Meridian Buys Brisbane Office, Completes Palo Alto Renovation
Meridian, a division of Marcus & Millichap, has been quite busy in the Bay Area over the last few weeks. It bought a 105k SF office building in Brisbane from TA Associates for $29M and finished a $4M renovation of a building in Palo Alto. The developer has an additional 300k SF in development and redevelopment and another 200k SF in the pipeline.
Meridian’s recent purchase of 1000 Marina (above) will add a 90% leased, six-story office to its portfolio. Although not directly next to BART or Caltrain, the Sierra Point Commuter Shuttle offers rides to and from public transit. The firm also recently sold The Atrium last September in Pleasanton.
Meridian SVP of acquisitions Dan Rosenbaum said the purchase of 1000 Marina aligns with the company’s value-add strategy for general and medical office. The movement of Google’s subsidiary YouTube into additional office space in San Bruno over the last year has created a demand for space from displaced tenants, which was among the drivers for Meridian's purchase.
“We perceived the in-place rents were below market and there were some aesthetic and livability upgrades to perform,” he said. Significant upgrades will be made to the building, common areas and exterior gathering spots.
CBRE EVP Joe Moriarty and VP Seth McKinnon assisted Meridian with the sale. CBRE first VP Simon Clark and commercial real estate adviser Matt Mulry will continue as listing agents.
Meridian also completed the repositioning of a 12,500 SF office building in the Stanford Research Park at 2626 Hanover St (above) in Palo Alto. Meridian assisted its client with a six-month-long renovation to the interior and exterior of the building. The tenant temporarily relocated its staff. KTGY Architecture + Planning and Stevens General Contractors assisted with the renovation.