(EDITOR’S NOTE: According to public documents, the sale closed at $389 per square foot, or $101.95 million. According to public documents reviewed by The Registry, the seller of the building was H&Q Asia Pacific, which has offices in Palo Alto. H&Q had owned the asset since September of 2015, when it paid $90 million for this property.
This company is known in Asia for investing in a broad range of products, including technology and pharmaceuticals. In March of 2015, the company paid $48 million in partnership with Chinese development company Genzon Property Group to acquire the Burlingame Point development site. The companies are planning to spend $300 million to develop a 767,000 square-foot campus in the Peninsula city.)
EMERYVILLE, Calif. (June 27, 2018) – EverWest Real Estate Investors, in partnership with global private markets investor Partners Group (on behalf of its clients), today completed the purchase of Burlingame Bay Office Park, adding yet another landmark office asset to its Northern California portfolio.
The two-building, Class A Burlingame Bay Office Park totals almost 13 acres and 261,959 square feet at 555 and 557 Airport Blvd. in Burlingame, California. Building sizes range from 120,681 to 139,413 square feet – and five to eight stories – respectively. Both buildings are visible from Highway 101/Bayshore Freeway and sit along the west side of the San Francisco Bay, offering immediate views of the East Bay and San Francisco.
Managing Director Ryan Madson directed the property acquisition on behalf of EverWest.
“The North Peninsula office market is enjoying exceptional conditions, with overall vacancy at just 6 percent and strong and broad tenant demand that will continue to benefit well-located, high-profile projects like Burlingame Bay Office Park,” said Madson, who oversees EverWest’s Northern California and Pacific Northwest acquisition activity. “We are very pleased to add this asset to our portfolio, and believe we can add even more value through capital improvements and lease-up in the months and years ahead.”
The Burlingame acquisition marks the latest in EverWest’s consistent Northern California Bay Area portfolio growth. This push was punctuated last fall with the purchase of another high profile asset: the Offices at Public Market, which totals 109,242 square feet in eight stories facing I-80 in Emeryville, California. Last month, EverWest also completed the acquisition of a 16,000-square-foot creative office building at in downtown San Francisco.
Other notable EverWest assets in the area include the 405 Victory industrial project in south San Francisco and recently completed industrial project on Depot Road in Hayward, California.
Burlingame Bay Office Park sits adjacent to a Hilton DoubleTree hotel, the Hilton San Francisco Airport Bayfront hotel and numerous restaurants. It is also minutes from San Francisco International Airport and less than 30 minutes from downtown San Francisco, Palo Alto and Mountain View.
Josh Rowell, Craig Kalinowski and Dan Matteucci with Newmark Knight Frank serve as the project’s exclusive leasing brokers.