The six-story building will sit on four levels of covered parking at 395 Hickey Blvd. It is scheduled for completion in 2003. The site is owned by King Asset Management and is being developed in conjunction with Dewey Land Company. South Bay Construction is executing the design of MBH Architects.

The transaction is one of the biggest in San Mateo County this year, according to John Barsocchini and Bob Baumann of BT Commercial, the brokers representing King Asset. The deal includes substantial landlord funding including$5 million-for tenant improvements that Kaiser will use to build out the space for medical use.

"In a soft market, Kaiser could have landed at a number of locations," says Barsocchini. "They chose Serramonte Corporate Center because of the ease of freeway access (Highway 280), its proximity to the existing Kaiser hospital and access to the Plan's large number of members in the area.