GoPro, Tesla’s San Mateo Leased Creative Office Secures $ 159 Million Loan – Commercial Observer


A Hines– the managed joint venture incurred a debt of $ 159.3 million with Capital management per square mile finance Clearview Business Park in San Mateo, Calif., learned Commercial Observer.

The agreement removes the previous acquisition debt that was used by Hines to purchase the approximately 380,000 square foot six-building creative office campus in 2018 for $ 217 million. Deutsche Asset & Wealth Management was the seller.

Deutsche, alongside Embarcadero Capital Partners, paid $ 125.5 million for the development four years before selling it to Hines, who turned out to be one of the few large asset managers picking up real estate in the area in 2018.

About a year after Deutsche and Embarcadero bought the property, it added a 107,700 square foot sixth building to the site, the San Francisco Business Hours declared in 2018.

Eastdil secure‘s Matt haden led a team that researched the debt and arranged for the refinancing from the company’s San Francisco office, sources said.

Built between 1972 and 2016, the property – located at 3025 Clearview Way, in front of the San Mateo College and in the heart of the San Francisco Peninsula – is primarily leased to You’re here and Go Pro, which uses the property as its head office, according to Square Mile and information from the Hines website.

“The prime ownership and location of this premier asset made this opportunity very attractive,” said Square Mile Principal. Eric cohen. “Coming out of the pandemic, we’re seeing very strong rental momentum in San Mateo and the entire Bay Area Peninsula office submarket.”

The sprawling campus spans 22 acres and is located adjacent to Hwy 92, which runs east to west and connects to Interstate 280, Hwy 82, and Hwy 101, all of which run north to the south and feed both San Francisco and San Jose. Clearview is also just a 12 minute drive from the San Francisco International Airport.

“Clearview Business Park is a high quality asset in a strategic location”, Hines COO and Deputy Director of Capital Markets, Cameron Falconer, said in a statement when the company purchased the property in 2018. “We are delighted to add this property to Hines’ portfolio as we continue to grow in San Mateo and the Bay Area.”

Hines owns or manages a number of properties in the Bay Area. Specifically in San Mateo, she owns the nearly 218,000 square foot three-building office complex called the San Mateo Footbridge, and it also manages 777 Sailors’ Island, a 180,000-square-foot, seven-story office building, according to the Hines website.

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