Basin Street Properties has acquired two five-story office buildings on Northgate Drive in San Rafael, adding 113,094 square feet to its North Bay portfolio.

The deal, reported by The Registry on Friday, Sept. 25, covers 899 Northgate Drive and 1050 Northgate Drive. The two-property portfolio hit the market in spring 2026. The previous owner was Graham Street Realty, according to Yardi Matrix data cited by Commercial Search.

The 57,245-square-foot building at 899 Northgate features covered and surface parking, a roof deck, an updated lobby and outdoor patio. The 55,849-square-foot building at 1050 Northgate offers shared conference facilities and flexible office and medical suites. Basin Street said it plans improvements at 1050 Northgate, including an enhanced building entry, tenant lounge and outdoor patio, according to Commercial Search.

The purchase marks a return to San Rafael for the Reno-headquartered company, which runs its North Bay operations from Petaluma. Co-founders Bill White and Bob Gooden moved their G&W Management offices to San Rafael in 1974, according to the company's history page. Basin Street grew into a major North Bay developer before selling a 24-building Marin and Sonoma County office portfolio to Equity Office Properties in 2004.

The company re-entered the Marin market in 2012 when it bought Shoreline Office Center, a 98,652-square-foot property in Mill Valley. Chairman and CEO Matt White, who joined the firm in 1991 as a leasing agent, now leads a portfolio of roughly 45 properties totaling more than 4.3 million square feet.

Marin County's office market posted four straight quarters of positive net absorption, averaging about 31,000 square feet per quarter, according to a second-quarter 2026 Newmark report cited by Commercial Search. County-wide office vacancy stood at 18.9% as of the second quarter, about 1.3 percentage points below the Bay Area average. Newmark predicts that ongoing conversion of lower-quality office buildings into housing will help reduce vacancy county-wide.

Newmark analyst Haden Ongaro wrote in the Press Democrat in March that northern Marin office buildings were available for sale at asking prices in the low- to mid-$100-per-square-foot range. The available reports did not include leasing timelines or tenant details for the Northgate properties.