Basin Street Properties, a prominent Northern California and Northern Nevada real estate investor and developer of commercial and mixed-use properties, has re-entered the Marin County market with the acquisition of Shoreline Office Center for $22.25 million. The two Class A office buildings, nestled in a desirable bayside location in Mill Valley and just seven miles from San Francisco, were sold by Equity Office Properties and total 98,652 square feet. Fast growing startup Glassdoor, a jobs and career community co-founded by top Expedia and Zillow executives, will lease 37,000 square feet in one of the buildings, effective early 2014.
“Our current real estate investments are centered around viable mid-market locations in the Northern California and Northern Nevada regions. With the office market in Marin County experiencing a substantial resurgence in recent years, especially in light of skyrocketing San Francisco rates coupled with falling vacancy rates, Shoreline is the perfect property for us to make our re-entrance here after selling our Novato properties in 2005,” said Matt White, president and CEO of Basin Street Properties. “Shoreline’s waterfront location, proximity to Marin County’s beautiful landscape, and short drive to San Francisco is ideal for many businesses that value a strategic and accessible location for employees, like Glassdoor.”
“Since Glassdoor was founded, it has been a wonderful experience being a part of the Marin community. As we move our headquarters to the Shoreline Office Center to accommodate our current and future growth, we look forward to working with Basin Street Properties to help create an attractive, inspiring and convenient work environment for employees,” said Glassdoor Corporate Communications Director Samantha Zupan.
Glassdoor is the world’s most transparent career community that is changing the way people find jobs and companies recruit top talent. Founded in 2007, Glassdoor offers members the latest job listings, as well as access to proprietary user-generated content including company-specific salary reports, ratings and reviews, CEO approval ratings, interview questions and reviews, office photos and more. Members also have the ability to see Inside Connections™ at particular companies via their Facebook network. In addition, thousands of employers are using Glassdoor’s Talent Solutions to support their employment branding and recruiting efforts. Glassdoor is backed by Benchmark Capital, Sutter Hill Ventures, Battery Ventures and DAG Ventures.
Shoreline Office Center is located just seven miles north of San Francisco in Southern Marin County and boasts a prominent waterfront location with spectacular views of the San Francisco Bay and Mount Tamalpais. Conveniently situated directly off Highway 101, the property offers ample parking and numerous shopping and dining options nearby, as well as recreational opportunities, such as a bike path and bay access for paddle boarding. Basin Street Properties will pursue capital improvements to the property, including individual suite upgrades and installing an energy efficient management system for the center.
Rob Hielscher and Mike Seifer of Jones Lang LaSalle represented Equity Office Properties in the sale of Shoreline Office Center, while Basin Street Properties brokered the deal for itself. Glassdoor was represented by Jon Wittemeyer and Laurence Morgan of CBRE in securing its lease.
Local North Bay real estate company Meridian Commercial will serve as the leasing agency for Shoreline Office Center, which can accommodate tenant space ranging from 1,500-5,000 square feet. Leasing agent Matthew Brown can be contacted at 415-451-4900.
About Basin Street Properties
Basin Street Properties is a prominent Northern Nevada and Northern California developer, investor and manager of commercial properties. Basin Street has become widely recognized for its office, retail and mixed use developments. Founded 39 years ago, the company offers a broad range of real estate services, including development, property management, construction management, financial and asset management, and property acquisition and disposition. For more information, visit www.basin-street.com.