Glenborough Announces Joint Venture Acquisition

San Mateo, CA, September 8, 2008: Glenborough, LLC, a San Mateo, CA real estate investment and management company specializing in office properties, is pleased to announce, in partnership with Henderson Property Fund, the recent acquisition of Corporate Terrace in downtown Lafayette, California. The property is the fifth purchase by HPF-GLB Fund I LLC.  

Located on the north side of Mt. Diablo Boulevard at addresses 3466-3470, Corporate Terrace provides 77,000 square feet of leasable office space with near-town parking and available reserved spots for tenants or their guests. The charming downtown Lafayette business district—much of which is within walking distance of the property—offers numerous amenities including restaurants, shops and other services. As part of the Lamorinda (Lafayette/Moraga/Orinda) office submarket, Lafayette is characterized as a “niche affluent” market consisting primarily of small, locally owned professional firms.

The terraced cedar shake buildings comprise one standalone two-story unit and two three-story structures joined by a common walkway and courtyard.  Building features include central fire monitoring and full sprinkler systems. The complex is easily reached from Oakland, Berkeley, Walnut Creek and San Francisco via Highway 24 and I-680 and sits less than one mile from BART (Bay Area Rapid Transit) offering a traffic-free 35-minute commute to Downtown San Francisco.

Corporate Terrace is the latest in a series of acquisitions by the Henderson-Glenborough joint venture and expands Glenborough’s presence in the San Francisco Bay Area where the company leases and manages more than two million square feet of high-quality corporate space.