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90,000-SF Rearden Lease Fills Parkside Towers

FOSTER CITY, CA-Now fully leased and about to be sold for $180 million, the 400,000-sf office complex here was 85% vacant less than two years ago.

By Brian K. Miller | Updated on January 07, 2008

FOSTER CITY, CA-Rearden Commerce Inc. has tripled its leasehold at Parkside Towers, a 400,000-sf class A complex here that is now fully leased and being sold for $180 million just two years after being largely vacant. The creator of the first online personal assistant leased 91,363 sf on sixth, seventh and eighth floors of 1001 E. Hillsdale Blvd. to complement the 41,706 sf it leased late last year on the sixth floor of 1051 E. Hillsdale Blvd., according to Cornish & Carey brokers Craig Kalinowski and Josh Rowell, who represented the building owner in the transaction.

The building is owned by a joint venture of Sterling American Property and Hines. As reported in GlobeSt.com late last month, Parkside Towers is under contract to be sold to a joint venture of Harvest Properties and Invesco Realty Advisors of Dallas for approximately $180 million or $452 per sf, according to an industry source. The sale is expected to close this month.

The Sterling-Hines JV acquired Parkside Towers in mid-2005 as part of an unstable five-building, 1.7-million-sf portfolio from Equity Office Properties for which it paid approximately $397 million, of which $83 million was allocated to Parkside Towers. The other properties were 405 Howard St., 301 Howard and 120 Montgomery, all in San Francisco, and San Rafael Corporate Center. The JV has since sold three of the properties (San Rafael Corporate Center, 405 Howard and 301 Howard) for $466 million.

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