7/27/2007

N.Y. investment group pays $66M for So. San Fran office bldg.

by

701 Gateway Blvd.

New York City-based Broadway Partners purchased The Gateway, a 170,000 square foot office building at 701 Gateway Blvd. in South San Francisco, for $66 million from Bay Area investment firm Consolidated Farms.

Gary Willard and Linda Marie Santiago of NAI BT Commercial represented Consolidated Farms in the transaction, and NAI BT will handle the leasing for Broadway Partners.

The six-story building was developed in 1999 by HMS Gateway, which is a partnership between Houston-based Hines and The Morgan Stanley Real Estate Funds. It was 93 percent occupied during the time of the current deal and houses major tenants Actuate Software, San Mateo Health and Solstice Neuroscience.

Consolidated bought the property for $54 million from HMS Gateway in 1999. Brokers from both the local office of Los Angeles-based CB Richard Ellis and locally based BT Commercial Real Estate represented both the buyer and seller.

Broadway Partners owns a building nearby, the 135,000-square-foot office facility at 801 Gateway, which they acquired in late 2005. Both properties are located in the San Francisco's bustling life science corridor.

Broadway also recently acquired Houston's 590,000-square-foot One City Centre, and last year bought the 750,000-square-foot building at 340 Madison Ave. and the 600,000-square-foot property at 522 Fifth Ave. in New York.

Address: 701 Gateway Blvd.

Size: 170,000 square feet

Built: 1999

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Filed Under: Office

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