|
|
1/20/16
|
YouTube, the online video distribution giant owned by Google, closed on a major office buy in the Bay Area, paying Hudson Pacific Properties $215 mil for Bayhill Office Center, a 554.3k sf ($388/sf), Class A campus in San Bruno, in an all-cash, off-market transaction. That price is before certain credits, prorations, and closing costs.
Hudson Pacific acquired the five-building campus as part of the San Francisco Peninsula and Silicon Valley portfolio purchased in April 2015 from Blackstone. Hudson Pacific viewed the property as non-core to their portfolio and was able to sell it at a premium to their original purchase price allocation as part of the Blackstone portfolio acquisition. Major tenants at Bayhill Office Center include Walmart and Oracle.
Bayhill Office Center is adjacent to YouTube’s existing HQ complex, located at 900, 901 and 1000 Cherry, also in San Bruno. The company is the largest employer in San Bruno, according to numbers from the city, with over 800 employees. This acquisition would enable the firm to more easily expand nearby in the foreseeable future.
Follow @wwwRENTVcom on Twitter for the latest commercial real estate news updates!
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
