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Burlingame Point, an approximately 803,000-square-foot office campus currently under construction, has finalized an agreement with Facebook to lease the entire project.
“This is a stabilized office investment property with zero vacancy, occupied by strong credit tenants with long-term leases,” says John Abuja, IPA senior director.
“Although the financial markets were highly unpredictable, commercial real estate performed the way it has for most of the past several years – with steady growth supported by strong fundamentals,” says Jason Wolf, founder and managing principal of WCRE.
The acquisition continues "our strategy to acquire and hold high-demand industrial properties in the region,” says Peter Corcoran, vice president of leasing and development for Liberty's New Jersey office.
The developer is transforming a former office building in Downtown Manhattan to a residential property of studios and one-bedrooms to attract millennials and Gen Z.