San Rafael, Calif. -- A 315,000-square-foot office building at Marin Commons in San Rafael has sold to the County of Marin for $29.5 million. The County plans to use 100,000 square feet at the building for its Emergency Operations Facility. It will also utilize 80,000 square feet to relocate other County offices to 1600 Los Gamos Drive. Sares Regis Group of Northern California (SRGNC), which handled the sale, will oversee the building's $50 million in tenant improvements. The building was constructed in 1973 and last renovated in 1995. SRGNC will also oversee the leasing of the building's remaining space. The sale includes 24 acres of a 35-acre site.
"It has been rewarding to help find the solution for the County to develop its new EOF cost effectively. Repurposing a building that has been in need of a modern update will best serve the community's municipal and business needs and makes this deal a winning opportunity for everyone," said Jeff Birdwell, president of SRGNC's commercial division, in a statement.(Western Real Estate Business - France Media Inc.)
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