Woodridge Capital Buys Bay Area Office Asset at a Discount

December 17, 2025

Office Investment News San Francisco More West

The current price is 39 percent below what the asset commanded in 2019.

Exterior shot of The Harbors, a 112,000-square-foot office campus in Sausalito, Calif. — The Harbors comprises two office buildings across a 6-acre site. *Image courtesy of Yardi Matrix*

Woodridge Capital Partners has purchased The Harbors, a 112,343-square-foot office property in Sausalito, Calif., just north of San Francisco, according to Yardi Matrix information. Seagate Properties sold the asset for $32 million, or $285 per square foot. Realty Center Management Inc. issued a $21.5 million acquisition loan.

Seagate Properties had previously bought The Harbors in 2019 from Madison Marquette, for $52.7 million, or $469 per square foot, according to the same source.

Completed in 1982 on a 6.3-acre site, The Harbors comprises two three-story buildings at 1 Harbor Drive, 11 miles northwest of downtown San Francisco, across the Golden Gate Bridge. Other major thoroughfares in the area include U.S. Route 101 and California State Route 1.

The Harbors’ tenant roster includes Regus, Cogent Real Estate Economics, Vine Connections and Physicians Reimbursement Fund. The low-rise property underwent renovations in 2018 and it features floorplates ranging from 13,000 to 29,000 square feet and grade-level parking with more than 330 spots.

San Francisco’s office sector quasi-recovers

Year-to-date through October, office sales in metro San Francisco totaled almost $1.2 billion, at an average of $279 per square foot, according to a recent Yardi Matrix office report. That was significantly behind peer markets such as Manhattan ($6.4 billion), Washington, D.C. ($3.6 billion), Dallas ($2.5 billion) and Los Angeles ($2.2 billion), as the wider Bay Area started its recovery, partially aided by the recent AI boom.

Area fundamentals remain a mixed bag, in line with recent national office real estate trends, which revolve around hybrid working environments rising as the new norm, while physical office occupancy hovers around 50 to 55 percent. San Francisco is no stranger to wider crosswinds: While office rents went up 4.7 percent year-over-year, with the average listing rate reaching $65.30 as of October—ranking second, behind Manhattan only—vacancy remains elevated, at 26.1 percent, albeit down 160 basis points over 12 months, according to the same report.