(SAN MATEO, CA) – Hines, the international real estate firm, held a groundbreaking ceremony celebrating the start of construction on 400|450 Concar, a new Class A office complex totaling 305,000 square feet on 3.3 acres in San Mateo, CA. 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).
Dignitaries presiding at the ceremony were: San Mateo Mayor, Maureen Freschet; Chief Executive Officer of Pearlmark, Stephen Quazzo; Partner at Goldman Sachs, Chris Nelson; Hines Senior Managing Director, Cameron Falconer; Hines Senior Managing Director and CEO – West Region, Asia Pacific and Australia, James Buie.
“We are pleased to have this exciting new project underway, and are confident that it will resonate with the community,” said Hines Senior Managing Director Cameron Falconer. “San Mateo has limited supply of Class A office space, and we are excited to develop more than 300,000 square feet of contiguous office space in a single urban-campus environment.”
Construction is scheduled for completion the fourth quarter of 2016.
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.
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.