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Jonas Sylvester Of Tourbineau Real Estate Partners Acquires Office Campus In San Mateo For $22M

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SOLD
$22,000,000

California

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Office207,678 SF
Sold 05/28/2025
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Property Image
SOLD

Jonas Sylvester Of Tourbineau Real Estate Partners Acquires Office Campus In San Mateo For $22M

2121 South El Camino Real

See Similar Deals
Office207,678 SF
Sold 05/28/2025
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$105
Total Square Footage:207,678 SF
Transaction Type:Sale

The property asset involved in this transaction is the Tower Plaza office campus located at 2121 El Camino Real in San Mateo. The property was sold for $22 million and comprises a total square footage of 207,678. The price per square foot (PPSF) for this transaction is recorded at $106.

Summary of transation details:

  • Property Type: Office
  • Transaction Amount: $22,000,000
  • Buyer: Jonas Sylvester - Tourbineau Real Estate Partners
  • Seller: Jeff Krasnoff - Rialto Capital
  • Market: San Mateo

Jonas Sylvester, representing Tourbineau Real Estate Partners, acquired the office campus from Jeff Krasnoff of Rialto Capital. This acquisition occurred as the Bay Area office market is experiencing increased pressure, leading to strategic decisions by property owners.

Players

Jeff Krasnoff
Rialto Capital
Jeff Krasnoff
10 deals$427.5M volume
BROKER
Jeff Krasnoff
Rialto Capital
Jeff Krasnoff
10 deals$427.5M volume
SELLER
Rialto Capital Management
Rialto Capital Management
LENDER

Details

SOLD
IMAGE: Jonas Sylvester & Jeff Krasnoff DATE: 05/28/2025 ADDRESS: 2121 El Camino Real MARKET: San Mateo ASSET TYPE: Office BUYER: Jonas Sylvester - Tourbineau Real Estate Partners SELLER: Jeff Krasnoff - Rialto Capital SALE PRICE: $22,000,000 SF: 207,678 ~ PPSF: $106 NOTE: Seattle-based Tourbineau Real Estate Partners acquired the 207,678-square-foot Tower Plaza office campus at 2121 El Camino Real in San Mateo for $22 million in a lender-facilitated transaction. The seller, Rialto Capital Partners, offloaded the five-building property as the Bay Area office market continues to face mounting pressure.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,173,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$78,161.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,291.22
Annual Debt Service$1,251,494.69