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**San Mateo Office Building with Redevelopment Potential Changes Hands for $16.25M**
Cushman & Wakefield has brokered the sale of 1840 Gateway, a 70,098-square-foot Class A office property located in San Mateo, California. The asset sold for $16.25 million.
The transaction involved representatives from Cushman & Wakefield including Gary Boitano, Ryan Venezia, Steve Herman, Jack Depuy, Seth Siegel, Scott Prosser, and Courtney Trunnell, who represented both the seller, Monday Properties, and the buyer, SC Properties. JLL’s Clarke Funkhouser partnered with SC Properties on the acquisition.
“The San Francisco Peninsula is a region known for its dynamic business environment and strategic location,” said Gary Boitano. “The significant capital improvements and the building’s potential for future redevelopment make it an attractive investment for SC Properties. We are confident that their local expertise and commitment to enhancing properties will bring substantial value to the community.”
Approximately 75% of the property consists of high-end creative office space. Additional features include a multi-story, glass-enclosed lobby and flexible zoning that allows for potential redevelopment, including residential re-use.
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