Eric and Wendy Schmidt to Build New Headquarters in Menlo Park

25,000 Square Foot Building to Target LEED Platinum Certification with Ultra Green Features

Menlo Park, CA – May 12, 2016 – The family office of Eric and Wendy Schmidt has acquired rights to a 28,750 square foot lot (2/3’s of an acre) at 1010 Alma Street between Oak Grove and Ravenswood Avenues from Lane Partners. They plan to build a 25,000 square foot Class ‘A’ office building, targeting LEED Platinum certification that will serve as its new headquarters and house the Schmidts’ philanthropic offices. Sares Regis Group of Northern California will serve as the development manager for the project.

Designed by BAR Architects, the new headquarters also will include several amenities available to the public including bicycle racks along Alma Street frontage, electrical-vehicle charging stations, and a plaza with a coffee pavilion. The overall site layout is designed to preserve two heritage oak trees that feature prominently along Alma Street. Construction is scheduled to begin this summer.

“Eric and I are delighted to bring our philanthropic and family office employees together in one building in Menlo Park,” said Wendy Schmidt, President of The Schmidt Family Foundation and co-founder of the Schmidt Ocean Institute. “In addition to a building designed to use less water and energy, and a location that allows for easier commuting from both the north and south, our employees and the public will have access to a welcoming outdoor space.”

Lane Partners has been working for two years to entitle the property. “This central Menlo Park site had great potential for redevelopment and we’ve been working with the city to entitle it for the highest and best use,” said Marcus J. Gilmour, principal at the firm. “The City of Menlo Park negotiated a strong public benefit package that will enhance the neighborhood and enliven the area adjacent to the Caltrain Station.”

Vance Brown will serve as general contractor, with BraytonHughes Design Studios providing interior design. The building will include ultra green features including a radiant heating system to provide enhanced sustainability and superior interior occupant comfort along with a heat-recovery heating and cooling system that uses zero natural gas for heating and consumes zero water for cooling.

About The Schmidts
The Schmidt Family Foundation advances the development of renewable energy and the wiser use of natural resources. Its grant-making operation, The 11th Hour Project, supports more than 150 non-profit organizations in program areas including climate and energy, ecological agriculture, human rights, and our maritime connection. In 2009, the Schmidts created the Schmidt Ocean Institute (SOI), and in 2012 launched the research vessel, Falkor, as a mobile platform to advance ocean exploration, discovery, and knowledge, and catalyze sharing of information about the oceans. In addition, through The Eric and Wendy Schmidt Fund for Strategic Innovation, the Schmidts support a variety of organizations addressing global issues in the fields of science and technology, education and the environment.

About Sares Regis Group
Sares Regis Group of Northern California and its affiliates, Regis Homes Bay Area and Regis Contractors Bay Area, are regional companies based in San Mateo, California. As leading developers and managers of commercial and residential real estate in the western United States, the companies have more than 6.5 million square feet of commercial properties valued at $500 million and over 2,800 residential units under development. Since its inception, the company has acquired or developed approximately 46 million square feet of commercial properties and 20,000 multifamily and residential housing units. For more information, please visit: www.SRGNC.com.

West Coast Commercial Real Estate News