Monday Properties, a leading national real estate investment firm, announced today its acquisition of 1840 Gateway Drive, a Class A, 70,000 square foot office building located in San Mateo, California.
1840 Gateway Drive is conveniently located in San Mateo’s Mariner’s Island district, at the apex of Highway 101 and State Route 92, connecting the area to the East Bay, San Francisco and Silicon Valley. The strategic central San Mateo County location offers excellent freeway accessibility, proximity to multiple retail amenities and situated well to exploit the continuing growth of the Bay Area Peninsula market. The location provides 500 feet of frontage along State Route 92 with an average of 128,000 daily commuters and in close proximity to San Francisco International Airport.
“This acquisition is a notable accomplishment for Monday’s West Coast team and highlights our continuing efforts to invest capital in Northern and Southern California major markets,” said Phil Cyburt, Managing Partner for Monday Properties. “We see this as a well located asset in a high growth market and a unique opportunity to reposition the office building as we are buying the property with only 20% of the building occupied.”
Monday Properties will enhance the tenant experience with top quality building amenities and will actively promote the building’s highly visible rooftop signage opportunities. The building is surrounded by ample surface parking, attractive landscaping and patio space extending from the newly renovated lobby. There is also an on-site fitness facility available for its tenants.
Additionally, this is the first deal that Brendon Lydon, Senior Vice President of Acquisitions for Monday Properties, has executed on since joining the firm earlier this year. In his role, Brendon is responsible for identifying acquisition and development opportunities within key western markets including Northern California and the Pacific Northwest.
“We’re pleased to welcome Brendon Lydon to the Monday Properties’ west coast team. His strong expertise in acquisitions and capital markets, as well as his institutional investment experience, will help boost the firm’s investment portfolio and provide greater reach into these markets,” said Anthony Westreich, Founding Managing Partner for Monday Properties.
About Monday Properties: Monday Properties is a dynamic real estate investment firm that operates each property within its portfolio. Founded in 1998, the company is an owner, operator and developer of real estate with a primary focus on supplied constrained markets and value add real estate opportunities in growth markets. Since 2002, Monday Properties has completed over $13 billion in over 60 separate transactions, representing 28 million square feet. Monday Properties invests its own capital alongside its partners and investors, creating a clear alignment of interest and an incentive to realize value.