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December 18, 2018
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EverWest Real Estate Investors Buys Bay Area Office Asset in Venture with Partners Group

6/28/18

EverWest Real Estate Investors and Partners Group have acquired Burlingame Bay Office Park, a two-building, 262k sf complex situated on almost 13 acres at 555 and 577 Airport Blvd, just off Hwy 101 in Burlingame. From what we hear, the Class A property traded for a bit over $100 mil.

555 Airport Blvd
555 Airport Blvd
One of the buildings at Burlingame Bay Office Park contains 120.7k sf over five floors while the other structure has 139.4k sf over eight stories. Both buildings are visible from Hwy 101/Bayshore Fwy and sit along the west side of the San Francisco Bay, offering immediate views of the East Bay and San Francisco.

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.

The complex was sold by Burlingame Bay LLC, who bought the buildings in 2015 for $90 mil. In-house exec Ryan Madson directed the property acquisition on behalf of EverWest. Josh Rowell, Craig Kalinowski and Dan Matteucci with Newmark Knight Frank serve as the project’s exclusive leasing brokers.

The acquisition was financed with an $81.5 mil loan from Colony Credit Real Estate. The loan was arranged by Chris Moritz and Ramsey Daya with NKF Capital Markets.

“The North Peninsula office market is enjoying exceptional conditions, with overall vacancy at just 6 percent and strong and broad tenant demand that will continue to benefit well-located, high-profile projects like Burlingame Bay Office Park,” said Madson, who oversees EverWest’s Northern California and Pacific Northwest acquisition activity. “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.”

The Burlingame acquisition marks the latest in EverWest’s consistent Northern California Bay Area portfolio growth. This push was punctuated last fall with the purchase of another high profile asset: the Offices at Public Market, which totals 109.2k sf in eight stories facing I-80 in Emeryville, CA. Last month, EverWest also completed the acquisition of a 16k sf creative office building at in downtown San Francisco.





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