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7/13/15
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New York Life Real Estate Investors paid $49 mil for Bridgepointe Office Park, a two-building, 130.8k sf ($375/sf) office property in San Mateo. The asset was sold by a joint venture of Cigna Realty Investors and Harvest Properties.
Bridgepointe Office Park is comprised of two three-story, multi-tenant office buildings located at 1500 and 1510 Fashion Island Blvd. The project was nearly 80% leased at the time of sale to a mix of professional and tech firms.
Located along the mid-Peninsula, the high-image park is positioned in the heart of the 92/101 Corridor providing immediate accessibility to San Francisco, Silicon Valley and the East Bay. The property lies adjacent to the Bridgepointe Shopping Center and is also conveniently located across the street from a Hillsdale Caltrain shuttle service stop.
Steve Hermann, Robert Gilley and Eric Fox with DTZ represented the seller in the transaction.
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