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October 4, 2023
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NORTHERN CALIFORNIA NEWS
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Bay Area Office Building Gets New Owner in $15 Mil Deal

8/15/23

In a recent Bay Area office buy, a private investor paid $15.1 mil for a 34.5k sf ($438/sf) building in Burlingame. The property was sold by the California Society of Certified Public Accountants (CalCPA).

Built in 1950, the three-story building is located at 1710 Gilbreth, just south of San Francisco International Airport. It was significantly renovated in 2017 with new exteriors, interiors and structural retrofit.

CBREs Kyle Kovac, Mike Taquino, Joe Moriarty and Giancarlo Sangiacomo represented the seller in the deal.

Demand from office and R&D tenants throughout the San Francisco Peninsula increased in the second quarter this year to over 2.1 msf, according to CBRE Research. Burlingame had the largest net absorption and one of the lowest vacancy rates on the Peninsula. Vacancy for office and R&D space in Burlingame was 9.1% and 5.4% respectively, far below the market averages of 18.1% and 10%.

CalCPA supports the professional growth and development of certified public accountants and related professionals working in public accounting firms and businesses throughout California. CalCPA recently relocated to and expanded its presence in Sacramento.




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