Secure Cash Flow – Sticky Tenancy

The Northgate Portfolio is currently 59 % leased with 3.70 years of WALT, providing stable secure cash flow from a diverse tenant base. The Properties benefit from a sticky tenant base, including many medical / healthcare tenants who have been in occupancy for years, and long-term cell tower leases at 1050 Northgate.

Recent Renovations – Over $3M Invested Across the Portfolio

Well over $3M has been spent on renovations and foundational base building upgrades across both properties. In addition to new landscaping and exterior paint, 899 Northgate received an elevator modernization, multiple sets of new restrooms, outdoor amenity area and refreshed lobby. 1050 Northgate’s elevators have also been modernized and a new boiler installed, among other capital expenditures.

Adjacent to Northgate Town Square Redevelopment

The Portfolio will directly benefit from the redevelopment of the Northgate Mall into Northgate Town Square, a master-planned redevelopment of the mall and surrounding parking lots into a vibrant mixed-use community This new housing stock and walkable amenity base will help attract and retain tenants at both buildings, while allowing ownership to push rental rates beyond the market average.

Superb Marin County Location Adjacent to Rich Amenity Base

Immediate adjacency to all of the Northgate retail complex provides Portfolio tenants a wide variety of walkable amenities, including numerous restaurants and cafes. The properties enjoy excellent transportation access and connectivity, next to Highway 101 and a 10-minute walk to the Civic Center SMART train station.

Future Upside through Lease-Up of Vacant Spaces

There is a clear path to adding value through the lease-up of the existing vacancies. The vacancies are generally in excellent condition, requiring minimal further improvements. Many suites are under 2,000 square feet, catering to Marin County’s large cadre of small suite users and numerous suites feature plumbing suitable for medical users.

Recovering Market Fundamentals

The Marin County office market is faring well, experiencing continued recovering market fundamentals including positive net absorption throughout 2025, lowering the vacancy rate to 19.6%. Asking rents continue to steadily climb, with quality office space adjacent to premium amenities experiencing rents much higher than market averages. Additionally, the overall building stock is being lowered as office-to-residential conversions take over 1.4M square feet out of competition.