Equity Office's Marin portfolio
Square footage: 710,736
Buildings: 15Drakes Landing Office Park
100A, 100B, 300A, 300B & 500 Drake’s Landing Rd., Greenbrae
Square footage: 126,338Harbor Drive Executive Park
One and Three Harbor Dr., Sausalito
Square footage: 112,343Larkspur Landing Office Park
700, 900 and 1100 Larkspur Landing Cir., Larkspur
Square footage: 199,761Shoreline Office Center
100 Shoreline Hwy., Mill Valley
Square footage: 101,615Wood Island Office Complex
60 and 80 E. Sir Francis Drake Blvd., Larkspur
Square footage: 80,465Woodside Office Center
7250 Redwood Blvd., Novato
Square footage: 90,214Berg Holdings portfolio sale
Square footage: 248,123
Buildings: SixOne Thorndale Drive, San Rafael
Type: Office and medical
Square footage: 78,843130 and 140 Stony Point Rd., Santa Rosa
Type: Retail and office
Square footage: 38,507141 and 149 Stony Cir., Santa Rosa
Square footage: 83,934100 B St., Santa Rosa
Square footage: 46,839
Two major owners of commercial property in Marin and Sonoma counties have put 20 office buildings with 951,000 square feet on the market for sale in recent weeks in what some market watchers are anticipating will test institutional investor views of the long-term outlook for the North Bay economy and business.
Chicago-based Equity Office, one of the largest owners of commercial real estate in the U.S. and in the North Bay, in April quietly started marketing for sale its affiliates' 15 Marin County office buildings totaling nearly 711,000 square feet through Eastdil Secured's San Francisco office, according to real estate experts.
A spokesman for the Equity Office's Northern California operations declined to comment.
Equity Office, among Marin's largest commercial property owners, has six of the county's better-quality office complexes, which have attracted attention from a number of prospective buyers, according to Whitney Strotz, who runs Cassidy Turley's San Rafael office and has brokered a number of leases in Equity Office's Marin buildings. American Assets' three-building headquarters complex in Novato for Fireman's Fund Insurance Co. is as large.
"Many of these buildings have not been marketed for quite a while, so it's an opportunity to own some of the most significant office space in Marin," he said. "The buildings seem to be performing quite well and are in demand from the business community."
Occupancy and the net rent income are key factors for commercial property sale pricing, and Equity Office's Marin properties have been enjoying healthy doses of both, according to Mr. Strotz.
"There is a constant of ebb and flow of (rent) pricing, but (Equity Office is) experiencing an increase in rents in the portfolio," he said.
Equity Office affiliates also own 15 office buildings with nearly 700,000 square feet in the Santa Rosa area. Those aren't currently for sale.
Also in April, Sausalito-based Berg Holdings Corp., led by Marin property investor Skip Berg, started offering for sale six office buildings in San Rafael and Santa Rosa with 248,000 total square feet of mostly office space, according to Alan Maciel of Berg Holdings.
The one building in San Rafael is the nearly 79,000-square-foot One Thorndale Drive perched upon a hilltop overlooking Northgate regional shopping mall. Built in the early 1970s as the headquarters for a publisher, the building has been vacant since Take-Two Interactive, formerly Sega Visual Concepts, and then Disney's ImageMovers Digital animation studio moved to Hamilton Landing in Novato several years ago.