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June 16, 2024
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Dostart Development Company and Sares Regis Group of Northern California Lock in $182 Mil of Construction Money for Burlingame Office Development


Dostart Development Company and Sares Regis Group of Northern California have obtained $182 mil in construction financing for the development of 220 Park in Burlingame. The 184k sf, Class A+ office development represents the largest office development in Downtown Burlingame in more than 20 years and will incorporate the rehabilitated historic post office into a new six-story building, including an outdoor adjacent amenity space for the benefit of the future occupants.

This iconic trophy asset represents the new epicenter of Downtown Burlingame, developed in concert with the city’s future Town Square, a 28k sf open space immediately adjacent to the project that will be “Burlingame’s Living Room” and will cement 220 Park as the new heart of the Northern mid-Peninsula. The sponsor is targeting both LEED Gold and Fitwell certifications, further signaling the project’s commitment to environmental sustainability, employee health and wellbeing for its tenants. Construction commenced with a ceremonial groundbreaking attended by the Mayor and several City Councilmembers on September 22nd, and the project broke ground on September 24th.

Combining the restoration and reuse of the historic post office building with the urban scale and modern design of the new building gives 220 Park the ability to offer future tenants a home with unique character and identity that is also state of the art. In addition to the substantial outdoor space provided by the adjacent new Town Square, 220 Park will boast over 11k sf of private outdoor amenity space across four distinctive terraces.

Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance team helped arrange the financing on behalf of the owner. The loan was placed with one of Australia’s largest pension funds.

“The combination of 220 Park’s one-of-a-kind location, exceptional design and attention to detail, along with the excellent track record of the development team, resulted in an extraordinarily competitive processes with banks, life insurance companies and pension funds all vying to provide the financing,” said Daya. “This is one of the most stunning office buildings that will be delivered in the Bay Area since the onset of the pandemic.”

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