Press Releases
Basin Street Properties Selling $263 Million Portfolio to Equity Office
PETALUMA, Calif. – July 5, 2005 - In what may be considered the largest real estate sale in the North Bay, Basin Street Properties, the leading developer of commercial and mixed-use properties in Sonoma, Marin and Napa counties, announced closed and pending sales of 1.4 million square feet of its North Bay portfolio to Equity Office (NYSE: EOP). To date, Equity Office has acquired nine properties from Basin Street Properties totaling 514,606 square feet for approximately $106 million. Equity Office has plans to complete transactions on the full 36-building Basin portfolio. The total portfolio value is estimated at approximately $263 million. EOP is the nation’s largest publicly held office building owner and manager with a portfolio of nearly 640 properties comprising more than 117 million square feet of office space in the country’s major metropolitan markets.
“This was a strategic business decision. Due to current real estate conditions, we were in an unprecedented position to bundle a number of our assets and sell them to one buyer,” said Matt White, president of Basin Street Properties. “The disposition of this portfolio to Equity Office will enable us to focus on the future of our core real estate services – the successful development, acquisition and redevelopment of properties throughout the North Bay.”
Basin Street will maintain its holdings in downtown Petaluma and its Napa portfolio. Basin Street will also maintain approximately 70 acres of land throughout Santa Rosa and Petaluma.
“Our roots are in the North Bay and we remain committed to successfully developing properties that are in sync with the growth of the region and that are beneficial to our communities,” added White. “This is and will continue to be our number one priority now and in the future.”
EOP has purchased, or plans to acquire, the following properties from Basin Street Properties:
Closed: Effective June 30, 2005:
- Woodside Office Center (Novato) – 1 bldg., 89,031 sq. ft.
- Golden Gate Plaza (Novato) – 2 bldgs., 114,634 sq. ft.
- McDowell Corporate Campus (Petaluma) – 1 bldg., 53,846 sq. ft.
- Oak Valley Business Center (Santa Rosa) – 3 bldgs., 131,678 sq. ft.
- Airport Corporate Center or Brickway – Medtronics 3850 and Brickway Agilent 3880 (Santa Rosa) – 2 bldgs., 126,585 sq. ft.
Pending transactions:
- Redwood Business Park (Petaluma) – 13 bldgs., 539,621 sq. ft.
- Parkpoint Business Center (Santa Rosa) – 5 bldgs., 67,869 sq. ft.
- The Lakes (Santa Rosa) – 5 bldgs., 136,754 sq. ft.
- Waterfall Towers (Santa Rosa) – 3 bldgs., 90,627 sq. ft.
- Fountaingrove Executive Center (Santa Rosa) – 2 bldgs., 79,428 sq. ft.
BT Commercial and Cushman & Wakefield served as the brokers in the deal.
Basin Street Properties is the largest developer and manager of commercial properties in Sonoma, Marin and Napa counties. Founded more than 30 years ago, the company offers a broad range of real estate services to the Northern California Bay Area real estate market, including development, property management, construction management, financial and asset management, and property acquisition and disposition. For more information on Basin Street Properties, please call 707.795.4477 or visit www.basin-street.com.
