Investors pay $100M for landmark creative offices in Richmond
Revamped Ford Motor plant with 517K sf of office space nearly 90-percent leased
A pair of New York investors have paid $103.7 for a 517,000-square-foot tech and creative office complex fashioned out of a former auto assembly plant on the Richmond shore.
Madison Capital and Meadow Partners bought the landmark offices at 1414 Harbour Way S. on Ford Point, with sweeping views of San Francisco Bay, SiliconValley.com reported. The seller was Orton Development, based in Emeryville.
“We were drawn to this opportunity by the asset’s prominent waterfront location, robust power supply, high ceiling heights, expansive parking area, and potential to create a dynamic best-in-class research and development facility,” said Jonathan Nachmani, a Madison Capital managing director.
The Ford Point property, designed by industrial architect Albert Kahn, was once the East Bay site of a 26.5-acre Ford Motor factory that produced cars until 1955. During World War II, the plant produced tanks. Ford Point is listed on the National Registry of Historic Places.
Orton bought the crumbling complex with a sawtooth roof in 2004 from the city of Richmond. It then spent $51.3 million to redevelop the one-time auto plant, which included a seismic retrofit of the building that was badly damaged in the 1989 Loma Prieta Earthquake.
The Ford Point adaptive reuse development won the American Institute of Architects National Honor Award in 2011. http://www.ortondevelopment.com/project/ford-point/
Brokers Seth Siegel, Steve Hermann, Ryan Venezia, Rick Ryan, Kevin Flemming, and Courtney Trunnell of Cushman & Wakefield represented the seller in the deal. Broker Keith Padien of Cushman & Wakefield arranged financing on behalf of the buyers.
Orton’s efforts have paid off. Its tech and creative office complex has drawn such tenants as SunPower, Columbia Sportswear, and Ekso Bionics. Ford Point also is also home to The Craneway Pavilion restaurant and event space and the Rosie the Riveter museum.
Ford Point is now 87 percent leased. Brokers Ted Anderson, Andrew Schmieder and Ryan Hattersley of Cushman & Wakefield are now seeking tenants for the remaining space.
[SiliconValley.com] – Dana Bartholomew