Parallel on Fourth

Jones Lang LaSalle Americas Inc. ("JLL"), as exclusive advisor, is pleased to present the opportunity to acquire Parallel on Fourth ("Parallel on Fourth", the "Property" or "405 E 4th"), an exceptional new construction mixed-use project situated in the heart of Downtown San Mateo. The 71,254 square foot project encompasses four stories of Class A office totaling 62,338 square feet along with 15 residential units. The office is 100% leased to Verkada, one of Silicon Valley's fastest growing technology companies, for 10.5 years through July 2035. Verkada is currently subleasing the entire project from Snowflake through July 2029 at which point the lease becomes direct through 2035. 13 of the 15 residential units are master leased to Verkada through February 2029 and the remaining 2 units are below market rate.

The Property includes $62,500,000 of assumable in-place debt through November 2029 at an accretive rate of 3.62%, which is highly attractive in today's debt markets.

Parallel on Fourth presents the premier opportunity to acquire a new construction headquarters with assumable in-place debt in a dynamic, transit-oriented Peninsula location.