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BAY AREA NEWS
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Longfellow Real Estate Partners Acquires 236k sf Bay Area Office Complex

6/02/21

Longfellow Real Estate Partners has acquired San Mateo Bay Center, a 235.9k sf office campus in San Mateo. The transaction was financed with a $178 mil first mortgage loan provided by Mesa West Capital to recapitalize costs associated with the purchase and to fund the planned repositioning.

Developed in 1984, San Mateo Bay Center features two seven-story office towers located at 901 and 951 Marinerís Island Blvd. Amenities include showers, fitness center, cafť and outdoor patio space.

A portion of the proceeds from the five-year, floating rate loan will be used by Longfellow to convert the property from conventional office to a life science and laboratory facility. San Mateo Bay Center is located in the mid-peninsula Foster City/San Mateo life science market with an inventory of nearly two million square feet of life science space, anchored by the 1.4 msf world headquarters campus for Gilead Sciences.

Since its founding in 2009, Boston-based Longfellow has become one of the leading owners and operators of life science facilities, with a portfolio of approximately 6 msf of space located in the nationís top technology and life science clusters including Boston, San Francisco, San Diego and Raleigh/Durham.

"San Mateo is home to one of the most rapidly emerging life science communities in the country," said Adam Sichol, CEO of Longfellow. "The loan from Mesa West Capital will enable us to transform the San Mateo Bay Center into a premier life science campus that will best serve the region's leading bio innovation companies."

Ramsey Daya of Newmark Knight Frank arranged the financing. Mark Osher with Gibson, Dunn, and Crutcher LLP represented Mesa West Capital on the transaction.






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