Seagate Properties
A Real Property Investment & Operating Company
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.
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.
