California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Life Science Conversion Opportunity is $156M Selling Point
San Mateo Bay Center, a two-building campus located at 901 and 951 Mariners Island Blvd. in San Mateo, recently sold for $156 million. The buyer was Longfellow Real Estate Partners.
Totaling nearly 250,000 square feet, the campus is currently 88 percent leased with substantial near-term rollover of 198,060 square feet in the first three years. This will provide immediate upside through conversion to life science use in the heart of one of the fastest growing life science clusters in the nation.
Newmark’s Steven Golubchik, Edmund Najera, Jonathan Schaefler, Darren Hollak and Jack Phipps represented the seller, Rubicon Point Partners.
“San Mateo Bay offered an ideal rollover pattern offering immediate conversion opportunities, coupled with a strong rent roll providing cash flow through conversion,” said Golubchik. “As the San Francisco Peninsula continues to heat up, San Mateo is poised to benefit from tenants seeking to immediately satisfy their demand for space.”
- ◦Acquisition
