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SAN MATEO, CA-BT Commercial has pre-leased 45% of a new class A office project in downtown San Mateo. The 86,000-sf building is the first new office development here in 16 years.

The property, known as 101 Ellsworth, is scheduled to have its shell completed and be ready for tenant improvement by mid-August of this year. The developers, Glenborough Real Estate Trust and National Electric Benefit Fund, expect to have completed construction by late October.

Garnett Capital, a venture capital firm, has leased the 5th and 6th floors of the building for a combined 19,800 SF. Merrill Lynch took 19,400 SF on the 4th floor. Both companies have secured long-term leases, the terms of which were not disclosed. Sources say rents in the area are approximately $48 per sf annually.

Scott Davis, Mike Moran, Ben Paul and Gregg Walker of BT Commercial represented the building and Garnett Capital in these deals. Jan Talbert of Cornish and Carey represented Merrill Lynch.

Scott Davis of BT Commercial tells GlobeSt.com that one of the six-story, Spanish style building’s major selling points are its easy access to all forms of transportation, including airports, highways and San Mateo’s new transit center. The property also boasts custom paving, landscaping and numerous luxuries, including balcony views. The building is equipped with individual security systems, fiber optics and backup generators.

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