Indeed Inks 37,000 SQFT Lease at Parkside Towers in Foster City

Indeed, Foster City, Parkside Towers, Newmark Knight Frank, Josh Roswell, Craig Kalinowski, TR Parkside Towers, Heitman, Teachers’ Retirement System of the State of Illinois, Illumina, Lincoln Center, Mattson

By Meghan Hall

Austin, Texas-based Indeed, Inc., is slowly but steadily continuing its expansion throughout the greater Bay Area with a new, 37,092 square foot lease at Foster City’s Parkside Towers signed at the end of April. The online employment search engine is set to occupy the eight floor of the complex’s east tower beginning in January 2020, according to a Newmark Knight Frank press release.

Josh Rowell and Craig Kalinowski of Newmark Knight Frank’s San Mateo office represented TR Parkside Towers Corporation in the deal. According to Rowell, the term of the lease is five years.

“It’s a great, Class A building,” said Rowell. “It has a solid location, very efficient floorplan and amenitites close by.”

The development, located at 1001 and 1051 East Hillsdale Blvd., was purchased by TR Parkside Towers Corporation in 2014. According to previous reporting done by The Registry, the corporation is an entity associated with Springfield, Ill.-based Teachers’ Retirement System of the State of Illinois. Illinois Teachers acquired the property through one of its separate real estate managers, Chicago-based Heitman, for $206 million, or $515 per square foot. The Class A office development, which was completed in 2002, features amenities such as an on-site fitness facility, business training and conference center, and private shuttles to Caltrain.

Illinois Teachers, said Rowell, has been renovating the lobbies and exterior of the building as well, and that several full floors of the building have yet to be leased. While Rowell couldn’t name potential tenants, he did state the property has garnered plenty of interest.

The 400,000 square foot complex is composed of three towers and was previously owned by Emeryville, Calif.-based Harvest Properties and Atlanta-based Invesco Real Estate. The sellers had owned the property together since 2008 when they paid $180 million, or $450 per square foot.

Indeed has been expanding quickly across the country, signing a 200,000 square foot lease for Seattle’s highly-anticipated 2+U tower in December of 2018. At the beginning of April, the company also recently signed a lease at The Domain in Austin, Texas, where the company was founded, bringing its footprint in the city to more than one million square feet. Indeed also has U.S. offices in San Francisco, San Mateo, New York and Stamford, Conn.

Company interest in Foster City has been growing in recent years due to the City’s central location on the Peninsula between San Francisco and Silicon Valley. Last May, Illumina opened its doors to a new anchor campus in Foster City at 200-850 Lincoln Center Drive. Illumina’s 15-year lease includes 191,000 square feet of office and amenity space, and was a welcome addition to Foster City’s growing office market. Illumina’s current site also has the option to develop an additional 235,000 square feet of space. Mattson, a food and beverage innovation firm, also moved to Foster City after completing its 20,000 square foot tenant improvement project at 343 Hatch Dr., which includes a food laboratory, pilot plants and offices.

West Coast Commercial Real Estate News