Novato, CA – San Francisco-based Ellis Partners LLC announced that it has acquired Woodside Office Center in downtown Novato. The price was not disclosed.
Situated prominently at the intersection of Redwood Boulevard and De Long Avenue, just off Highway 101, the high-quality Woodside Office Center is an 87,000 square foot multi-tenant office building. Built in 2003, it has attracted a diverse and high quality roster of tenants including Hennessy Advisors, a Novato-based publicly traded investment manager, the law firm of Grancell, Stander, Reubens, Thomas and Kinsey, APC, and Regus, the world’s largest supplier of flexible office spaces, set to open in August.
“This was a unique opportunity to acquire the best multi-tenant office building in Novato, and one of the nicest in all of Marin County,” said Jason Morehouse, Partner and Director of Acquisitions for Ellis Partners.
Morehouse added, “Very few properties offer the entire package that Woodside Office Center does: easy access from multiple directions, covered parking, extraordinary curb appeal, high quality finishes. In addition, the property offers a robust and walkable amenity base, from the convenience of the Novato Fair shopping center across the street to the charm of adjacent downtown Novato. This is a special property catering to best-of-breed local and regional businesses and we look forward to maintaining and even increasing its appeal.”
The acquisition represents the fifth purchase by commercial developer/investor Ellis Partners with capital partner Artemis Real Estate Partners. “Woodside Office Center is another high quality, irreplaceable asset identified by Ellis Partners that we are excited to add to our portfolio,” said Jim Smith, Portfolio Manager of Artemis Real Estate Partners. “We are fortunate to have a deep relationship with Ellis Partners that dates back many years, and we are especially pleased to see the partnership continue and strengthen with the acquisition of Woodside.”
The seller was represented by Mike Seifer of JLL and Whitney Strotz of DTZ. Ellis Partners has hired leasing brokers Whitney Strotz and Steven Leonard of DTZ to market the available suites at Woodside and will work with DTZ Property Management’s Warren Mead and Don Denne to manage the day-to-day operations of the property.
Property photos are available: https://app.box.com/fullcourt-ellis-sharedbox
About Artemis Real Estate Partners:
Artemis Real Estate Partners is a real estate investment management firm that invests with best-in-class local operating partners, both established and emerging, in multifamily, office, industrial, retail and senior housing across opportunistic, value added and enhanced core strategies. Artemis has raised over $1.8 billion of investor capital across two commingled value-add/opportunistic fund vehicles and an enhanced core emerging manager separate account with The New York State Common Retirement Fund. Artemis’s sole focus is U.S. commercial real estate. More information about Artemis may be found at www.artemisrep.com.