Two Class-A Office Buildings on 13 Waterfront Acres in Burlingame Purchased for $90 Million
BURLINGAME, CA – Represented by Sandy Comaroto and Jeff Diodati of Alain Pinel Realtors (APR), H&Q Asia Pacific (H&QAP) has closed on the purchase of 555 & 577 Airport Boulevard in Burlingame, also known as Bay Park Plaza, for $90 million. The transaction involves two class-A office buildings totaling approximately 260,000 square feet on 13 acres of waterfront property. The seller in the off-market transaction was Hudson Pacific Properties.
This is the second major purchase in which APR has represented H&QAP in Burlingame, having represented a joint venture involving H&QAP in the purchase of Burlingame Point, which is directly to the south of Bay Park Plaza, earlier this year. The Burlingame Point project, which involves converting 18 acres into a four building, 767,000 square foot office space, is the largest upscale development of office space on the Peninsula waterfront in more than a decade.
“The Bay Area is globally recognized as a thriving business center and appealing destination for international investment,” explained Comaroto. “This area at the heart of the Bay Area has previously been underdeveloped and has the potential to become a center for global innovation.”
The properties are located just two miles from the San Francisco airport and are across from Highway 101, providing excellent visibility and access to transportation both locally and globally.
“Waterfront properties like this are very much sought after in other parts of the world,” said Diodati. “This represents a tremendous opportunity for H&QAP.”
“This project represents the culmination of 30 years of cross-border technology investments by H&QAP and our portfolio of relationships with governments, technology parks, leading technology companies, financial and academic institutions, and technology service providers,” said Dr. Ta-lin Hsu, chairman and founder of H&QAP. “Our goal is to create a unique ecosystem to foster innovation and provide growing technology companies with access to crucial relationships and value-added services.”