Ten Capital Management acquires office property in Berkeley, California
Ten Capital Management, a private equity real estate firm focusing on middle market transactions, has closed on the acquisition of 2015 Shattuck Avenue in Berkeley, California.
Ten Capital acquired the office building through an auction process, which was conducted by the board of supervisors at the County of Alameda in the autumn of 2013.
The property is currently vacant on floors two through seven with two retail tenants on the ground floor.
The vacant space represents the largest contiguous block of office space available in Berkeley in years, where Class A vacancy is approximately 2.5 per cent.
Ten Capital is in advanced discussions with a single building user and a number of single floor tenants with interest in the space.
The firm has plans to re-position the building into Class A office space by creating a high-end, innovative technology and finance hub to complement several other planned development projects in the downtown neighbourhood, including the Berkeley Hotel, BART Plaza and Acheson Commons, a mixed-use residential and retail development by Equity Residential.
Since the launch of Ten Capital’s middle market real estate strategy in early 2013, the firm has closed five deals totalling approximately USD50m of equity.
David Smith, partner at Ten Capital Management, says: “This investment is a great fit with our strategy. The sale process, deal size, secondary market and vacant profile eliminated much of the competition, but the excellent asset quality and location make this property very attractive to high quality tenants.”
Angus Cameron and Thomas Fischer of Otto Finlay Investments co-invested in the transaction and played an advisory role identifying both the auction process and one of the single building users.
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