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4/16/08
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Akamai Technologies Inc recently inked a seven-year lease for 50k sf in Clearview Business Center, a six-building, 270k sf business campus in San Mateo. Akamai, a leader in powering transactions and applications on the Internet, will use the space for its regional headquarters. The value was not disclosed.
The property, formerly known as San Mateo Executive Park, is owned by Lowe Enterprises, which acquired the asset in May 2007 in partnership with O’Connor Capital Partners, and is in the process of completing a comprehensive $20 mil program to modernize the campus and bring it up to Class A standards. Constituting six buildings ranging from 38k sf to 68k sf, the campus is able to accommodate large single users or, the flexible building configurations can provide space for multiple mid-sized tenants.
“This is a significant lease, bringing an innovative company with a stellar global reputation to kick off the grand opening of Clearview,” said Mike Sanford, Senior Vice President, Lowe Enterprises Real Estate Group. “It is an ideal location for Akamai, situated between San Francisco and San Jose International Airports, offering easy access to Highway 92, 101 and I-280 and public transportation systems as well as expansive bay and mountain views.“
There has been little new office development in the San Mateo area in the past five years, so refurbishing this business park offered Lowe Enterprises an attractive alternative to meet the growing demand for space. The Clearview renovation plan includes significant work on the exterior finishes and roofing, and a major upgrade of all building systems to ensure high quality services and access to state-of-the-art technologies. In addition, the lobbies and elevators have been refurbished with high-quality stone and wood finishes along with new building entrances, including more glass line, and the restrooms have been upgraded with new fixtures, granite counters, and tile work.
Parking also has been reconfigured and expanded and the whole campus has been landscaped to provide a more attractive business environment. Clearview is within walking distance of a number of amenities including the Laurelwood Shopping Center and, in 2009 a major community-oriented fitness and aquatic training facility will open adjacent to the project, complete with an Olympic-sized pool.
Founded in 1998, Akamai now has 25 offices throughout the U.S., Europe, Asia and Australia and more than 1,300 employees worldwide. When the company expands from its current offices in San Mateo on October 1, it is expected to have 250 employees in its new regional headquarters in Clearview.
Erich Singlemann and Andy Koenig of Jones Lang LaSalle represented Akamai in the deal, while Mike Moran from NAI/BT Commercial represented Lowe.
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