The San Francisco office of Hines has announced that it has acquired Marin Technology Center in San Rafael, CA, in partnership with General Electric Capital Corporation. The property was purchased from AMG Realty Partners.
Marin Technology Center is comprised of two, three-story office buildings totaling 455,561 ft² in the San Francisco Bay area. The development was completed in two phases, in 1973 and 1979, and was designed by Page, Clowdsley and Baleix, Architects.
Hines is planning major capital improvements on the complex, which is currently 50% leased to tenants including: GE Capital Assurance; Health Net, Inc.; THX; and Paul Financial. Hines will also provide property management services.
This represents the second asset in San Rafael that Hines currently owns. In June, the firm purchased San Rafael Corporate Center with Sterling American Property, Inc.
Paul Paradis, Hines senior vice president, said, "We are pleased to have significantly increased Hines' presence in Marin County with this acquisition. Our renovations to the complex will make it an extremely attractive office location for tenants of all sizes. Our plans, in combination with Marin Tech's critical location and outstanding freeway access and visibility, will provide Marin-based companies with an exceptional choice for their offices."