By Meghan Hall
CBRE subsidiary Trammell Crow has paid about $65 million for a 4.7-acre Redwood City, Calif., development site, allowing the company to move forward with plans for a new office project. Trammell Crow can now move forward with developing a 202,000 square foot office and life sciences building at the site.
Located at 200-240 Twin Dolphin Drive, Trammell Crow acquired the property from Sand Hill Property Company, according to the firm. Currently, the property is developed with the Westshore Office Park. According to Sand Hill Property’s website, the multi-tenant office condominium development totals 48,769 square feet. The offices would be demolished in order to make way for a new project.
“We are thrilled to be moving forward on this exciting project, [and] we have high conviction in the dynamic Peninsula and Redwood City markets,” said TCC Principal Adam Voelker in a statement to The Registry.
Plans for the project were finalized in February of 2021. City plans show the project will feature balcony terraces and a roof deck, 701 parking spaces, landscaped grounds and 17-foot floor-to-floor heights. The project will use frosted spandrel glass, clear grey glass, green screens and metal cladding to produce a modern aesthetic.
“Strategically located near Stanford University and other major educational institutions, 200 Twin Dolphin has direct access to the world’s most highly educated and sought-after talent,” states a marketing flyer for the project. “The location is immersed within influential technology and life science centers which have funded, produced, and retained the world’s most iconic high growth companies.”
A number of other major companies call the area home, including Poshmark, Equinix, EA and Oracle. Local restaurants and amenitites such as Nob HIll Foods, Five Guys, Bay Club and others are also located nearby.
Trammell Crow has developed a number of projects in the Bay Area over the years.In September of 2019, the firm, along with Legacy Partners, completed Alexan Webster, a 234-unit complex in Oakland. In January of this year, Trammell Crow and CBRE Global Investors broke ground on a 606,000 square foot logistics center in Tracy, Calif.
Trammell Crow was originally established in 1948, and over its lifetime has developed or acquired 2,800 buildings valued at more than $70 billion. As of September of 2021, the company had $16.8 billion worth of projects in process and $9.6 billion in its pipeline, according to a statement from the company.