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Harvest, NY Life Divest One Bay Plaza in Burlingame
Connect Bay Area is coming up July 18, 2019 at the Grand Hyatt San Francisco. Get more information, and register to attend on this link.
Woodstock Development acquired One Bay Plaza, a 196,000-square foot, nine-story Class A office tower in Burlingame, CA for a reported $75.3 million. Oakland-based Harvest Properties and JV partner New York Life Real Estate Investors, on behalf of a McMorgan fund, divested the asset.
Harvest Properties’ Griff King says, “Three years ago, we saw an opportunity to acquire this well-located but under-performing property and add value through active lease-up, expiration management and select building improvements.”
Centrally-located along the shores of the San Francisco Bay in a fast-growing submarket, the property at 1350 Bayshore Highway was originally purchased in 2016 for roughly $273-per-square-foot. That proved well-timed due to the migration of demand from the technology sector and life science industry.
The building’s largest tenant is Cushman & Wakefield, whose Mike Moran, Clarke Funkhouser and Gary Boitano will continue to provide leasing services for One Bay.
Eastdil Secured’s Paul Nelson, Stephen Van Dusen, Cartter Berg and Cameron Palmer represented the sellers.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
