SAN BRUNO, CA—Technology companies continue to vie for spacealong the Peninsula with competition on fire for class-A digs inkey locations. An all-cash, off-market example of that heatedactivity is Hudson Pacific Properties Inc.'s saleof Bayhill Office Center at 999-1001 Bayhill Dr.to online video distribution company, YouTube. Thecampus sold for $215 million before certain credits, prorations andclosing costs.
Hudson Pacific acquired the 554,328-square-foot class-A officecampus as part of the San Francisco Peninsula and Silicon Valleyportfolio purchased in April 2015 from Blackstone.The asset was non-core to Hudson's portfolio.
Hudson Pacific Properties chairman and CEO VictorColeman tells GlobeSt.com: "Hudson is very pleased withthe sale of this property to YouTube. The asset was sold at apremium to the original purchase price. This transaction reflectscontinued strong demand for high-quality office space in SiliconValley and the San Francisco Peninsula."
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
