Page Mill Properties has sold the Sierra Point Parkway office complex in Brisbane, Calif., a suburb of San Francisco.
The value of the transaction was $38.7 million.
The identity of the buyer was not disclosed.
Page Mill Properties, a commercial real estate investment fund sponsored by San Francisco-based Divco West, had purchased the property in early January 2005. At the time of the acquisition, the office property, known locally as the Hitachi building, was 53 percent leased. In recent months, Page Mill Properties had increased the occupancy on the property to 61 percent, including a significant lease to Tercica, a biotechnology firm, according to a press statement.
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