This Month's Bay Area Deal Sheet: Manova Partners Picks Up 62K SF Class-A Office In San Mateo
Manova Partners, the Munich-based property investment manager, purchased Parallel on Fourth in downtown San Mateo.
The mixed-use property has 15 residential units above 62K SF of Class-A office space. Verkada Inc. occupies 100% of the office space and holds a master lease on 13 of 15 residential units.
Partner Eric Ramm negotiated the transaction for Manova Partners. Will Connors and Adam Lasoff of JLL marketed the property.
PEOPLE
Newmark announced new hires Ben Lazzareschi as senior managing director and David Kessler as associate director to expand its retail advisory group. The two will focus on tailoring retail leasing strategies for institutional landlords and occupiers across the Bay Area.
The two have worked in leasing in the Financial District and Union Square for high-profile retail tenants and landlords.
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Avison Young has brought on Tom Bruister as principal and senior director for the firm’s occupier services platform. He will direct business development, with a focus on the expansion of occupier services across North America.
Bruister most recently held the chief revenue officer position at LiquidSpace. He previously worked in transaction management at JLL and WeWork.
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Kidder Mathews has brought on Dave Evans as executive vice president in the Silicon Valley office. Evans specializes in industrial leasing, sales and consulting services and arrived at Kidder Mathews after 37 years with Colliers International. He completed over 1,500 leases and sales, comprising more than 20M SF.
SALES
Newmark facilitated the sale of Tower Plaza to Tourbineau Real Estate Partners for $22M. The 207K SF, five-building office campus in San Mateo is 27% leased. The site is walkable to two Caltrain stations and is suitable for leasing or adaptive reuse residential.
Newmark Executive Vice Chairman and President of Western Region Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Managing Director Darren Hollak and Associate Directors Francesca Zappula and Brendan Raney represented the seller. Tourbineau Chief Investment Officer Ben Wong negotiated on behalf of his company.
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CBRE’s Kyle Kovac and Mike Taquino arranged the sale of 1045 Sansome St. to Bridges Capital. The Jackson Square building has 83K SF of creative office space, with 64% leased to architecture, design and e-commerce tenants.
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Hall Equities Group purchased Ygnacio Center, with 526K SF of office space in Walnut Creek for $111M, as reported by the San Francisco Business Times. At $210 per SF, the purchase price is close to half of what the building last sold for.
LEASES
Newmark has arranged a 301K SF sublease for Zscaler at 4301 and 4401 Great America Parkway in Santa Clara, securing the company’s future global headquarters. Vice Chairman Mike Saign and Senior Managing Director Rich Hoyt led the deal on behalf of the cybersecurity firm. The space is slated to open in summer 2026.
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Kilroy Realty Co. has signed a 57K SF direct lease with existing tenant Amplitude at 201 Third St., the San Francisco Business Times reported. Kilroy says the transaction is its largest deal in the city since before the pandemic. Amplitude, a data analytics firm, had subleased the space from Postmates since 2021 and will now pay $47 per SF in base rent under a three-year, five-month term with a three-year extension option. The lease covers the second and third floors of the building.
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New York-based law firm Simpson Thacher will open a San Francisco office at One Market Plaza, taking over some of Google's former space there, the San Francisco Business Times reported. The firm takes over 32K SF, part of a 340K SF space previously occupied by Google.
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Paramount Group secured a 50K SF lease with Fenwick & West LLP at One Front St. in the Financial District. The technology and life sciences law firm will relocate from 555 California St. to occupy two and a half floors of the Class-A tower. JLL’s Chris Roeder, Ted Davies, Tom Doupe and Wes Powell represented Paramount, while CBRE’s Clay Hammerstein, Tim Kazul and Jon Wittemyer represented Fenwick.
CONSTRUCTION AND DEVELOPMENT
Outrigger Industrial and Metlife Investment Management will redevelop 727 Kennedy St. in Oakland. Construction at Kennedy Logistics Center is slated to begin in Q3 of 2025, targeting completion early next year. The property sits adjacent to the I-880 between the Port of Oakland and the Oakland International Airport.
FINANCING
Paramount Group has sold a 25% stake in its 649K SF One Front St. tower to Beacon Capital Partners, the San Francisco Business Times reported. The deal prices Beacon’s share at $63.75M, valuing the San Francisco property at $255M. The 38-story building is set to drop from 76.3% leased to around 42.5% after JPMorgan Chase gives back 219K SF formerly leased by First Republic, with additional leases expiring through 2030.
CORRECTION, Jun. 6, 10:02 A.M. PT: A previous version of this story misstated the buyer's representative and the purchase price of Tower Plaza. The story has been updated.
