North Bay Business Journal

Thursday, October 24, 2013, 5:23 pm

Basin Street returns to Marin with purchase


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    Shoreline Office Center

    Shoreline Office Center on Richardson Bay in Mill Valley

    MILL VALLEY — Basin Street Properties, which owns dozens of office, industrial and retail buildings in Sonoma County, returned to the Marin County office market after an eight-year absence with the purchase of a nearly 100,000-square-foot bayside complex.

    Basin Street said Thursday it is buying the 98,652-square-foot Shoreline Office Center along Richardson Bay at 100 Shoreline Hwy. from an affiliate of Equity Office Properties for $22.25 million, or $225 a square foot. Escrow was set to close Thursday.

    “With the office market in Marin County experiencing a substantial resurgence in recent years, especially in light of skyrocketing San Francisco rates coupled with falling vacancy rates, Shoreline is the perfect property for us to make our re-entrance here after selling our Novato properties in 2005,” said Matt White, president and chief executive officer of Reno-based Basin Street Properties. “Shoreline’s waterfront location, proximity to Marin County’s beautiful landscape, and short drive to San Francisco is ideal for many businesses that value a strategic and accessible location for employees, like Glassdoor.”

    Glassdoor, a 6-year-old creator of a website that provides jobseekers with an internal look at company culture, in late June signed a lease for 30,500 square feet at Shoreline. The company plans to relocate from Sausalito early next year and intends to have around 200 employees at that time.

    Basin Street sold 90,000-square-foot Woodside Office Center and 115,000-square-foot Golden Gate Plaza, both in Novato, to Equity Office as part of a $263 million portfolio sale in mid-2005.

    Rob Hielscher and Mike Seifer of Jones Lang LaSalle represented Equity Office Properties in the sale of Shoreline Office Center. Basin Street Properties brokered the deal for itself. Matt Brown of Meridian Commercial is marketing Shoreline for lease.

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