25 Orinda Means. Picture courtesy of JLL Capital Markets
Volwood Administration has bought 25 Orinda Means, a Class A workplace constructing in Orinda, Calif, a San Francisco suburb. Lengthy Market Property Companions offered the asset for $12.8 million, with the help of JLL.
Accomplished in 1974, the three-story, 28,931-square-foot boutique workplace property was renovated in 2018, now that includes an upgraded HVAC system and lighting. 25 Orinda Means was 91 p.c leased on the time of sale.
The asset is within the Layafette Orinda submarket, 9 miles exterior Oakland and roughly 17 miles from downtown San Francisco. The property is near Route 24 and Orinda Metro Station, which give easy accessibility throughout the Bay Space.
Senior Director Erik Hanson, Senior Managing Director Rob Hielscher, Senior Director David Dokko, Managing Director Adam Lasoff, Affiliate Mike Matera and Analyst Caroline Reynolds led the JLL Capital Markets workforce engaged on behalf of the vendor. Knute Bucklew, head of company leasing at JLL, offered leasing advisory companies.
Based on a latest CommercialEdge report, San Francisco’s workplace gross sales amounted to $308 million within the first two months of 2023. The metro continued to wrestle by way of leasing exercise; the emptiness charge was at 19.2 p.c as of February, up 230 foundation factors over the yr.
