By Meghan Hall
Burlingame has become a popular market for investment in recent months, with developers targeting well-located properties for investment. In another recent deal to close, East Coast-based King Street Properties purchased an office building at 1499 Old Bayshore, according to public records. The sale was recorded on February 18th at $45.2 million.
The seller of the property was a limited liability company affiliated with Mehrdad Elie, owner of Eliecorp. Currently, the property is developed with a single, two-story building totaling 43,954 square feet. In all, the property sits on just under 2.1 acres.
Per a posting on its website, King Street plans to redevelop the parcel into 300,000 square feet of Class A life science development. The project will include public outdoor space, parking and an onsite cafe.
Just off of Highway 101, the property is blocks from the San Francisco Bay and near a number of other commercial businesses, including Joyco Foods, Shark Cabinet, Kael Foods and others.
Based in Boston, King Street Properties works to develop life science projects in a number of markets, and according to its website, is the largest private owner of life science real estate in the world. The company has more than three million square feet of life science real estate in markets such as Greater Boston, New York, Raleigh-Durham and more.
The firm is also pursuing development at 1699 Bayshore in Burlingame. In all, the project will total 485,000 square feet spread across two buildings. The project is King Street’s first in California, and delivery is expected in 2024.