April 25, 2017 Comments Off on DivcoWest Picks Up San Mateo Asset for $73M Views: 198 Bay Area, California News

DivcoWest Picks Up San Mateo Asset for $73M

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San Francisco-based DivcoWest acquired 101 S. Ellsworth Ave., an 88,000-square-foot office asset in downtown San Mateo, CA, for a reported $73 million. The seller was a joint-venture affiliated with San Mateo-based Glenborough and an undisclosed institutional investor.

The six-story asset is located a block from downtown San Mateo’s Caltrain station, in a walkable neighborhood surrounded by retail and restaurant amenities. The transit-oriented site is attractive for companies because it is 25 minutes from San Francisco and residential locations throughout Silicon Valley.

The building has averaged 99% occupancy over the last 10 years, and is one of only five Class A office buildings in the market’s core offering more than 80,000 square feet of space.

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