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Sandy Comaroto

APR in the News Notable Listings / Sales

Alain Pinel Realtors Represents Private Equity Firm in Purchase of Bay Park Plaza

October 5, 2015

Two Class-A Office Buildings on 13 Waterfront Acres in Burlingame Purchased for $90 Million

Photo of 555 Airport Blvd IV
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.”

Notable Listings / Sales

Alain Pinel Realtors Represents Internationally-Backed Joint Venture Firm in Purchase of Burlingame Point

March 19, 2015

Leading US Private Equity Firm and Chinese Real Estate Firm Will Convert 18-Acre Historic Drive-In Site Into Largest Upscale Office Development on the Mid-Peninsula

Burlingame Point

BURLINGAME, CA – Represented by Jeff Diodati and Sandy Comaroto of Alain Pinel Realtors (APR), internationally-backed Burlingame Point LLC closed on 300 Airport Boulevard, also known as Burlingame Point, last week. The buyer, a joint venture of H&Q Asia Pacific (H&QAP) and KYLLI, INC (KYLLI, which is 100% owned by Genzon Property Group of China), intends to spend approximately $300 million to build the largest upscale development of office space on the Peninsula waterfront in more than a decade.
“The Burlingame Point project will further cement the mid-Peninsula as a center for business and natural sciences. The proposed plans, including open spaces, is a tremendous win for businesses, residents, and visitors,” said Joanne Wondolowski, APR Vice President and Burlingame Manager, whose agent helped broker the deal.
KYLLI is a Palo Alto based real estate firm backed by Genzon Property Group, a successful Chinese real estate development firm with a portfolio of approximately $5.0 billion. H&QAP is an international private equity firm based in Palo Alto with 30 years of experience in cross-border technology investments.
The purchase reflects larger trends in the market according to Ron Gable, APR Vice President and San Mateo Manager. “In both residential and commercial real estate, the Bay Area is a destination for international investment. People from all over the world recognize this as a universally appealing and thriving business center.”
The property, once home to the Burlingame Drive-In before it was demolished a decade ago, was sold by Millennium Partners. The real estate developer, most known in the area for building San Francisco’s Four Seasons Hotel and Millennium Tower, had previously purchased the suburban site in 2006 and began plans to develop the site. Under their planning, the site was approved by the City of Burlingame for construction of four buildings with 767,000 square feet of office, technology, and life sciences space, along with a retail center, food services, a separate amenities building as well as structured and below-ground parking. The plan also calls for relocating an existing section of Airport Boulevard away from the Bay shoreline and into the site itself, allowing for new open space along the waterfront and a new segment of the Bay Trail. The project will now be implemented by the new buyers.
“Burlingame Point is an important addition to our growing Bay Area portfolio,” said Mr. Hok-Kan Dang, the founder and CEO of Genzon Property Group, who with KYLLI also own 225 Bust Street, a historical Class A office tower in San Francisco’s Financial District. “We look forward to working with the City of Burlingame and H&QAP to leverage our existing real estate development experience and technology-related service track record to bring global innovation to this strategically located space.”
Genzon and H&QAP have a long-term relationship having previously partnered in developing a premier office complex in Shenzhen, China with tenants including global technology leaders such as Microsoft and Tencent, one of China’s leading internet and social media companies.
“We have enjoyed a highly successful partnership with Genzon Group over eight years characterized by shared vision and deep mutual trust. We are truly excited to develop Burlingame Point into a destination for global technology companies” said Dr. Ta-lin Hsu, Chairman of H&QAP.
For the real estate agents involved, the transaction also was a personal one. “Jeff and I grew up in the area and went to the Burlingame Drive-In as teenagers. We always wanted to see a wonderful development here, and being able to play an instrumental role in making that a reality is an honor,” said Sandy Comaroto of APR. “The location is fantastic – on the water, close to transportation hubs and equidistant between San Francisco and Silicon Valley.
“This is a very exciting project that will transform the Peninsula waterfront and take advantage of this site’s untapped potential,” explained Jeff Diodati of APR.
The transaction was backed by the City of Burlingame, local politicians, and the Burlingame City Council