EverWest, Partners Group Acquire $110M CA Office Campus
- Jul 02, 2018
A joint venture between Partners Group and EverWest Real Estate Investors has acquired Burlingame Bay Office Park, a Class A office campus in Burlingame, Calif. The property was purchased from H&Q Asia Pacific for $109.7 million, according to Yardi Matrix. NKF Capital Markets arranged $81.5 million in financing for the purchase and repositioning, on behalf of the buyers.
Located at 555 and 577 Airport Blvd., Burlingame Bay Office Park comprises two buildings totaling 260,000 square feet. Built in 1983 and 1998, the eight-story Bay Park Plaza I and five-story Bay Park Plaza II are located directly on the San Francisco Bay and feature tenant amenities such as landscaped walking paths, views of the bay and hills, a bay side walking trail, a bike room, a fifth floor outdoor space, natural light, outdoor patio areas, a fitness center and a conference room. Current tenants of the office campus include Virgin America, JBS International, LFS Asset Management and Stonesfar Financial Corp.
Active San Francisco market
“Given the quality of the asset and diversified tenant base, the debt markets showed a strong interest in this opportunity,” said Senior Managing Director Chris Moritz, in a prepared statement. “Colony demonstrated a real understanding of the dynamics of the submarket and the strong position of property and our NKF Capital Markets team is pleased to have successfully closed on this transaction with them on behalf of EverWest and Partners Group. Burlingame Bay presents a rare opportunity to stabilize a Bay-facing asset in strong mid-Peninsula submarket.”
NKF Capital Markets’ Moritz and Vice Chairman Ramsey Daya of the debt and structured finance team, arranged the financing through subsidiaries of Colony Credit Real Estate Inc. In April, Moritz and Daya also secured $26.2 million financing for the acquisition and repositioning of 55 Green, a Class A office building in San Francisco‘s North Waterfront submarket.
Image courtesy of NKF Capital Markets