Updated Oct 31, 2025
Jonas Sylvester Of Tourbineau Real Estate Partners Acquires Office Campus In San Mateo For $22M
2121 South El Camino Real
$22,000,000
$105/SF
Building Size
207,678 SF
Asset Type
Office
Closing
May 28, 2025
About this deal
AI
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.
On the Map
$22,000,000
$105/SF
Office
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San Mateo Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93