Bridge Investment Group affiliate purchases three-building office campus in San Mateo, California
A fund managed by Bridge Office Fund Manager, an affiliate of Bridge Investment Group (Bridge), has purchased 1900-2000 Alameda de las Pulgas, a three-building, 267,007-square-foot office campus in San Mateo, California.
Bridge’s affiliate acquired the office campus located in the heart of the Bay Area’s Mid-Peninsula office market for an undisclosed price from BRE Alameda Property Owner, LLC and plans to invest more than USD7.6 million in renovations as part of a repositioning initiative that will include a new name for the property.
Bridge Office Manager’s comprehensive capital improvement program will create modern collaborative common areas, new lobbies and a tenant lounge, as well as upgrade dining options, the fitness centre and building exteriors with many of the significant improvements focused on Building 1900. Previous renovations created a modern conference centre and improved atriums and landscaping throughout the campus.
“This office campus offers an excellent location in the Mid-Peninsula market between San Francisco and Silicon Valley while providing tenants high-quality space at more competitive rates than some of the Bay Area’s other high-profile markets,” says Jeff Shaw, Principal with Bridge Office Manager and CEO of Bridge Commercial Real Estate, the office operating subsidiary of Bridge Investment Group. Jeff also commented that “Our comprehensive capital improvement plan will significantly enhance the property’s amenities and we expect to maintain high occupancy levels in the campus’s three buildings.”
The property, which has been awarded LEED Gold status, includes: 900 Alameda de las Pulgas (four stories, 99,023 square feet); 1950 Alameda de las Pulgas (two stories, 22,340 square feet); and 2000 Alameda de las Pulgas (two stories, 147,040 square feet). Tenants include the County of San Mateo, California Casualty and a diverse mix of smaller tenants.
Currently 98 percent occupied, the property is located directly off of Highway 92 and less than two miles from US-101, providing tenants convenient access to San Francisco to the north and the major hubs of Silicon Valley. As rental rates continue to spike in northern Silicon Valley and San Francisco, San Mateo continues to experience heightened demand.
The Mid-Peninsula office market totals approximately 21 million square feet of space and is home to numerous high-profile tenants, including Oracle, Facebook, Google and Intuit. The strong local economy is highlighted by steady job growth and an unemployment rate that has dipped to a 16-year low of less than 3 pe rcent.
Will Connors, Michel Seifer, Daniel Renz, Erik Doyle, Rob Hielscher and Cheri Pierce with Jones Lang LaSalle represented the owner in the property sale. Josh Rowell with Newmark Cornish Carey will market the property for lease.