By Jon Peterson
Houston-based Hines has paid $217 million, or $572 per square foot, to acquire the 379,219 square foot Clearview Business Park office building in San Mateo, as stated by sources very familiar with the transaction.
Hines only stated that the company does not comment on what it pays for any properties that it buys.
The seller of the property was a partnership between New York City-based Deutsche Asset & Wealth Management and Belmont-based Embarcadero Capital Partners. The listing agent on the sale was the San Francisco office of Eastdil Secured. Eastdil also declined to comment when contacted for this story.
Deutsche had owned the property since 2014 when it paid $125 million at the time for the property that had totaled 270,000 square feet then. In 2015, the sellers broke ground on a 110,876 square foot expansion that also included an 817-stall parking structure, which brought the total square footage in the six-building property to 379,219 square feet.
Hines acquired Clearview with an institutional partner. This was New York City-based Goldman Sachs, as stated by two sources aware of the transaction. There are two tenants that take up 100 percent of the space in the property. These are GoPro and Tesla. This asset covers 22 acres and is located at 3000-3155 Clearview Way.
“Clearview Business Park is a high-quality asset in a strategic location. We are excited to add this property to the Hines portfolio as we continue to grow in San Mateo and the Bay Area, says Cameron Falconer, senior managing director, in a prepared statement. He works out of Hines regional office in San Francisco.