(SAN MATEO, CA) – Hines, the international real estate firm, and Pearlmark, a private-equity real estate investment firm, have partnered with Goldman Sachs for the capitalization of 400|450 Concar in San Mateo, CA. JPMorgan will serve as the construction lender.
400|450 Concar will be a new Class A office complex totaling 305,000 square feet on 3.3 acres. Designed by Form4, Inc. 400|450 Concar is LEED® pre-certified Platinum and will deliver a superior design and efficiency for the market.
Centrally located near the intersection of U.S. Hwy. 101 and Interstate 92, 400|450 Concar is uniquely positioned less than 25 minutes away to San Francisco and 20 minutes to Palo Alto via automobile and approximately 40 and 20 minutes to either city, respectively, via Caltrain. The property is directly adjacent to the Hayward Park Caltrain station in an area rezoned by the City of San Mateo, encouraging Transit Oriented Development (TOD).
“400|450 Concar will set a new standard for San Mateo’s Class A space, with its combination of distinctive architecture and all the features of state-of-the-art office space in an irreplaceable location,” said Hines Senior Managing Director Cameron Falconer. “This property represents a unique opportunity to capitalize on substantial tenant demand for new office product in San Mateo County.”
Tim McChesney of Pearlmark Real Estate Partners, further commented, “We are excited to work with such a strong financial partner and experienced institutional real estate investor like Goldman Sachs.”
About Pearlmark Real Estate Partners Chicago-based Pearlmark Real Estate Partners is a private equity real estate investment firm that pursues domestic, value-added and core/core-plus strategies through institutional commingled investment vehicles and separate accounts. Since its inception in 1996, the firm has made more than 500 office, industrial, retail, multifamily, and mezzanine loan investments nationwide, representing a gross investment of over $12 billion. Pearlmark and its partners, including insurance companies, public and private pension funds, foundations and endowments, banks, corporations, and high net worth individuals and families, have committed over $4.5 billion of equity capital to the firm’s investment activities. The company currently employs approximately 30 professionals. For more information, please visit www.pearlmarkrealestate.com.
About Hines Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s portfolio of projects that are completed, acquired or underway includes 1,163 properties representing more than 389 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 402 properties totaling 170 million square feet, which includes 96.5 million square feet for third parties. With offices in 121 cities in 19 countries, and controlled assets valued at approximately $30.7 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.