NOVATO, CALIF. — Buchanan Street Partners has acquired Rowland Plaza, a 143,444-square-foot office project in Novato for $24.9 million. The two-building development is located at 75 and 88 Rowland Way.
The plaza is 73 percent occupied. The tenant mix includes public accounting, technology, healthcare, professional services, and governmental and social services firms.
Buchanan plans to make improvements to the plaza’s common areas and landscaping. This will include a complete lobby renovation, with redesigned landscaping to increase the curb appeal of the project. Renovations are scheduled to be complete by mid-2016.
This is Buchanan Street’s second acquisition in the San Francisco Bay area this quarter.
Buchanan Street represented itself in this transaction, while Grant Lammersen and George Eckard from Cushman & Wakefield represented the seller, a joint venture between Barker Pacific Group and Rockwood Capital.