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Daly City Office Sells For $114M

Harvest Properties and an affiliate of Cerberus Capital Management have acquired the nine-story, 383K SF multi-tenant DC Station office building in Daly City. The property sold for about $114.5M ($300/SF), the San Francisco Business Times reports. The seller was Deutsche Asset Wealth & Management. The transaction didn’t include the retail and movie theater at the same site.

This transaction marks the first time Harvest Properties has entered into a JV with Cerberus, according to Harvest Properties Managing Partner John Winther. 

This transaction is a rare occurrence in Daly City, which has the lowest office inventory within San Mateo County. As of the first quarter, Daly City had 954K SF of office, according to data from Cushman & Wakefield. Overall vacancy was 11.5% during the first quarter, and Class-A asking rents are $4/SF.

DC Station was built in 2001 and has large floor plates and high ceilings with expanded window lines. The property includes a seven-level parking structure. The LEED Silver building at 2001-2051 Junipero Serra Blvd. is next to the Daly City BART station and Interstate 280.  

The lobby was recently renovated, upgrades were made to the common areas and fitness center and a conference center was added. DC Station is anchored by the global headquarters of Genesys.

CBRE Senior Vice Presidents Simon Clark and Conor Famulener will continue to represent Harvest and Cerberus as leasing brokers for DC Station.