FOSTER CITY, CA-Philips Electronics has renewed its lease at Bayside Towers, a class-A office property in California’s Silicon Valley. Philips occupies 67,027 square feet and has been a tenant at the property since mid 2007.
The property is now 80% leased with two prime water view floors available for lease. Brokers Greg Walker and Rick Fahey of Jones Lang LaSalle represented Philips in the lease transaction. Bob Garner and Jon Mackey represented the building’s owner, an affiliate of Tishman Speyer Office Fund.
Bayside Towers consists of two mirror-image six-story buildings situated directly adjacent to the San Francisco Bay waterfront. The building is located in the master-planned city of Foster City, at the intersection of the San Mateo Bridge, which connects the East Bay to the Peninsula.
The property features protected views of the bay and the 10-mile long San Mateo Bridge, as well as direct access via a footbridge to the shoreline, an amenity not available in most office settings. Bayside Towers is at the midpoint between downtown San Francisco and San Jose, with excellent access to Highway 101 and Interstate 280, the primary north-south highway arteries in the Bay Area. San Francisco Airport is less than 10 miles away.
According to a recent office trends report for the area from Grubb & Ellis, the office market continued to gain leasing momentum in the second quarter of 2011, largely credited to intense demand from social media, mobile computing and technology companies. As a result, net absorption had a positive increase of approximately 145,000 square feet from last quarter and over half a million square feet when compared to this time last year, says the report. The firm forecasts that the Valley’s office market predicts a rise in rental rates to continue to increase and suggests that tenants take advantage.
GlobeSt.com could not get further lease terms on the Philips Electronics deal by deadline.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
