Harvest Properties and Cerberus Capital Management LP have acquired DC Station. Financial terms weren’t announced. DC Station is an office property located in Daly City, California.
Harvest Properties and Cerberus Capital Management Acquire DC Station in Daly City, California
EMERYVILLE, CA and NEW YORK, April 23, 2018 – Harvest Properties, a full service commercial real estate investment, development, and management firm (“Harvest”) and an affiliate of Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing, announced today that they have acquired DC Station, an office property located in Daly City, California. The Leadership in Energy and Environmental Design (LEED) Silver certified project is comprised of a nine-story, multi-tenant office building totaling approximately 383,000 square feet.
DC Station was built in 2001 and is among the newest vintage style office properties in the surrounding area. The property features large floor plates with high ceilings and expanded window lines that offer unobstructed bay hill views. The property also includes a seven-level parking garage and is well located directly off of Interstate 280, adjacent to the Daly City BART Station.
“We are excited to complete our first transaction with global investment leader Cerberus,” said John Winther, Managing Partner at Harvest Properties. “Both Cerberus and Harvest see this as an opportunity to acquire a high quality property at a compelling price and, ultimately, add value through thoughtful leasing activity as we capitalize on the changing demand drivers in the area.”
“This is an attractive investment opportunity for Cerberus given the property’s accessibility, adjacency to mass transit, and Class A condition,” said Tom Wagner, Co-Head of North American Real Estate and Senior Managing Director of Cerberus. “Cerberus is excited to invest alongside an experienced partner like Harvest, and we are confident that together we will drive growing tenant interest in DC Station and enhance the property’s value.”
In addition to its location, the property benefits from a recently renovated double-height lobby, upgrades to the common areas and fitness center, and a newly constructed conference facility, creating a best-in-class project in the North Peninsula submarket. DC Station has a diverse tenant base, anchored by the global headquarters of Genesys, a leader in omnichannel customer experience (CX) and contact center solutions.
Simon Clark and Conor Famulener of CBRE will continue to represent Harvest and Cerberus as leasing brokers for DC Station.
About Harvest Properties
Harvest Properties is a vertically-integrated, full-service commercial real estate investment firm that specializes in the acquisition, reposition, entitlement, development, management and financing of commercial property, primarily through joint-venture investments in Northern California. Over the last decade, Harvest has become an established leader in the marketplace by generating attractive returns for its financial partners, providing creative solutions and outstanding service. Harvest Properties’ portfolio comprises approximately ten million square feet of office, industrial, R&D and retail properties in the San Francisco Bay Area. For more information, please visit www.harvestproperties.com.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is a global leader in alternative investing with approximately $34 billion under management across complementary credit, private equity, and real estate strategies. From its headquarters in New York City and network of affiliate and advisory offices in the United States, Europe, and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.
Cerberus’s real estate professionals are seasoned experts in sourcing, analyzing, structuring, and monetizing real estate investments in direct equity, distressed debt, high-yielding senior loans, and hybrid investments, among others. Cerberus’s real estate experience spans highly structured and complicated capital structures, sponsorship/management turnaround issues, divestitures, and bankruptcies.