Premia Capital has hung a “For Sale” sign on a 130,000-square-foot office building that serves as a headquarters for Chan Zuckerberg Initiative in Redwood City.
The locally based developer listed the three-story building leased by the nonprofit founded by Dr. Priscilla Chan and her husband, Meta CEO Mark Zuckerberg, at 1180 Main Street, the San Francisco Business Times reported, citing a sales brochure from JLL.
The asking price was not disclosed.
Premia built the offices in 2022, then leased it to the Chan Zuckerberg Initiative through June 2036. The building, a half-mile from Downtown, sits on 1.3 acres and has 359 parking slots.
The firm has offered a sweetener for a potential buyer: assumable financing at an interest rate below 3.5 percent.
It wasn’t clear why Premia, which did not respond to a request for comment from the Business Times, listed the building, which was pre-leased by the Initiative in early 2020
The Chan Zuckerberg Initiative recently trimmed its real estate footprint and moved its employees to the offices at 1180 Main, according to the brochure. The charity had previously operated out of three temporary offices in Redwood City.
Premia began investing in Redwood City in 2012 after founder Michael Halow was drawn to the city’s strong fundamentals, he told the Silicon Valley Business Journal.
The firm has sold several of its other projects in Redwood City, including Shores Center, a 147,000-square-foot office building, and Radio Road, a 90,000-square-foot office property.
— Dana Bartholomew
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