December 3, 2019 – JLL announced today that it has closed the $115 million sale of Hamilton Landing, a landmark, Class A creative office campus and development site totaling seven buildings and 406,468 square feet in the Marin County community of Novato, California.
Originally developed as Hamilton Field Air Force Base in the 1930’s, Hamilton Landing has transformed from historic airplane hangars into a premier destination for creative office/open platform users that is widely considered one of the most successful adaptive re-use projects on the West Coast. The two-story buildings were redeveloped in 2000 and feature large, efficient floor plates supporting flexible suite sizes, open ceiling collaborative space, ceiling heights ranging from 13’ to 28’ and a unique raised floor system for energy efficiency and flexibility. On-site amenities include a café and outdoor tenant space. Hamilton Landing is 92.3% leased to a diverse tenant roster of globally recognized companies, including video gaming, medical technology and client facing tenants. In addition to the seven existing buildings, the sale included the opportunity to develop Hangar 8 into a two-story, 56,136-square-foot office building.
Hamilton Landing is strategically located near the intersection of U.S. Highway 101 and State Highway 37, which provides excellent access to executive housing and labor pools located in Marin and Sonoma Counties, as well as easy commutes from East Bay. Additionally, the property is less than one half of a mile from the SMART Train extension, which connects the property by rail to the entire Bay Area.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Gerry Rohm and Michael Leggett and Senior Director David Dokko.
As noted in JLL’s Marin County Q3 2019 Office Insight, the Marin County office market maintained a steady momentum through third quarter as the economy continues to expand and investors express firm interest in the market with year-to-date sales in third quarter up 80% from 2018.