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.”
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 says. “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 EverWest move in the Northern California Bay area.
Last fall, EverWest bought the Offices at Public Market, an eight-story building facing Interstate 80 in Emeryville, California.
Last month, EverWest completed the acquisition of a 16,000-square-foot office building in downtown San Francisco.
Other notable EverWest assets in the area include the 405 Victory industrial project in South San Francisco and a recently completed industrial project on Depot Road in Hayward, California.
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