Shorenstein Buys Bay Area Assets for $145M

September 3, 2025

Office Featured Investment Mixed Use More News San Francisco West

The acquisition includes two office properties and a grocery-anchored retail center.

Essex Property Trust is the main tenant at 1100 Park Place, a four-story building in San Mateo, Calif. *Image courtesy of Yardi Matrix*

Shorenstein Investment Advisers continues to target office markets around the country where tenant demand and long-term fundamentals remain strong. After spending more than $1 billion over the past 14 months, Shorenstein has made an acquisition in the Bay Area. The privately-owned San Francisco firm purchased 1100 Park Place and 1200 Park Place, part of a 209,000-square-foot mixed-use property in San Mateo, Calif.

Local media reports the acquisition also included 1010-1060 Park Place, a Whole Foods-anchored retail center but Shorenstein did not include that information in its announcement about the two Class A office assets. The assets sold for a reported $144.5 million.

Yardi Research Data reports JP Morgan Asset Management sold the properties it had acquired in March 2007 as part of a $152 million portfolio transaction at Bay Meadows with seller Stockbridge Capital Group. Stockbridge owns the mixed-used, transit-oriented community that was developed by Wilson Meany. The latest deal closed last month with Shorenstein paying approximately JP Morgan Asset Management $46 million for 1200 Park Place and $91.6 million for 1100 Park Place, according to Yardi Research Data.

The two office buildings were built in 2003 and are fully leased with high-quality credit tenants. Zynga, a video game developer, has its headquarters at 1200 Park Place, a four-story, 64,000-square-foot building. Essex Property Trust is the main tenant at 1100 Park Place, a four-story building with about 14,553 square feet of first-floor retail and 127,633 square feet of office space that also has medical office uses.

Amenity-rich location

Jed Brush, a Shorenstein managing director, said in prepared remarks that the two properties are located near compelling mixed-use offerings that attract quality tenants and talent. He noted the firm was pleased to acquire such an office project in its own backyard, especially as leasing demand from technology companies in the area continues to accelerate.

Zynga, a video game developer, has its headquarters at 1200 Park Place in San Mateo, Calif. *Image courtesy of Yardi Matrix*

The properties are located off Highway 101 and are within a 10-minute walk of the Hillsdale Caltrain station. The transit-oriented property attracts a large and diverse talent pool from San Francisco, Silicon Valley and East Bay. In addition to the Whole Foods-anchored retail center, tenants have access to about 60 dining options, and the area has more than 1,000 residential units for those that want to live nearby.

The LEED Gold-certified office buildings have a range of amenities and sustainable features including outdoor lounge areas and EV supercharging stations. Covered parking is available in multi-level structures. There are nearly 340 spaces at 1100 Park Place and more than 190 parking spaces at 1200 Park Place.

Deploying capital across the U.S.

Shorenstein is a privately owned investment advisor that, through affiliated entities, owns and operates high-quality office, residential and mixed properties across the U.S., with offices in San Francisco and New York City. Since 1992, Shorenstein and its affiliates have acquired $19.6 billion in assets as of March 31.

The firm, which has faced some struggles post-pandemic, closed a $750 million office fund in 2023 and has been focusing its dry powder on investments in select, high-performing submarkets across the country. The San Mateo transaction was Shorenstein’s eighth office investment over the past 14 months.

Most recently, the firm acquired Sterling Plaza, a 320,000-square-foot Class A office building in Dallas. The 19-story tower is located in Preston Center, a top performing office submarket within a walkable neighborhood surrounded by executive housing in the Park Cities and Preston Hollow communities. The property, acquired in July, is currently 89 percent leased. It was recently renovated to include a conference center, full-service fitness facility with showers and lockers and a luxury tenant lounge. Shorenstein is planning additional enhancements including upgrades to the lobby, entryway, café and outdoor communal areas.

It was Shorenstein’s second recent investment in the Dallas market, following the September 2024 purchase of International Plaza II, a 15-story, 388,000-square-foot office tower in north Dallas from Taconic Capital. Building upgrades included the addition of about 50,000 square feet of new amenity space, such as a food hall, coffee and wine bar, indoor and outdoor tenant lounges and fitness and conference centers. It was 93 percent occupied at the time of the sale.

In June, Shorenstein acquired 901 K St., a 12-story, trophy class office building in Washington D.C.’s East End submarket, from Carr Properties for a reported $84 million. The property is situated in a Metro-accessible location that’s within proximity to shops, restaurants, entertainment and business services as well as the Walter E. Washington Convention Center, Capital One Arena and CityCenterDC. Amenities include a rooftop terrace with a catering kitchen for events, private terrace spaces, a fitness center and parking garage with more than 220 spaces.

Tenants at the LEED Platinum-certified building include Microsoft, law firm and lobbying group Baker Donelson, and ViaSat, a satellite communications company.

Earlier this year, Shorenstein partnered with Tritower Financial Group to acquire The Xchange, a 480,000-square-foot office and R&D complex in Bedford, Mass., for $96 million from Jumbo Capital Management. The property is 99 percent occupied by a mix of tenants including iRobot, Nyobolt, Entegris and Quanterix.

The eight-building innovation campus is near Massachusetts Route 3 and Interstate 95 and about 20 miles from downtown Boston and Boston Logan International Airport. Amenities include a fitness center with a yoga studio, café and outdoor seating spaces. The partnership is planning to further enhance the property and add about 70,000 square feet of R&D space.