SAN MATEO, CALIF. — Investcorp has purchased Tower Plaza, a multi-tenant office complex in the San Francisco submarket of San Mateo. The Class B property was purchased as part of a nationwide office and industrial portfolio acquisition that was valued at $400 million.
Tower Plaza contains a 12-story office tower; three, two-story plaza buildings; one single-story plaza building; and a five-story parking garage.
The property is located at 2121 S. El Camino Real. It is situated between San Francisco and Silicon Valley.
The other assets are located in Atlanta and Wilmington, Mass. The properties were purchased in four separate transactions.
The portfolio contains a total of more than 5.5 million square feet, with an average occupancy rate of about 85 percent. Investcorp plans to add value to the properties through upgrades, renovations and capital investment.