San Mateo County Office Campus Sold by Harvest Properties and Invesco Real Estate with Peninsula Developing as Tech Market
- Feb 26, 2014
A Chicago-based real estate company has recently made its first move in the San Mateo County office market. Heitman, a global management firm, recently completed the purchase of an office complex in Foster City, Calif. from partnership between Harvest Properties and Invesco Real Estate. The transaction brings further proof that the San Francisco Peninsula is generating interest in the tech market, ranking in the top three markets for tech companies in the entire U.S.
The class A office complex known in the area as Parkside Towers, includes two inter-connected, mixed-use eight-story structures that offer a massive amount of office space, as well as ground floor retail. The two buildings also offer ground floor retail space standing on top of three levels of parking. The total leasable area of the complex located at 1001, 1031 and 1051 East Hillsdale Blvd. stands at 399,590 square feet. The building is currently occupied by a number of high-quality credit tenants. The seller acquired the property back in 2008 and has since focused its efforts on improving Parkside Towers’ occupancy rate. The new owners have since completed the resigning of Guidewire as a major tenant, for 97,674 square feet of space. At the time of the sale, the complex was fully leased, its 100 percent occupancy rate being a major selling point.
Tenant features at Parkside Towers include state-of-the-art building systems, striking lobbies, exceptional onsite amenities and above-average parking on the premises. Harvest Properties acted as the property manager for the asset, and will continue to handle management duties at the site. The transaction was handled by Eastdil Secured Leasing brokers Jeff Weber and Stephen Van Dusen, as well as Josh Rowell and Craig Kalinowski with Cornish & Carey.