CBRE Silicon Valley 225 W. Santa Clara Street, 10th Floor San Jose, CA 95113

Transcription

1 H Palo lto, alifornia B Palo lto l amino eal, uite Palo lto, B ilicon Valley. anta lara treet, th Floor an Jose, cott J. Prosser, xecutive Vice President ic. nvestment Properties scott.prosser@cbre.com Joe Kelly enior Vice President ic. Brokerage ervices joe.kelly@cbre.com Jack epuy enior ssociate ic. nvestment Properties jack.depuy@cbre.com

2 ffiliated BK business P disclosure F V & confidentiality agreement B, nc. operates within a global family of companies with many subsidiaries and/ or related entities (each an ffiliate ) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. t times different ffiliates may represent various clients with competing interests in the same transaction. For example, this emorandum may be received by our ffiliates, including B nvestors, nc. or rammell row ompany. hose, or other, ffiliates may express an interest in the property described in this emorandum (the Property ) may submit an offer to purchase the Property and may be the successful bidder for the Property. ou hereby acknowledge that possibility and agree that neither B, nc. nor any involved ffiliate will have any obligation to disclose to you the involvement of any ffiliate in the sale or purchase of the Property. n all instances, however, B, nc. will act in the best interest of the client(s) it represents in the transaction described in this emorandum and will not act in concert with or otherwise conduct its business in a way that benefits any ffiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this emorandum. onfidentiality greement his is a confidential emorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. his emorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the wner ), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. ll financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the wner and B, nc. herefore, all projections, assumptions and other information provided and made herein are subject to material variation. ll references to acreages, square footages, and other measurements are approximations. dditional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. n this emorandum, certain documents, including leases and other materials, are described in summary form. hese summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. nterested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this emorandum in any manner. either the wner or B, nc, nor any of their respective directors, officers, ffiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this emorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this emorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. he wner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this emorandum. he wner shall have no legal commitment or obligation to any entity reviewing this emorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the wner and any conditions to the wner s obligations therein have been satisfied or waived. By receipt of this emorandum, you agree that this emorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this emorandum or any of its contents to any other entity without the prior written authorization of the wner or B, nc. ou also agree that you will not use this emorandum or any of its contents in any manner detrimental to the interest of the wner or B, nc. f after reviewing this emorandum, you have no further interest in purchasing the Property, kindly return this emorandum to B, nc.

3 B F XV PP K VV Z VV PPX B, nc. he information contained in this document has been obtained from sources believed reliable. hile B, nc. does not doubt its accuracy, B, nc. has not verified it and makes no guarantee, warranty or representation about it. t is your responsibility to independently confirm its accuracy and completeness. ny projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. he value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. ou and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of Hamilton venue the property for your needs. B and the B logo are service marks of B, nc. and/or its affiliated or related companies in the nited tates and other countries. ll other marks displayed on this document are the property of their respective owners. H

4 XV H FF P B, as exclusive marketing advisor, is pleased to present you with the opportunity to acquire the % fee simple interest in Hamilton venue, a ±, square foot public facilities building on ±. acres situated in Palo lto,. he Property was constructed in, features historic architecture, and is listed on the ational egister of Historic Places. he site is located in the owntown Palo lto submarket, west of Highway, at the highway interchange of niversity venue and Bayfront Freeway. he project enjoys access to Highway and l amino eal, the major north-south arterials of the an Francisco Peninsula and ilicon Valley. FF ddress Hamilton venue, Palo lto, ype ffice/pecial Purpose otal Building ize ±, F and ize ±, F (. acres) umber of Buildings umber of Floors (basement, ground floor, mezzanine) ear Built Parking paces/atio spaces Highlights Heart of owntown Palo lto xceptional easing and evelopment pside Proximity to amenities, high profile corporations and tanford niversity

5 PP VV P PP ddress Hamilton venue, Palo lto, otal Building ize ±, F and ize ±, F (. acres) Parcel umber -- umber of Buildings umber of tories (basement, ground floor, mezzanine) ear Built onstruction ype oncrete Block Parking paces urrent Zoning - Public Facilities istrict oading Facilities wo () dock height truck lifts Historic Building he Property was designed by prominent local architect Birge lark in, and contains distinctive arcade frontage, red tile roof with wrought iron grill work inside and out, and lush landscaping. he property was built and designed as a post office and has been functioning for over eight decades. he property is listed in the ational egister of Historic Places (#) and is a ategory site in the Palo lto Historic nventory. ny demolition of physical change to the building must comply with the ity s historic review process.

6 PP VV F P P First Floor Plan K FF FF BB FF H

7 PP VV F P P Basement Floor Plan

8 K VV P FF K P ubmarket otal Vacancy % otal ffice arket tatistics otal Vacant F otal vailability % otal irect vailable otal ublease vailable verage sking ate * Q et et bsorption bsorption edwood ity/edwood hores,,.,.,,.,,,,.,.,,.,, B,,.,.,,., (,),.,.,,. (,) (,) enlo Park,,.,.,,.,,,,.,.,,.,, B,,.,.,,.,,,.,.,,., () Palo lto/ast Palo lto,,.,.,,.,,,,.,.,,.,, B,,.,.,,.,,,.,.,,., ountain View/os ltos,,.,.,,. (,),,,.,.,,. (,), B,,.,.,,. (,) (,),.,.,. (,), P otal arket,,.,.,,,.,,,,,.,.,,,.,,, B,,.,.,,.,,,,.,.,,. (,) (,) ource: B ource: esearch, B Q. esearch, Q * irect onthly ease ates, Full ervice ross (F) ease ates sking ate ($/F). $.. lass. $. ll lasses.. Q Q Q Q Q Q Q Q Q Q ource: B esearch, Q et bsorption & Vacancy q. Ft. ( s) et bsorption Vacancy ate Vacancy ate (%) () Q Q Q Q ource: B esearch, Q Q Q Q Q Q Q Q Q Q Q Q Q Q

9 F B V H H H -( H F H H H V - P H Palo V H H P -() P Hopkins Park he i K FK P P - B V F P P P P P F - - P V V B P K H KB B ' B P P P B H F Z P B PPP Z VV. P H H - (P ) P V H P H - -F HV B H V H H V V - B F -F H V H B P & V H V V ck - - H H H # V - V - - -F ck B - - V - - H V F V - V V - # - # - & X -J F - V V - H B - H H F H V V - - H P V F PP - H H P P H - P - - F V - H - V H - - F V H H H V - - V F H H V - H - V - H H F K B K P K P V K F H V K B KB P H Johnson Park K V - o g Plswe az ll a Fire ta. o. ytton Plaza - - i amo str na ict illiams Park ity Hall - Q Q - (P) - - P HPP - owntown ibrary ee P. ddison lementary chool V H K H H P H P Heritage Park cott Park - - ee P. - his map is a p the ity of Palo H - - () - - (P) enior enter - - V l amino Park - - owntown Parking ssessment istrict - H - - P B - - P - - (P) (P) K - H H - V V P B P B P - - l Palo lto Park - ee P. K B F P P H B F F F F F B P B V - - F P F P B B FF FF F - P F P - B F - - P P F - F nit - s - B P K - P B - F P - B B K - P - F P H - H - - H - B B - P K - P P - - F ( B J P) - - P B - B - P F ( P) - (P) - F F -(F)(P) P B P B - F P HK P - F H F H J - - P B H - (P) B B H - H PP H F P F - PK - B B H K B P -(F)(P) PP - (P) - H K B (P) H - F H P P - B B - H P B - J P - F - (P) F P P H P H H H B B ' - B ' - P - B H F P V () H - jli, -- :: his document is a graphicrepresent he ity of Palo lto assumes no responsibility B F for qlerver ZoneBookletPage (\\cc-maps\gis$\gis\admin\personal\planning.mdb) B

10 Z VV Z * P F P Zn F he site is zoned Public Facilities istrict (). Permitted uses limited to governmental, public utility, educational community services or recreational facilities. onditional uses include accessory and support uses: educational, religious and assembly uses; administrative office services for non-profit organizations; recreational uses; residential care facilities using existing structures; day care centers. pplicable Zoning for on-overnmental se: change from a Public Facilities use to a commercial use would require rezoning of this property. f rezoned for private use, the property would be subject to the following zoning provisions in the owntown ommercial () istrict, hapter.. Permitted and onditional uses are listed in ode ection.. and ses. Historic esignation: nited tates epartment of the interior, heritage onservation and ecreation ervice, ational egister of Historic Places designation, esource umber. ity of Palo lto, Historic nventory, ategory ity of Palo lto eismic lassification: Pending Properties located in the owntown ommercial rea and designated in ategories,, or in the ity of Palo lto eismic nventory, are subject to.. should they undertake seismic rehabilitation. Parking equirements: Parking spaces on site (paved uncovered) s parking assessment district identified and required on-site parking spaces. he ity of Palo lto paid for the off-site parking space participation of the Post ffice property in the s owntown parking ssessment istrict. he payment allows full use of the first/ground floor of the building as long as parking spaces are provided on-site. hould a private developer purchase the Post ffice property, the ity would need to be reimbursed for the fact that it paid the Post ffice s parking assessment in the s. Parking requirements for future expansion of use within or for any addition to the Post ffice structure: egulations pplicable to tructures esignated as Historic in the owntown ommercial rea: itle Building egulations Historic Preservation, hapter. hese provisions address designation of historic structures in the downtown area, the review process for modifications to structures designated in the ategories or in the ity of Palo lto Historic nventory are also subject to the zoning regulations of.. Floor rea Bonuses and.. ransfer of evelopment ights. xtension of any use to the existing basement and mezzanine areas and/or any extension of the mezzanine within the building or footprint of the structure would require on-site parking to be provided at a rate of parking space per F (: F). f there is no location on the property for the required parking, these parking spaces can be provided by participation in the owntown Parking ssessment istrict. he current in lieu charge for the ssessment istrict per space (F ) is $, per space. he in lieu fee is adjusted annually for inflation. *ll zoning information to be verified by the buyer.

11 Z VV PV V P PV V F H PV. he rantee hereby covenants on behalf of itself, its heirs, successors and assigns at all times to restore, maintain and preserve the Historic ite in accordance with the recommended approaches of the ecretary of the nterior s tandards for the reatment of Historic Properties with uidelines for Preserving, ehabilitating, estoring, & econstructing Historic Buildings (ational Park ervice, ) in order to preserve those qualities that resulted in the listing of the Historic ite on the ational egister of Historic Places.. o construction, alteration or rehabilitation shall be undertaken or permitted to be undertaken that would affect the historic features of the Historic ite without prior consultation with, and the express permission of HP, the ity or a fully authorized representative of the ity. he historic exterior features of the Historic ite are determined to be the following: smooth stucco walls; panish clay tile roof; arcade of round arches; original windows fitted with steel sash casements; molded cornice; ornamental glazed tiles set at intervals below the roofline; copper gutters, and downspouts; projecting bays at both ends of the façade; hipped roof sheltering main entrance; arched main entryway with sandstone quoins and an eagle relief in the keystone; metal lanterns that flank the entrance; ornate decorative metal grillwork fills the arched transom above the door; front gable roof over projecting bay southeast entrance; glazed quatrefoil tile adorning the gable end; all original ornamental metalwork; cloister with six wide, round arches spanning the façade; terra cotta tile flooring of cloister; and five original windows located in cloister behind the arcade. he historic interior features of the property are determined to be the following: ox beamed ceilings with dark-stained wood; rustic metalwork chandeliers that hang from the ceiling beams on long chains; metalwork, including the ornamental metal screen in the arches above the service windows; original individual service counters, including sashes, grilles, and wood frames; post office boxes framed in rich wood trim; radiator covers which also incorporate ornamental metal; variegated red marble wainscoting; and marble tiled floors in the lobby. dditionally, while not historic, a reg Brown mural is located on the ilman treet façade.. he ity and authorized representatives of the ity shall be permitted at all reasonable times to inspect the Historic ite in order to ascertain if the above conditions are being met.

12 Z VV PV V P. f the Historic ite is conveyed by the P to a rantee other than the ity, all costs associated with enforcement of this ovenant shall be payable by the rantee.. ny and all costs incurred by the ity in the enforcement of this ovenant shall be payable to the ity by the rantee. his includes the costs of review of all future modifications made by the historic features of the Historic ite, which require review and inspection by the ity.. n the event of a violation of this ovenant, and in addition to any remedy now or hereafter provided by law, the ity and any resident of the city of Palo lto may, following reasonable notice to the rantee, institute suit to enjoin said violation or to require the restoration of the property.. he ity shall have the right to pursue any remedy at law or equity to secure rantee s compliance with the agreement, covenant and restrictions in this eclaration. f any legal action or proceeding is brought by the ity because of any default of rantee or to enforce a provision of this declaration, the prevailing party shall be entitled, in addition to any other relief, to recover reasonable attorneys fees and court costs from the losing party as determined by the court in which said action or proceeding is pending. his ovenant is binding on the rantee, its heirs, successors and assigns in perpetuity. ll stipulations and covenants contained herein shall be inserted by the rantee verbatim or by express reference in any deed or other legal instrument by which the rantee divests itself of any interest in the Historic ite or any part thereof.. he failure of any person or entity permitted by the terms hereof to exercise any right or remedy granted under this instrument shall not have the effect of waiving or limiting the exercise of any other right or remedy or use of such right or remedy at any other time.. his ovenant shall be a binding servitude upon the Historic ite and shall be deemed to run with the land. xecution of this ovenant shall constitute conclusive evidence that the rantee agrees to be bound by the foregoing conditions and restrictions and to perform to obligations herein set forth.. he ity may, for good cause, and following notice to the public, modify or cancel any or all of the foregoing restrictions upon application of the rantee, its heirs, successors or assigns.

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15 H Palo lto, alifornia F V V H V Hamilton ve. V B F V H V cott J. Prosser, xecutive Vice President ic. nvestment Properties scott.prosser@cbre.com Joe Kelly enior Vice President ic. # Brokerage ervices joe.kelly@cbre.com Jack epuy enior ssociate ic. # nvestment Properties jack.depuy@cbre.com B Palo lto l amino eal, uite Palo lto, B ilicon Valley. anta lara treet, th Floor an Jose,