This Week's San Francisco Deal Sheet
The Deal Sheet is a weekly compilation of the San Francisco Bay Area metro’s biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit?
Tarlton Properties Inc. sold 250 Cambridge, a three-story office building in Palo Alto, to Wheatley Properties for $39.3M. The site consists of 35K SF in office space alongside a 29-stall parking garage. The property also has access to CalTrain. Tenants within the property include Yellowbrick Data, Cambridge Optometry and Stellar Solutions.
Newmark’s Steven Golubchik, Seth McKinnon, Jonathan Schaefler, Darren Hollak, Ramsey Daya and Chris Moritz facilitated the transaction.
Tidewater Capital purchased the Eastmont Town Center in Oakland for $76.2M. The 500K SF property was at 83% occupancy at the time of the purchase. Vertical Ventures was the seller. Newmark arranged the transaction.
As part of its shift to going fully remote, TaskRabbit is vacating its headquarters at 425 Second St. in San Francisco. The company is also in the process of vacating its space in Austin, Texas. The property at 425 Second St. is being leased by JLL.
CONSTRUCTION AND DEVELOPMENT
A senior housing development from developers Strada and East Bay Asian Local Development Corp. has inched closer to completion, with groundbreaking tentatively scheduled for 2023. The project is slated to contain 557 new apartments, with 233 priced for low-income tenants.