Alameda, CA – Ellis Partners LLC today announced the purchase of 1201 Harbor Bay Parkway in the Harbor Bay submarket of Alameda. The single-story office and laboratory building was purchased from Alexandria Real Estate Equities for an undisclosed sum. 1201 Harbor Bay is the third property in the area to be purchased by Ellis Partners in recent months. The company’s holdings also include the adjacent Alameda Tech Center and nearby 1600 Harbor Bay Parkway.
“This acquisition is further evidence of our belief in the attractiveness and relative value of the Harbor Bay submarket,” said Ellis Partners’ Jason Morehouse. “The surrounding markets of Oakland, Emeryville, and Berkeley have experienced increased rents and now have fewer alternatives for businesses to locate. Harbor Bay provides tenants a high-quality business park environment with water views and nearby retail amenities, with immediate access to both the Oakland Airport and the I-880 via the recently completed Ron Cowan Parkway, all at an outstanding value.
The purchase gives Ellis Partners full control over the complete city block that comprises 1201 Harbor Bay Parkway and the adjacent Alameda Tech Center, which Ellis Partners purchased last summer. The two parcels share parking facilities and common drive aisles, with a paved pedestrian walkway that connects the two projects.
Located directly across the street from the Oakland Raiders headquarters and training facility, 1201 Harbor Bay Parkway has a street-side presence on Harbor Bay’s main thoroughfare and is one of the first buildings visitors see as they enter the Park. Aside from a roughly 4,800 SF lab space leased to Avigen Inc. through November 2010, the 61,000 SF building will soon be vacant, providing Ellis Partners with the opportunity to add immediate value through planned physical and aesthetic upgrades to the building. The vacant space will be made available to both tenants that can re-utilize the existing lab improvements as well as conventional office or office/flex tenants needing a turnkey buildout.
“With easy access to the Oakland Airport, major transit arteries, and every one of the Bay Area’s business centers, Harbor Bay provides a central location for businesses to grow,” added Morehouse. “We’re delighted to expand our holdings in this exciting location.”
About Ellis Partners:
Ellis Partners LLC (www.ellispartners.com) was founded in 1993 for the purpose of acquiring and developing commercial real estate properties. The firm has a long history of championing and completing architecturally significant renovation and development projects.