Meridian-Linked Owner Markets 100,000 SQFT 1300 South El Camino Real Office Building in San Mateo Seven Years After $61.9MM Buy
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 October 2026: $2.4B across 9 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Mpvca San Mateo LLC, the Palo Alto-based entity that bought 1300 South El Camino Real from DivcoWest for $61.9 million in 2019, is bringing the six-story San Mateo office building to market with roughly 43 percent of…
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