BURLINGAME, Calif.,
Jan. 24, 2022 /PRNewswire/ --
Woodstock Development ("Woodstock"), a full service commercial real
estate investment and development firm specializing in premier
office and life science properties in the San Francisco Bay Area, today announced that
it has acquired the remaining ownership stake in One Bay Plaza, a
9-story Class-A office building located on the Bayshore waterfront
in Burlingame. With the completion
of the transaction, valued at $108
million, Woodstock is now the 100% owner of the
property.
Located at 1350 Bayshore Highway, the property has a total of
approximately 196,000 rentable square feet, including ~12,000
square feet of Lower Level amenity space. The building is currently
85% leased to over 35 tenants including Alaska Airlines, Cushman
& Wakefield, BTIG, and Acco Brands.
Woodstock first acquired the property with Iron Point Partners,
LLC ("Iron Point") in June of 2019.
"Our partnership with Iron Point has been remarkable and has
transformed One Bay into a
market-leading Class-A office building," said Kirk Syme, President at Woodstock. "In addition
to life science, the Burlingame
area has seen unprecedented demand and expansion with big-name
technology users like Google and Facebook. Our full acquisition of
One Bay expresses Woodstock's confidence in the Peninsula market
and continues Woodstock's more than 25 year record of developing
premiere office and life science properties."
The acquisition builds on Woodstock's value-additive history
with One Bay. Since 2019, Woodstock
has implemented a comprehensive renovation of the building,
including new lobbies, restrooms and corridors. Additionally,
Woodstock retained renowned architecture firm, Mark Cavagnero
Associates to design a 12,000 square feet amenity area including
conference rooms, collaboration rooms, ping pong, fitness room with
showers and lockers and a social pantry where tenants are offered
"grab and go" sandwiches and salads along with complimentary
coffee, espresso and fresh fruit. On the Bayshore, Woodstock
upgraded the Bay Trail with new landscaping, a bocci court, picnic
tables and chairs for Bay viewing. In the last two years, despite
the pandemic and work-from-home alternatives, Woodstock has added a
market-leading 14 new tenants and renewed nine existing tenants
totaling approximately 90,000 square feet which is nearly 50% of
the building.
Eastdil Secured represented Woodstock Development and Iron Point
in the transaction.
About Woodstock Development
Woodstock Development, Inc. was founded in 1995 in Burlingame, CA. Woodstock focuses on the
development of premier office and Life Science properties in the
San Francisco Bay Area. Woodstock
has entitled and/or developed over 3 million square feet of Class A
Office and Life Science space over the past 26 years and currently
has over 2 million square feet in its development pipeline in the
Bay Area. For more information, please visit
www.woodstockdevelopment.com
About Iron Point Partners
Iron Point Partners is a private equity firm targeting
investments in real estate and other real assets throughout
North America and Europe. Since inception, Iron Point and its
affiliates have raised approximately $8
billion in equity capital commitments. Iron Point pursues a
thematic investment approach across numerous commercial real estate
property types and specialty asset classes. Prior to forming Iron
Point in 2007, certain of the principals managed real estate
investment vehicles for the Robert M.
Bass family office.
Contacts
Jon Keehner / Jack Kelleher / Erik
Carlson
Joele Frank, Wilkinson Brimmer
Katcher
212.355.4449
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SOURCE Woodstock Development