Palo Alto, CA, November 15, 2008 --(PR.com
)-- Cornish & Carey Commercial/ONCOR International (C&C), the dominant real estate force in Northern California, today announced that real estate investment and management firm Embarcadero Capital Partners (ECP) purchased 661 Bryant Street in Palo Alto, California from First Church of Christ, Scientist. This transaction marks the first change of ownership of the historic building since the church membership commenced construction in 1916. ECP intends to renovate the landmark for high-end office use. Patty McGuigan, Dan Skehan and Randy Gabrielson of C&C’s Palo Alto office represented the First Church of Christ in the sale of the building and C&C has been selected by ECP to represent the building for lease.
Embarcadero Capital Partners is a real estate investment and management firm based on the San Francisco peninsula. Founded by longtime industry professionals Eric Yopes and John Hamilton, ECP has raised over $600 million of equity capital in three closed-end funds. Investors include leading endowments, foundations, fund-of-fund investors, and family offices.
The First Church of Christ, Scientist merged memberships with the Second Church of Christ, Scientist in 2006 and now holds services in their church at 3045 Cowper Street in Palo Alto. The church membership voted to sell the Bryant Street facility as it provided more space than was necessary to meet the church’s needs.
661 Bryant Street was designed by noted Los Angeles architect Elmer Grey and was constructed in 1916 by Frank Graves & Son. The stucco and tile building is an outstanding example of the Mission Revival style. It was designated a historic landmark in 1978 and is classified as a Class 2 historic structure by the City of Palo Alto. The 10,895 square foot (sf) building will be converted to high-end office space, and will be an ideal home for high tech, public relations, venture capital and law firms. 661 Bryant will be available for occupancy in the third quarter of 2009.
“Embarcadero Capital Partners is very excited about this acquisition,” said ECP Principal, John Hamilton. “ECP only invests in assets with value-add opportunities. 661 Bryant Street is a one-of-a-kind building that will be a prestigious home to Silicon Valley companies in the near future.”
About Cornish & Carey Commercial
A dominant regional real estate force since 1935, Cornish & Carey Commercial/ONCOR International provides a full range of services for both property owners and companies occupying buildings throughout Northern California. With more than 200 agents in 11 strategically located offices - Santa Clara, Palo Alto, San Mateo, San Francisco, Oakland, Walnut Creek, Emeryville, Pleasanton, Hayward, Roseville and Sacramento - Cornish & Carey Commercial is one of the largest privately held commercial real estate service providers in the world. Our services have expanded throughout the United States and to major markets internationally in conjunction with the company's affiliation with ONCOR International, an organization of leading brokerage firms in North, Central and South America; Europe; Africa; Asia and Australia.