{"id":1004346350,"date":"2019-08-16T05:25:24","date_gmt":"2019-08-16T13:25:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004346350"},"modified":"2019-08-16T08:03:30","modified_gmt":"2019-08-16T16:03:30","slug":"gtis-graham-street-realty-buy-bay-area-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gtis-graham-street-realty-buy-bay-area-office-asset\/","title":{"rendered":"GTIS, Graham Street Realty Buy Bay Area Office Asset"},"content":{"rendered":"
\"\"<\/a>

Belvedere Place. Image courtesy of GTIS Partners and Graham Street Realty<\/i><\/p><\/div>\n

In their first joint venture, GTIS Partners and Graham Street Realty have acquired Belvedere Place, a 104,000-square-foot, Class A office property in Mill Valley, Calif.<\/p>\n

Completed in 2000, Belvedere Place has two three-story buildings and is fully leased to tenants such as Merrill Lynch, UBS, WeWork, Redwood Trust and several private wealth management firms. The property at 1 Belvedere Drive has direct-access garage parking, electric car charging stations, 20-foot ceilings in lobby entrances and a private fitness center.<\/p>\n

Located in the Bay Area\u2019s affluent Marin County, the property has direct access to Highway 101, which provides easy commutes to the North Bay, and is a 20-minute drive to downtown San Francisco across the Golden Gate Bridge.<\/p>\n

Belvedere Place is the first office acquisition for the GTIS US Property Income Partners fund. GTIS Managing Director David Pahl noted in a prepared statement the property is a textbook example of what GTIS looks for in an investment\u2014a supply-constrained market with significant barriers to entry for new developments, attractive returns with strong cash-on-cash yields and blue-chip tenants.<\/p>\n

Active dealmakers join forces <\/h2>\n

A real assets investment firm headquartered in New York City, GTIS has approximately $4.5 billion of gross assets under management and pursues opportunistic real asset investments through direct equity investments and lending. The firm has committed capital to residential, retail, industrial, office, hotel and mixed-use projects in the U.S. and Brazil.<\/p>\n

In January, a joint venture between GTIS and Triangle Equities began development of Kensington Estates<\/a>, an $80 million luxury townhome community for residents 55 and over in Woodbury, N.Y. The project will feature 80 units on more than 18 acres. In March 2018, GTIS teamed with Continental Realty Advisors Ltd., to purchase San Palmas at Mission Park,<\/a> a 240-unit apartment property in Chandler, Ariz.<\/p>\n

GSR, a private, San Francisco-based commercial real estate company, focuses on value-add investments in the multi-tenant office market. The firm currently owns more than 1.2 million square feet of commercial office space, with a portfolio of at least 13 properties in California, Colorado and Washington state.<\/p>\n

In March, GSR acquired a three-property office and lab space portfolio<\/a> in Boulder, Colo., from SteelWave for $28 million. The firm planned to continue SteelWave\u2019s renovation plans to build more creative office spaces. In April 2017, GSR acquired Hookston Square<\/a>, a two-building suburban office campus in the East Bay community of Pleasant Hill. The purchase was made in a $30.4 million off-market transaction with seller True North Management Group.<\/p>\n","protected":false},"excerpt":{"rendered":"

Belvedere Place, a Class A property in Mill Valley, Calif., features a tenant roster that includes WeWork, Merrill Lynch and UBS.<\/p>\n","protected":false},"author":1068,"featured_media":1004346362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1609,15],"tags":[34716,46712],"class_list":["post-1004346350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-san-francisco","category-west","tag-graham-street-realty","tag-gtis-partners"],"acf":[],"yoast_head":"\nGTIS, Graham Street Realty Buy Bay Area Office Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/gtis-graham-street-realty-buy-bay-area-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTIS, Graham Street Realty Buy Bay Area Office Asset\" \/>\n<meta property=\"og:description\" content=\"Belvedere Place, a Class A property in Mill Valley, Calif., features a tenant roster that includes WeWork, Merrill Lynch and UBS.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gtis-graham-street-realty-buy-bay-area-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-16T13:25:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-16T16:03:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/Belvedere-Place.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gtis-graham-street-realty-buy-bay-area-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/gtis-graham-street-realty-buy-bay-area-office-asset\/\",\"name\":\"GTIS, Graham Street Realty Buy Bay Area Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gtis-graham-street-realty-buy-bay-area-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gtis-graham-street-realty-buy-bay-area-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/Belvedere-Place.jpg\",\"datePublished\":\"2019-08-16T13:25:24+00:00\",\"dateModified\":\"2019-08-16T16:03:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gtis-graham-street-realty-buy-bay-area-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/gtis-graham-street-realty-buy-bay-area-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gtis-graham-street-realty-buy-bay-area-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/Belvedere-Place.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/08\/Belvedere-Place.jpg\",\"width\":800,\"height\":620,\"caption\":\"Belvedere Place. 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