By Alex Girda, Associate Editor
San Francisco—PM Realty Group and Roseview Evergreen Fund have formed a new discretionary fund with $250 million committed for investment. Known as the Roseview-PMRG Fund I, the entity has already completed its inaugural purchase in North California—a two-building Sausalito office complex. The transaction was completed on behalf of the seller by a JLL Capital Markets team consisting of Managing Directors Michel Seifer and Rob Hielscher, as well as Vice President Erik Hanson.
The property at 1 & 3 Harbor Drive in Sausalito, Calif. offers a total of 114,314 square feet of office space. The 34-year-old, two-building complex is set for a makeover as the new owner will put in place a speculative suite program. Upgrades will be made to the property’s interior and exterior, with new features such as a conference facility, bicycle storage area and on-site management office also included in the plan. At the time of escrow closing, the property was 19 percent vacant. Part of the program’s aim is to increase value by signing tenants to the available space.
Given the property’s position in a market just north of the city, in Marin County, the property aims to attract companies looking to relocate over the Golden Gate Bridge. “We plan to begin adding value immediately to 1 & 3 Harbor and believe that once key improvements have been made, this asset will attract new tenants seeking prime, turnkey workspace,” John Dailey, executive vice president of PMRG said in a statement.