Back in the hunt for Peninsula offices, Shorenstein Investment Advisers has snapped up 550 Allerton, a six-story Class A office building in downtown Redwood City, in a purchase completed this week. The roughly 76,600-square-foot property opened in 2018 and has been largely occupied by law firm Gunderson Dettmer since it was delivered. The move highlights ongoing investor appetite for transit-adjacent, supply-constrained office assets on the Peninsula, even in a choppy office market.
In a press release via PR Newswire, Shorenstein described 550 Allerton as a modern, six-story property located steps from Redwood City’s Caltrain station and said it will use its operating platform to lease remaining space and enhance the tenant experience. The release did not disclose the purchase price or the seller's identity, keeping deal watchers guessing on valuation.
Part of a Broader Buying Push
Market watchers see the Redwood City acquisition as part of a broader buying burst by Shorenstein this month. According to CoStar, the 550 Allerton purchase closed within days of the firm’s buy of the Moore Building in Nashville.
Stable Tenant Base
Gunderson Dettmer signed on as the anchor tenant when the building was developed and moved into the upper floors at delivery, according to Gunderson Dettmer's announcement. A North Peninsula market report indicates the firm has occupied most of the building since 2018, providing buyers with a steady cash flow profile to underwrite and helping explain why the asset still commands attention in a tougher leasing climate.
Why Buyers Are Back
Since the pandemic, investors have become far more selective, but demand has been creeping back for premium, well-located office properties. National analysis shows office investment volume has climbed in 2026 and that buyers are favoring high-quality, transit-proximate buildings, a trend detailed in recent reporting from CoStar.
For Redwood City, the sale keeps a headline-ready office asset firmly in the downtown core and leaves any remaining suites positioned for law firms, venture shops and professional services that want walkable amenities and easy Caltrain access. Shorenstein told PR Newswire it will lean on its high-touch service model to push leasing, but it offered no timetable for when new deals might land.
Terms of the sale were not disclosed and Shorenstein declined to go beyond the company’s prepared release. Local brokers and tenants will be watching to see whether this deal nudges more leasing activity across top-tier Peninsula office space or simply confirms that well-located buildings like 550 Allerton are still the ones that trade.
