Portland’s ScanlanKemperBard Cos. has closed a $41.7 million acquisition funded by Goldman Sachs.
The Portland real estate investment firm and Goldman Sachs teamed to acquire Tower Plaza, a 200,000-square-foot office complex near downtown San Mateo, Calif.
Bob Scanlan, chairman, CEO and principal with ScanlanKemperBard Cos., partnered with Goldman Sachs & Co. on an office building sale in San Mateo, Calif.
The deal netted a major payout for the seller, Swift Real Estate Partners, which paid $15.5 million for the property in 2011, according to colleague J.K. Dineen of the San Francisco Business Times, which confirmed the price and partnership in a Jan. 9 article, citing brokers involved with the transaction.
The deal was brokered by Cassidy Turley and Cornish & Carey Newmark Knight Frank on the seller’s side.
Bob Scanlan, chairman, CEO and principal of SKB, confirmed the firm purchased Tower Plaza but declined to confirm the price and purchase partner citing confidentiality requirements.
The partnership with Goldman Sachs, with more than $850 billion in assets under management, is an exciting development that could open a new avenue to capital for the firm.
Scanlan said SKB was interested in Plaza Tower because it is less than a mile in one direction to downtown San Mateo and less than a mile in another to a former racetrack now being redeveloped as a community.
Plaza Tower includes a 12-story office building surrounded by one- and two-story office buildings as well as a five-level parking structure. It was built in 1972 but has been substantially renovated. It is 62 percent leased. SKB intends to boost the occupancy rate to 93 percent in the first three years.
SKB has originated nearly $3 billion in real estate investments since it was founded in 1993.