buildings and developed Phase Two of the property in 2010. Phase Two, consists of two, four-story Class A, LEED Gold certified office buildings, plus a four-story, 399 stall parking garage. The property has additional entitlements to develop approximately 89,000sf office building and one additional 615 stall parking structure. Seagate managed the following projects:

  • Developed 158,000 square feet of two new Class A office buildings and an associated 400 stall parking structure (Phase Two) on time and on budget – $62M
  • Established EB-LEED Gold status to the existing 152,000 square feet Class A office buildings (Phase One)
  • Managed and administered all entitlements with the City of San Rafael related to development and construction of the third and final phase of SRCC development for an 85,000 square feet Class A office building plus an approximately 600 stall parking structure.
  • Achieved highest Energy Star rating available

The property was sold in 2014 to BioMarin as their new corporate headquarters.

2465 Latham

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This Class A, transit-oriented, multi-tenant office building is located near downtown Mountain View, in the heart of Silicon Valley, walking distance to the San Antonio Shopping Center and San Antonio Caltrain station. Seagate acquired the property, corrected various deferred maintenance items, renovated the lobby, and stabilized the tenancy, all ahead of the steeply rising curve of Silicon Valley investment property values.

2850 Telegraph

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Located on Telegraph Avenue in close proximity to both University of California Berkeley and Alta Bates Medical Center, this building had been occupied as a single-tenant facility for nearly thirty years, and suffered from capital starved, dysfunctional ownership. Seagate acquired the property with the strategy of completing a major seismic upgrade and repositioning as a multi-tenant office building to serve the needs of the adjacent medical and educational community. Seagate subsequently sold the property to the University of California, Berkeley and it is used as administrative offices for Boalt Law School.

980-990 Fifth Avenue

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This two-story office building located at the San Rafael prime corner of Fifth Avenue and Court Street is within easy walking distance to downtown San Rafael. 980-990 was purchased by Seagate in 1999 and Seagate performed renovation that included bringing the building down to its steel frame, expanding the second floor window line, and constructing Class A office improvements. The property has been occupied as Seagate’s corporate headquarters since completion of the renovations in late 1999.

IREETM Certified

Serramonte Plaza

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Seagate purchased this mixed-use project, consisting of 14 individual properties, as a single acquisition. Substantial value was created by arbitraging cap rates through an indivuual resale program, offering smaller properties to individual investors and 1031 exchange buyers.

The property enjoys high visibility from Highway 280, benefits from easy freeway access, and has ample parking for the professional corporations, retail users, and medical tenants.

401-405 River Oaks

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River Oaks consists of two R&D/Office buildings, on 8.21 acres of land. Building 401 was built in 1985 and later renovated in 2011 and contained 81,500 sf of R&D space. Building 405 contains 42,000 square feet and was built in 2001.

The building was previously fully leased to a single tenant, until they vacated. Seagate advised our client to sell the property as a multi-family housing site.

The sale was completed in 2012.

San Rafael Business Center

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This five building office and light industrial property is centrally located within Marin County. The property was purchased subject to a limited remaining lease term.

Seagate’s investment strategy included acquiring an adjacent property to increase the parking ratio, and subdividing the property into multiple parcels to allow for an exit through resale of individual buildings to either investors or owner-users.

The property was ultimately purchased by the County of Marin for the creation of the new County Health Services Campus.

Seagate, in cooperation with the County of Marin, redeveloped the property into the Marin County Wellness Center. This public-private partnership resulted in substantial savings in development costs.

1900-2000 Alameda de las Pulgas

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As a third party manager, Seagate acted as leasing and property manager on this asset on behalf of a public pension fund client. Seagate’s active management and renegotiation of ongoing contract services, combined with an aggressive preventative maintenance program maximized returns to the client and enhanced the overall operations of the property.

171 – 181 Third St

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Strategically located adjacent to a Seagate owned neighborhood shopping center, this property represented a rare development opportunity in Marin County. Acquired at substantially below market value due to its “Brownfield” status, this formerly underutilized eyesore has been completely remediated, entitled and redeveloped. The new two-building development includes retail and office space with visibility on a major thouroughfare and unobstructed views of Mt. Tamalpais over the San Rafael Canal to the south of the waterfront site.

The Promenade

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This 3-story building, the “Berkeley Promenade”, was sourced and purchased by Seagate to expand its presence in this dynamic market.

Seagate was attracted to the proeprty by its creative design, below-market leases, the supply to constrained nature of the downtown Berkeley market and the close proximity to BART and the University of California.

In addition, the property is somewhat unique within the submarket due to its large subterranean parking garage.

The Wells Fargo Building

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This 12-story office and retail building is located in the middle of the central business district in downtown Berkeley, California.

This property was purchased from the previous lender, who acquired it through foreclosure. Seagate controlled all aspects of leasing the property during the escrow period, during which Seagate leased 20% of the property.

Several factors made the investment attractive to Seagate including: the significant amount of smaller lease requirements generated by the University of California at Berkeley, the significant barriers to entry for new competition in the immediate area (including a strong “no growth” attitude), and the immediate access to BART located directly in front of the building.

640 Second St

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640 Second Street was originally constructed in 1925 in the then industrial section of San Francisco and consists of three stories and 25,000 square feet of office space.

In the early 2000’s, the building was completely gut renovated and upgraded with a new elevator, a full fire-life safety system including fire sprinklers, ADA compliant restrooms and a new window system.

The modernization was accomplished while maintaining the overall ‘industrial’ feel of the property, with exposed concrete ceilings and walls remaining in an open workspace design.

Today, the property is one of among many small tech buildings located close to AT&T baseball stadium and is fully leased to three cutting-edge technology firms, each occupying one full floor of the building.

Marin Executive Center

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As a third party advisor, Seagate acted as a court appointed recevier, bankruptcy trustee, and subsequently as leasing and property manager on this foreclosed asset for a major life insurance company.

Through aggressive management, leasing and substantial building renovation, the property achieved 100% occupancy to a credit rated tenant within twelve months of taking ownership.

Seagate also exclusively handled the sale of the property for the client, resulting in the profitable exit from a mortgage foreclosure.

Smith Ranch Plaza

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Seagate expedited the purchase this three-story suburban office building located on 12.3 acres of land. The property was acquired at an above-market capitalization rate with below-market assumable financing due to a parnership dissolution. The property was fully leased to a credit rated tenant for use as their central information systems (computer) facility. Seagate subsequently sold the property at a substantial profit and reinvested the proceeds.

995 Market St

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995 Market Street is a 16-story office tower located in the San Francisco’s burgeoning mid-Market corridor on a prominent corner location at Sixth Street just steps from public transportation. The property is undergoing a significant capital improvement program that includes renovating the interiors to appeal to creative and high tech tenants.

995 Market Street is located within the Payroll Tax Exclusion zone, and benefits from the economic incentive plan implemented by the City of San Francisco in 2011 to attract tenants to the mid-Market area. Seagate oversees the maintenance and operation of 995 Market Street, and provides best in class services to all of its tenants.