Fri, 11/04/2014 - 13:51
LaSalle Investment Management and Harvest Properties have acquired 1400 and 1450 Fashion Island Blvd, known as Century Centre I & II, in San Mateo, California from Fisher Investments for an undisclosed sum.
The Class A office development is comprised of two mid-rise towers totalling 276,551 square feet in the heart of the Mid-Peninsula market at the intersection of US 101 and Highway 92.
Upon acquisition, the team immediately began implementing a leasing and repositioning plan, beginning renovations and construction of a new parking structure.
Century Centre I & II has signage opportunities, panoramic views of the San Francisco Bay and a flexible, central-core design that provides efficient floor plates ideal for single or multi-tenant uses. It has an on-site Caltrain shuttle and restaurant and retail amenities within walking distance.
The complex is anchored by investment advisor Fisher Investments, in a long term lease at Century Centre II. Harvest negotiated three new lease transactions during due diligence and marketing period including Apttus totaling 39,744 square feet, Ring Central an additional 9,288 square feet and Sierra Venture totaling 6,243 square feet.
The transaction represents the second purchase for Harvest and LaSalle as partners in the last three months.
“We look forward to strengthening our relationship with Harvest Properties as we collaborate to transform Century Center I & II to meet the needs of today’s real estate environment,” said Erick Paulson, managing director, LaSalle. “Together, the Harvest and LaSalle teams are able to leverage our deep expertise in the local market to drive strong returns and restore Century Center I & II to its status as a signature property in the market for years to come.”
“This deal offers just the right combination of factors to leverage our skills as a full service company,” said John Winther, founder and managing partner of Harvest Properties. “It provides secure long term cash flow and at the same time presents the perfect opportunity for our fully integrated team of experts to add significant value.”
Harvest’s team has already begun planning a variety of projects at Century Centre II including market-ready improvements on select vacant suites, lobby renovations, a new signage programme, cosmetic elevator cab upgrades and landscaping improvements with the addition of a new tenant-friendly courtyard amenity to replace an existing outdated water feature. Additional projects include floor-by-floor restroom, common area and elevator lobby upgrades coinciding with major tenant lease expirations on multi-tenant floors. Harvest also plans to build a new parking structure.
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