$67.6MM Refinancing Secured on Jamestown’s 199,000 SQFT Exchange at Larkspur Office Campus in Marin County
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in August 2026: $15.5B across 57 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Debt-fund lender ACORE Capital has refinanced the three-building, LEED-certified office park that Jamestown assembled near the Larkspur ferry terminal, a vote of confidence in top-tier Marin County space at a moment w…
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