by Mike Kirner
Vintage Office Building
Cushman & Wakefield recently acted as the exclusive advisor on the sale of the Vintage Office Building at 25 Orinda Way, a 3 – story, 27,088 Square Foot, office building. The seller was Sleepy Hollow Investment Company, who sold the East Bay asset to Long Market Property Partners. The $8,450,000 sale was part of Sleepy Hollow Investment Company’s recent Bay Area Portfolio sale, and was one of 14 buildings involved.
Leading the advisory team for the seller on behalf of Cushman & Wakefield’s Capital Markets were Eric Fox, Michael Speers, and Steve Hermann. Local market advisory was provided by Cushman & Wakefield’s Whiff Collins.
“The Vintage Office Building offered an immediate upside investment opportunity with below market rents and 80% near-term rollover,” stated Michael Speers, Executive Director, Cushman & Wakefield. “Long Market Property Partners was an ideal buyer with investor capital that could tolerate rollover risk to capitalize on rising rental rates,” Speers added.
In the Heart of the East Bay
25 Orinda Way is located in the heart of one the East Bay’s most desirable and affluent residential communities. Its unique design features include creative brick and timber spaces and abundant interior and exterior glass.
“We are delighted to join the Downtown Orinda community through the purchase of 25 Orinda Way,” stated Justin Shapiro, Principal of Long Market Property Partners. “The project is one of few office buildings in the surrounding areas that offer tenants both first class creative office finishes and close proximity to retail amenities and BART”.
About Long Market Property Partners, LLC
Long Market Property Partners, LLC is a privately held real estate company that takes a hands-on approach to owning and operating real estate. We seek investments that allow us to leverage our experience in leasing, property management, capital improvements and tenant relationships to mitigate risk and deliver exceptional returns to investors. The principals of Long Market have a track record acquiring and repositioning office and retail assets across multiple west coast markets and bring a thoughtful blend of both institutional and entrepreneurial strategies to each investment. To learn more visit www.longmarketre.com.