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 massive 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.”
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Offering an incredible combination of view and home, “Salt Aire” enjoys some of the biggest and broadest views beginning with the curve of the white sands of the beach with the green of the Pebble Beach fairways behind and all of Carmel Bay in-between and beyond to the open ocean. Designed by Eric Miller, this classic Camel Stone home features large & open rooms with high ceilings, an abundance of light, and spacious bedrooms. Lovely stone patios with a fire pit and fireplace for outside entertaining.
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Alain Pinel Realtors (APR) hosted The Luxury Consumer Summit last week, an event that educated real estate agents and managers on how to increase their business with the luxury consumer and effectively deliver outstanding customer service experiences that set them apart.
Held at Cavallo Point in Sausalito, real estate professionals from San Francisco, Marin, and beyond came together for an intimate luncheon that featured Alf Nucifora, the Chairman and Founder of The Luxury Marketing Council chapters in San Francisco and Las Vegas, as the keynote speaker, as well as two panels.
Nucifora spoke on the topic of today’s luxury consumer and what they are looking for in their customer experience.
In his presentation, Nucifora said, “Let’s look at the product. What do our affluent customers demand? The most important thing they want is the ‘experiential’ halo over the product or service. Every category you can think of, it has to be experience driven.”
The Luxury Consumer Experts Panel followed Nucifora’s presentation. Moderated by Rainy Hake, APR’s Executive Vice President & Chief Operating Officer, panelists shared experience from industries outside real estate, offering a fresh perspective on how the luxury consumer can be approached.
Larry Altschul, Senior Vice President of Customer Development at MGM Resorts International, joined the event from Las Vegas and spoke on his experience working with “whales,” high net-worth gamblers, sharing several stories of his clients’ outrageous requests. Greg Minor, General Manager of Ferrari/Maserati of San Francisco, spoke specifically to the Bay Area marketplace in terms of who the luxury consumer is and how to capture their business. Sharon Osen, Chief Marketing Officer of Perricone MD, provided insights into what agents can be doing with the resources they have to find client information, organize it in a manageable way through a CRM tool, and put it to use in order to generate more business. David Friedman, President of Wealth-X, emphasized the crucial nature of compiling this information and how to use specific data to target groups of potential clients.
The second panel was moderated by Michi Olson, SGMS, APR’s Vice President of Global Business Development & Relocation, and was geared specifically to real estate. The panel consisted of top agents from all over the country, including Jeff Hyland from Hilton & Hyland in Beverly Hills, Pat Choi from Choi International in Honolulu, Brian Lewis of Halstead Properties in New York City, and Quetzal Grimm from APR Woodside. All the panelists echoed the theme of treating the luxury consumer like a real person rather than an exotic spectacle, being authentic and true to yourself in all that you do, and going above and beyond to make their wishes a reality.
“As a luxury brokerage, it is crucial to stay relevant and understand the needs of our affluent clients so that we are able to provide them with the exceptional customer service they have come to expect from Alain Pinel Realtors,” said Hake.