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9/24/24
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San Mateo-based SC Properties has acquired San Mateo Gateway Center, a 235k sf, Class A office campus in San Mateo. The property was sold by Kennedy Wilson in a deal that industry sources say came in at $37.5 mil, or about $160/sf.
Consisting of three midrise office buildings located at 1800, 1810 and 1820 Gateway Drive, the campus is well positioned in the heart of the Bay Area’s sought-after 92/101 Corridor. The property was approximately 40% vacant at the time of sale.
San Mateo Gateway has seen extensive renovations and upgrades since it was originally built in the 1980s. The property features abundant natural light on all floors, an on-site café, new spec suites, and lobby and common area upgrades, including outdoor lounge and seating areas, a common conference room, a fitness center and ample parking.
Each building offer a variety of attractive suites that can comfortably accommodate small to mid-size office users, including new spec, plug and play, and market-ready suites. Current available spaces range from approximately 1.7k sf to a full floor consisting of approximately 26,k sf, with the potential for further expansion within the same building.
San Mateo Gateway is walking distance to many retail, hospitality, and outdoor health and wellness amenities, including dining, shopping, parks and a lagoon. It is also a stone’s throw from the San Francisco Bay shoreline. The property is situated off Highway 92 near the junction of Highway 101 and the San Mateo Bridge, for convenient commuting and easy access to San Francisco, San Francisco International Airport (SFO), and the Silicon Valley and East Bay communities.
The purchase was led by was led by SC Properties' Partner Kevin Phillips and Managing Director Chris Giotinis. Cushman & Wakefield Managing Director Gary Boitano and JLL Senior Managing Director Clarke Funkhouser consulted SC Properties on the acquisition and were also retained to lead project leasing for the campus.
“This suburban Class A office complex offered a great opportunity as a value-add asset, whereby the buyer can look to fill the remaining vacancy with quality tenants and at competitive rents that pencil well relative to the purchase price,” said Gary Boitano, Managing Director, Cushman & Wakefield. “The campus offers many great tenant amenities and workspaces in a high-quality environment, well-suiting today’s companies and the “flight to quality,” particularly those seeking a prime, connective location along the San Francisco Bay peninsula.”
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