City Sees First New Office Project in 15 Years

SAN MATEO, CA-BT Commercial has pre-leased 45% of a new class A office project in downtown San Mateo. The 86,000-sf building is the first new office development here in 16 years.

The property, known as 101 Ellsworth, is scheduled to have its shell completed and be ready for tenant improvement by mid-August of this year. The developers, Glenborough Real Estate Trust and National Electric Benefit Fund, expect to have completed construction by late October.

Garnett Capital, a venture capital firm, has leased the 5th and 6th floors of the building for a combined 19,800 SF. Merrill Lynch took 19,400 SF on the 4th floor. Both companies have secured long-term leases, the terms of which were not disclosed. Sources say rents in the area are approximately $48 per sf annually.