Firm Takes on Waterfront Property in High Growth Western MarketALAMEDA, CA
- PM Realty Group (PMRG), a national, full-service commercial real estate firm, today announced that Amstar Advisers
awarded PMRG the property management assignment for The Waterfront at Harbor Bay, a 380,000 square foot Class "A" office park comprised of five office buildings and one light assembly and distribution building on 26 acres within the Harbor Bay Business Park. Situated on the eastern side of the San Francisco Bay, the 325-acre Harbor Bay Business
is an unparalleled location that will expand PMRG's presence in the East Bay.
Originally constructed for Ascend Communications/Lucent Technologies and containing many attractive amenities such as upgraded HVAC, significant electrical capacity, a basketball court, an on-site restaurant, a workout facility and showers/lockers in all the common area restrooms, Amstar intends on further enhancing the value through a proactive management and lease-up strategy that takes advantage of improving market fundamentals and the high barriers to entry in this office market. Amstar plans to complete cosmetic and deferred maintenance projects, and intends to attain Energy Star Certification by completing several capital improvement projects that support energy efficiency.
"The Waterfront at Harbor Bay is a unique opportunity to expand our presence in the Bay Area and to continue to grow our portfolio of energy efficient and high quality properties," said Rick Jones, Senior Vice President, Western Division. "With the impact of planned property improvements and convenient access to Highway 880, Oakland International Airport, the west coast FedEx hub and BART, we foresee significant potential for this project."
The best-in-class property, with views of the San Francisco skyline and a Central Bay location, has historically attracted blue-chip tenants including Citibank, JP Morgan Chase, Kone, Farmers Insurance, Webcor and ABB Concise, the nation's largest distributor of contact lenses. With market improvements and an investment in property features and amenities, PMRG foresees a return to high quality, long-term tenants.About Amstar
Amstar Advisers, LLC is a global investment manager focused on creating value for its clients through the implementation of sound real estate-related investment strategies. The firm is an affiliate of, and is commonly managed by, Amstar Group, LLC, a real estate asset manager with over 25 years of experience in acquisition, development, and capitalization of office, hotel, multifamily, industrial, and retail properties within the major markets of the United States and select markets in Europe and Latin America.
Together, Amstar Advisers, LLC and Amstar Group, LLC, collectively referred to as "Amstar", have approximately $1.7 billion in assets under management. Amstar's core investment strength lies in maintaining disciplined and diligent underwriting while decisively taking advantage of opportunities in a rapidly changing investment environment. Amstar Advisers, LLC is an SEC-registered investment adviser with approximately $750 million in assets under management. For more information on Amstar, go to www.amstar.com or contact Amstar Managing Director Rob Toomey at firstname.lastname@example.org.