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EverWest Locks Up Burlingame Bay Office Park in $109.7 Million Deal

Denver Firm Adds Two-Building Complex to NorCal Portfolio
June 29, 2018
EverWest Real Estate Investors continued its push into the Bay Area with the $109.7 million purchase of the Burlingame Bay Office Park in suburban San Francisco

Partnering with global private market investor Partners Group, the Denver-based firm paid $406 per square foot to acquire the two-building office park at 555 and 577 Airport Blvd. in Burlingame, CA.

Bay Park Plaza I at 577 Airport totals 147,784 square feet over eight stories, while Bay Park Plaza II at 555 Airport measures 233,378 square feet over five stories. The complex sits on a 13-acre site visible from Highway 101/ Bayshore Freeway alongside the west side of San Francisco Bay and is adjacent to a Hilton Double Tree hotel, the Hilton San Francisco Bayfront hotel and numerous restaurants.

Current tenants in the office complex include Virgin America, Qlik Technologies and Mills-Peninsula Medical Group, according to CoStar information.

The investment is EverWest's latest bet in Northern California. Last month, the company acquired a 16,000-square-foot creative office building in downtown San Francisco. The firm also owns the eight-story Offices at Public Market in Emeryville, the 405 Victory industrial project in South San Francisco and a recently completed industrial project on Depot Road in Hayward.

Ryan Madson, managing director with EverWest, oversaw the acquisition of Burlingame Bay on behalf of the firm.

“The North Peninsula office market is enjoying exceptional conditions, with overall vacancy at just 6 percent and strong and broad tenant demand that will continue to benefit well-located, high-profile projects like Burlingame Bay Office Park,” said Madson, who oversees EverWest’s Northern California and Pacific Northwest acquisition activity. “We believe we can add even more value through capital improvements and lease-up in the months and years ahead.”

Josh Rowell, Craig Kalinowski and Dan Matteucci with Newmark Knight Frank currently handle leasing at Burlingame Bay Office Park.

For more information on the transaction, please reference CoStar Comp #4327035.
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