Hines Buys Vacant Office Building in Redwood Shores Area

A vacant 154.6k sf office property south of San Francisco in the Redwood Shores submarket recently traded hands in a transaction valued at around $50 mil ($323/sf). The asset, which is currently the largest available block of contiguous office space in San Mateo County, was acquired by Hines U.S. Office Value Added Fund II L.P., a Houston-based investment group.

The free-standing, three-story building is located at 600 Clipper Dr, east of the 101 Fwy in Belmont, about five miles south of Foster City and just minutes from San Francisco International Airport. It was sold by Palo Alto-based Broadreach Capital Partners, which acquired the asset in September of 2005.

The contemporary-style development was constructed in two phases, with the initial 120k sf space built in 1995, followed by a 40k sf phase that was added in 2000. The building features floor-to-ceiling windows, large 51k sf floorplates and 471 surface parking spaces.

Commenting on Hines’ plans, Dave Congdon, Senior Vice President and HVAF II Fund Manager, said “We consider this a quality, well-located asset where Hines can add value through leasing.”

Edward Suharski of Grubb & Ellis handled negotiations for Broadreach. Hines represented itself in the deal and will manage the property. Cornish & Carey will handle leasing for the new ownership.

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source: rentv.com