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September 23, 2020
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Woodstock Development Buys Bay Area Office Asset


Woodstock Development has purchased One Bay Plaza, a nine-story, 196k sf Class A office building in Burlingame. The property is located at 1350 Bayshore Hwy, on 4.75 acres along the San Francisco Bay waterfront. Industry sources peg the price near $75 mil, or around $380/sf.

The property was sold by New York Life Real Estate Investors and Harvest Properties, who paid $273/sf, or around $53 mil, for the asset in 2016.

One Bay is leased to a diverse mix of tech and professional service providers. The building’s largest tenant is Cushman & Wakefield, a leading global real estate services provider.

One Bay Plaza currently offers a 10-minute shuttle service to the BART / Caltrain station in Millbrae. The building is also a short walk across Hwy 101 to the Broadway Ave retail and restaurant area and the Broadway Caltrain Station, which will have new weekday service commencing in 2021.

With near term lease roll and below market in-place rents, Woodstock is planning near-term capital improvements that will maximize the tenant experience and work functionality. Plans consist of interior and exterior enhancements, including upgrading all of the building corridors and restrooms, along with activating the shoreline and access to San Francisco Bay Trail with new landscaping and seating to provide Bay views. Woodstock is also working on plans to enhance the fitness center and common areas with a coffee bar, community floor with open seating and gathering spaces.

Paul Nelson, Stephen Van Dusen, Cartter Berg and Cameron Palmer of Eastdil Secured represented Harvest and New York Life Real Estate Investors on the transaction. Cushman & Wakefield’s Mike Moran, Clarke Funkhouser, and Gary Boitano have been overseeing leasing for the seller and will continue to do so for the new ownership as well.

“One Bay has historically enjoyed a strong presence in the northern and mid-Peninsula markets,” said Woodstock Development’s President Kirk Syme. “The building features a timeless design while offering unobstructed panoramic Bay views that stretch as far as downtown San Francisco and across to the East Bay, and south along the Peninsula.” Headquartered in downtown Burlingame, Woodstock Development has been active in the Peninsula and East Bay Office and Life Science markets for over 25 years.

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