New York Life REI Partnership Sells Bay Area Office Building
- Jul 03, 2019
Woodstock Development has acquired the 195,739-square-foot One Bay in Burlingame, Calif., from a joint venture between New York Life Real Estate Investors and Harvest Properties. The partnership previously purchased the asset in 2016 for $53.4 million, per Yardi Matrix information.
Located at 1350 Bayshore Highway, the nine-story building was completed in 1980 on a 4.8-acre site along the San Francisco Bay waterfront. The property, which Yardi data lists as 18.3 percent vacant, offers 10-minute shuttle service to the BART/Caltrain station in Millbrae, is within walking distance of highway 101, several dining options and the Broadway Caltrain Station, which will have weekly service starting 2021. The Burlingame office submarket has seen a surge in tech and science companies investing in the area, the most important examples being Facebook’s Oculus campus and Google’s new 190,000-square-foot building.
Investing in Improvements
The new owner intends to begin capital improvements, both interior and exterior, intended to increase tenant experience and work functionality. These will include upgrades to building corridors, restrooms and fitness center, as well as adding new landscaping, a coffee bar, and open seating and gathering spaces for the community floor.
Eastdil Secured’s Paul Nelson, Stephen Van Dusen, Cartter Berg and Cameron Palmer represented the sellers in the transaction. Additionally, Mike Moran, Clarke Funkhouser and Gary Boitano from Cushman & Wakefield’s local office have seen selected to handle the leasing at the property.