Trophy Office Park Pricing Soars
EverWest Real Estate Investors, in partnership with global private markets investor Partners Group, completed the purchase of the Burlingame Bay Office Park for a price in the $100 million range.
BURLINGAME, CA—The two-building class-A Burlingame Bay Office Park totals almost 13 acres and 261,959 square feet at 555 and 577 Airport Blvd. Building sizes range from 120,681 to 139,413 square feet and five to eight stories, respectively.
EverWest Real Estate Investors, in partnership with global private markets investor Partners Group (on behalf of its clients), completed the purchase of the office park, adding yet another landmark office asset to its Northern California portfolio. GlobeSt.com learns the acquisition price was in the $100 million range.
Managing director Ryan Madson directed the property acquisition on behalf of EverWest. He oversees EverWest’s Northern California and Pacific Northwest acquisition activity.
“The North Peninsula office market is enjoying exceptional conditions, with overall vacancy at just 6%, and strong and broad tenant demand that will continue to benefit well-located high-profile projects like Burlingame Bay Office Park,” said Madson. “We are very pleased to add this asset to our portfolio, and believe we can add even more value through capital improvements and lease up in the months and years ahead.”
Burlingame Bay Office Park sits adjacent to a Hilton DoubleTree hotel, the Hilton San Francisco Airport Bayfront hotel and numerous restaurants. It is also minutes from San Francisco International Airport and less than 30 minutes from downtown San Francisco, Palo Alto and Mountain View. Both buildings are visible from Highway 101/Bayshore Freeway along the west side of the Bay, offering views of the East Bay and San Francisco.
“We see this as a prime acquisition─not only because of the area’s exceptional market fundamentals but also based on this project’s value-add potential,” Madson tells GlobeSt.com. “Burlingame Bay Office Park has beautiful window line views, great natural light and floorplates that lend themselves to the kind of open office concept that many of today’s users want. San Francisco is a hub for young professionals, and we’re looking forward to upgrading these buildings with features that not only benefit our existing tenants but also appeal to a new generation of tech companies and their workers.”
Josh Rowell, Craig Kalinowski and Dan Matteucci with Newmark Knight Frank serve as the project’s exclusive leasing brokers.
The Burlingame acquisition marks the latest in EverWest’s consistent Northern California Bay Area portfolio growth. This push was punctuated last fall with the purchase of another high-profile asset: the Offices at Public Market, which totals 109,242 square feet in eight stories facing Interstate 80 in Emeryville, CA. Last month, EverWest also completed the acquisition of a 16,000-square-foot creative office building at in downtown San Francisco. Other notable EverWest assets in the area include the 405 Victory industrial project in South San Francisco and recently completed industrial project on Depot Road in Hayward, CA.