SKB and Goldman Sachs acquire the Tower Plaza, a five-building, 206.851 SF office complex in San Mateo, CA.
Portland, ORE. (January 8, 2014) — ScanlanKemperBard Companies (SKB) in a joint venture with Goldman Sachs has acquired the Tower Plaza, a five-building, 206,851-square-foot office complex in San Mateo, California.
“With an outstanding location between San Francisco and Silicon Valley including a host of amenities and other market strengths, along with planned improvements and upgrades, Tower Plaza is positioned to grow in net operating income and market value,” said SKB President, Todd Gooding. “We are pleased to have the opportunity to partner with Goldman Sachs on the acquisition of Tower Plaza.”
Market strengths and property features of Tower Plaza include:
- Property consists of a 12-story office building surrounded by 1- and 2-story office buildings and a 5-level parking structure
- Onsite amenities including a fitness center, conference room café and outdoor recreation area
- Located in the heart of San Mateo’s office submarket between Silicon Valley and San Francisco
- Walking distance from the Hayward Park Caltrain Station
- Immediate access to Highways 92 and 101
- Constructed in 1972 and received major renovations including seismic upgrades, lobby expansion, HVAC upgrades and more
- 605 parking stalls for a parking ratio of 2.9 per 1,000 rentable square feet
- The 1-and 2-story plaza buildings are well-suited for creative tenants, offering exposed ceilings and high ceiling heights, along with the opportunity to occupy and brand an entire building
Planned improvements and upgrades to the property include HVAC, roofing and cosmetic exterior upgrades, as well as interior cosmetic improvements. The property is currently 62% leased to a strong roster of tenants with no single tenant making up more than 10% of the rent roll. Gooding said the business plan includes moving from 62% occupancy to 93% in the first 3 years.
SKB has originated total portfolio activity of $2.94 billion comprised of 22.5 million square feet of office, industrial and retail space and 2,054 residential units. With longstanding relationships in each of our markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities.