BURLINGAME, Calif. (November 30, 2022) — A state-of-the-art office and research and development center designed to advance the Bay Area’s burgeoning science and technology industry has received final approval from Burlingame city officials.
777 Airport Boulevard won a unanimous vote from the Burlingame Planning Commission on November 14, clearing the way for the 13-story building to rise at the corner of Anza and Airport Boulevards, on the Burlingame waterfront.
The striking project—brought forth by LPC West, the West Coast arm of national real estate firm Lincoln Property Company, in partnership with Dune Real Estate Partners—is anticipated to provide more than 400,000 square feet of office space for leading employers in science and technology, along with a wide range of community benefits. The project is expected to generate more than $1 billion in economic activity, including 2,500 permanent jobs and $19 million in one-time fees to the City.
“On behalf of the project team, I’d like to thank the Planning Commission and Burlingame staff and community for their close engagement in this effort to deliver this remarkable new building,” said Brandon Wang, Executive Vice President of Lincoln Property Company. “We are thrilled to work with our partners to bring this premier project to life and create new Class A office space, while creating even better shorelines experiences for the public.”
Designed by Gensler, 777 Airport Boulevard will provide offices, laboratories, and other space for growing science and technology businesses. The project is anticipated to provide extensive community benefits to Burlingame residents and the broader public, with an estimated value in excess of $5.6 million. They include an improved walking path and Bay Trail with interpretive educational signage, improvements to the pedestrian experience along Airport Boulevard, a public plaza and ground floor café, and over 1 acre of publicly accessible park space with beautiful landscaping, ample seating, lighting and bike racks.
777 Airport Boulevard is expected to be a major economic driver for the entire region. In addition to $1.04 billion in economic activity, 2,500 permanent jobs and $19 million in one-time fees to the City, it is projected to create close to 1,000 construction jobs – with construction-related economic impacts totaling $189 million.
Importantly, the project incorporates a variety of environmentally responsive and resilient features. These include shoreline infrastructure to protect against sea level rise, an all-electric building with rooftop solar, water conservation fixtures, and terraces to improve access to natural light and fresh air. Sustainable mobility features include EV charging stations, ride-share dedicated parking, bike parking and a bike repair station.
The appeal period has closed, which clears the path for pre-development activities to begin.
777 Airport Boulevard is the latest in a series of Bay Area investments delivered by LPC West and its partners and contributes to LPC West’s growing portfolio in the life sciences sector. Other recent projects include the acquisition of a three-property, 228,000-square-foot life science portfolio in Fremont, California and the groundbreaking of a 197,000-square-foot life science development in downtown Seattle. LPC West owns and operates more than 6 million square feet of life science facilities on the West Coast.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 160 million square feet of commercial and mixed-use developments and over 216,000 multifamily residential units. Lincoln Property Company is the second-largest apartment manager in the United States. Access www.lpcwest.com for more information.
About Dune Real Estate Partners
Dune Real Estate Partners is a New York City-based real estate investment firm executing an investment strategy that focuses on high yield investing balanced by region, sector, and risk profile. Dune manages the Dune Real Estate Funds, which were launched by Mr. Daniel M. Neidich in 2005 and have raised approximately $4 billion of equity capital to date. Dune invests on behalf of pension funds, sovereign wealth funds, endowments and other large institutions and individuals.