A real estate investment arm of Great-West Lifeco has helped another investment firm buy a big, well-known office park in the San Francisco area.
The Great-West affiliate, EverWest Real Estate Investors, joined with Partners Group to acquire the Burlingame Bay Office Park. Partners Group participated in the transaction on behalf of Partners Group’s clients.
The office park is in Burlingame, California. It has two class-A buildings sitting on 13 acres of land.
One of the buildings has 261,959 square feet of floor space. The other has 139,413 square feet of floor space.
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.
A Great-West unit, which is part of Canada’s Power Corp., acquired EverWest in February.
California’s 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,” Madson said. “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.”