Ascentris Sells San Francisco Bay Area Office / Life Sciences Campus, The Waterfront at Harbor Bay
Denver, Colorado (October 31, 2019) – Ascentris, a Denver-based real estate private equity firm, announced today the sale of The Waterfront at Harbor Bay, a six-building, 385,000 square foot Class A office and life sciences campus located in Alameda, CA.
Ascentris, on behalf of one of its funds, acquired the campus in 2012 with several large tenants representing over 150,000 square feet expected to vacate the campus. After the acquisition, Ascentris executed a significant capital improvement plan that included upgrading the campus’ amenity offerings, including a new fitness center and yoga studio, electric vehicle charging stations, bocce ball court, and common area improvements throughout the campus and the café. Following the improvements, Ascentris reintroduced the property to the market and implemented an aggressive leasing strategy that targeted tenants looking for lower-cost options relative to other Bay Area submarkets, which boast some of the highest rents in the country. During its hold period, Ascentris executed approximately 500,000 square feet of new and renewal leasing, including a 170,000 square foot lease to Exelixis (NASDAQ: EXEL), a publicly-traded biopharmaceutical company, that moved its headquarters from South San Francisco to The Waterfront at Harbor Bay.
“Ascentris and its investors are very pleased with the outcome of this investment,” said Ascentris Senior Associate James Proffitt, who was responsible for executing the investment’s business plan. “The Waterfront is a great example of our target office acquisition profile. We identified an underperforming property in need of significant capital improvements located in a misunderstood submarket that had the potential of offering tenants a significant value proposition to other alternatives,” added Proffitt.
“While we are happy with this disposition, the San Francisco Bay Area remains a target investment market for us,” added Ascentris Vice President Nikko Politis, who is responsible for sourcing opportunities in the market. “We are confident in our ability to replicate the success of The Waterfront at Harbor Bay as we continue to expand Ascentris’ presence in the Bay Area, particularly through our network of best in class local operating and development partners,” added Politis.
Ryan Hattersley and Elisa Konik of Cushman & Wakefield leased the property on behalf of Ascentris while Adam Lasoff and Seth Siegel of Cushman & Wakefield marketed the property for sale on behalf of Ascentris.
Ascentris is a real estate private equity firm based in Denver, Colorado. With $1.3 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency, and accountability. Ascentris is a privately held and management-owned SEC-registered investment adviser that maintains an unwavering commitment to putting its investors’ needs first. Additional information is available at www.ascentris.com.