900,000 Square Foot Life Sciences Campus to Undergo Rebranding
MENLO PARK, Calif. (April 2, 2014) – Principal Real Estate Investors and Tarlton Properties, Inc. (TPI), a commercial property development and asset manager, announced today that Kidder Mathews has been selected to be the exclusive broker for Menlo Business Park (MBP). Gregg Domanico, Executive Vice President and managing partner for the firm’s Redwood Shores office, and Mary Hines, Senior Vice President, will lead the Kidder Mathews team.
In total, Kidder Mathews now represents 900,000 square feet at MBP, of which 100,884 square feet is currently available. The extensive experience Domanico and Hines share with life science clients both large and small, and their ongoing relationship with TPI made them a natural choice. Together they most recently represented the leasing and rebranding of a nearby 136,000 square foot property.
Built in 1985, MBP is a commercial office park comprising 16 buildings on 50 acres near the innovation centers of Stanford University in the heart of Silicon Valley. The original developer of MBP was The Lewis & Tarlton Company now TPI. Principal Real Estate Investors recently returned to the property, as a 90 percent investor. Capitalizing on the region’s need for incubator space, TPI also recently developed Menlo Labs, two buildings in the Park dedicated to enhancing and enlarging the pool of space available for early-stage life science companies to root and grow. Menlo Labs is unique in that companies can lease a single small lab (as small as 250 square feet) on a month-to-month lease. Principal Real Estate Investors’ investment provides the capital necessary to continue expansion of the Menlo Labs concept, as well.
“With life science space at a premium, the team at Kidder Mathews is an integral partner for marketing and leasing MBP,” said John Tarlton, President and CEO of Tarlton Properties. “We’re confident that Kidder Mathews can capture the demand for the unique space requirements quickly and efficiently.”
Domanico has over 25-years of experience with life science real estate and facilities. He devises and implements real estate and facilities strategies, while optimizing facility operations and reducing occupancy costs. Hines has 15-years of experience in the life sciences sector, and has spent the last 10 years working with early/late-stage Fortune 500 life science companies, and growing with them as they succeed.
“This is a well-positioned property both geographically and structurally – with even better offerings coming online through the improvements,” said Gregg Domanico.
Added Mary Hines, “The location here near to the universities, other biotech and technology companies is rare for any city across the country.”
About Tarlton Properties
Tarlton Properties, Inc., (TPI) founded in 1984 and headquartered in Menlo Park, Calif., provides commercial property development and asset management services ranging from brokerage to receiverships as well as investment opportunities with selected properties. TPI’s full development capabilities are illustrated by its largest project, the award-winning, 50-acre, 900,000-square-foot Menlo Business Park. TPI has developed and redeveloped numerous other properties in the area, both as a principal and for other owners, including1.5 million square feet of REO properties for institutional clients, multi-tenant office buildings, R&D complexes, warehouse facilities, an underground parking garage and two shopping centers. For detailed information, visit www.tarlton.com
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $48.7 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 450 real estate professionals and staff in 9 offices in Washington, Oregon, and California. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting and project and construction management services for all property types. The firm performs $2.9 billion in transactions, manages 29 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit www.kiddermathews.com.