BURLINGAME, Calif., July 1, 2019 – Woodstock Development is pleased to announce the acquisition of One Bay in Burlingame, California. Located at 1350 Bayshore Highway, the nine-story building is approximately 196,000 square feet of Class A office space situated on 4.75 acres along the waterfront of the San Francisco Bay. The property was acquired from New York Life Real Estate Investors and Harvest Properties. Headquartered in downtown Burlingame, Woodstock Development has been active in the Peninsula and East Bay Office and Life Science markets for over 25 years.
“One Bay has historically enjoyed a strong presence in the northern and mid-Peninsula markets,” said Woodstock Development’s President Kirk Syme. “The building features a timeless design while offering unobstructed panoramic Bay views that stretch as far as downtown San Francisco and across to the East Bay, and south along the Peninsula.”
One Bay currently offers a 10-minute shuttle service to the BART / Caltrain station in Millbrae. The building is also a short walk across Highway 101 to the Broadway Avenue retail and restaurant area and the Broadway Caltrain Station, which will have new weekday service commencing in 2021.
Syme highlighted, “Woodstock continues to place a premium on assets anywhere in the San Francisco Bay Area where tenants can either conveniently walk or ride their bicycle to transit.”
One Bay is leased to a diverse mix of tech and professional service providers. The building’s largest tenant is Cushman & Wakefield, a leading global real estate services provider.
With near term lease roll and below market in-place rents, Woodstock is planning near-term capital improvements that will maximize the tenant experience and work functionality. Plans consist of interior and exterior enhancements, including upgrading all of the building corridors and restrooms, along with activating the shoreline and access to San Francisco Bay Trail with new landscaping and seating to provide Bay views.
Syme added, “We believe the Bayshore is a unique amenity and focal point for this asset, and will appeal to employers wanting access to this wonderful natural environment for its health benefits, such as walking, running, bicycling or simply enjoying its tranquil atmosphere.”
Woodstock is working on plans to enhance the fitness center and common areas with a coffee bar, community floor with open seating and gathering spaces.
The incumbent brokerage team of Cushman & Wakefield has been retained by Woodstock to continue to provide leasing services for One Bay. Mike Moran, Clarke Funkhouser, and Gary Boitano of the firm’s local Burlingame office will head the leasing efforts.
“Some of the most intelligent institutional capital, and world leading tech and science firms are investing in Burlingame,” said Mike Moran, Executive Managing Director. “Most recently, the announced Facebook Oculus campus down the street from One Bay is helping to redefine this entire area.”
Moran added, “One Bay has always presented itself as a highly competitive option for companies between South San Francisco and Menlo Park, and following the anticipated property enhancements as well as nearby transportation enhancements, will make for an even greater tenant experience.”
For additional property information on One Bay, please visit www.onebayburlingame.com
CLICK HERE to access a photo of One Bay.
Woodstock Development, Inc. is a diversified real estate investment and development company headquartered in Burlingame, CA, just south of San Francisco. It was founded in 1995 by Kirk C. Syme who oversees all company operations, including property acquisitions, entitlements, development, and property/asset management. Over the last 25 years, Woodstock Development has entitled & developed over 3 Million square feet of Class A Office and Life Science space in the Bay Area. For more information, visit www.woodstockdevelopment.com
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
The biotech behemoth is now the largest of over 200 biotech companies in South San Francisco, which contains over 11.5M SF and counting of biotech space, according to the city website.
BioMed Realty is well into construction of its 1.4M SF Gateway of Pacific development, with the 479K SF first phase already leased to AbbVie. Phase 3 Real Estate Partners’ recently opened the 21-floor north tower of its 715K SF Genesis project. Kilroy Realty Corp. is beginning construction on 630K SF across three buildings at Oyster Point, the San Francisco Business Times reports.
1. Who are the major development players currently building life sciences campuses, facilities, and buildings on the Peninsula?
2. What is the relationship like between the life sciences and biotech companies (from startup to IPO) and CRE developers and investors?
3. Is there adequate demand in place for the vast amount of supply under development or proposed?
4. What are the benefits (and challenges) of developing CRE for the life sciences industry?
5. What other neighborhoods across the Bay Area can support and sustain life sciences development of this magnitude?