DRA Advisors has acquired the 1m sqft Marina Village office and research park in Alameda, California for $265m (€237m), according to sources familiar with the matter.

The New York-headquartered real estate fund manager is buying the asset in joint venture with San Francisco-based Local Capital Group but will be the majority owner.

The asset was sold by Brookfield Asset Management which it acquired through a foreclosure in 2014.

The Toronto-headquartered fund manager increased occupancy over the past five years from 40% to 79%.

The 200,000qsft of remaining vacant space is being redesigned to accommodate life science tenants.

DRA Advisors and Local Capital have hired JLL to help lease the space.

The owners will also work to increase current rents, which are 30% below the market rate.

Class-A offices in Alameda have been achieving average annual growth rates of 13%, according to sources that track the San Francisco Bay Area office market.

Dan Poritzky, a partner at Local Capital, said: “The incentives, competitive lease structures, and innovative first-tier life science space will be compelling for both growing tenants and their brokers.”