SAN MATEO, CA–Construction has begun on an expansion of the Clearview Business Park, according to Embarcadero Capital Partners and project partner, Deutsche Asset and Wealth Management. The project entails construction of a 110,876-square-foot, class-A office building and an 817-stall parking structure.
Situated on an elevated bluff overlooking San Mateo, the three-story structural steel and concrete building, which is scheduled to be completed in September of 2016, features expansive 36,958 square foot floor plates and energy-efficient building systems to LEED Silver standards. The construction firm is San Francisco-based Build Group.
The design by San Francisco-based firm Korth Sunseri Hagey Architects incorporates a two-story entrance lobby, extensive natural light, and panoramic Bay and mountain views. Other enticing tenant amenities include freeway signage, free parking, outdoor collaborative space, electric vehicle charging stations, building showers and bike racks. The six-story precast concrete parking structure is on track to open in March of 2016.
John Hamilton, co-founder and principal of Embarcadero Capital Partners, tells GlobeSt.com: “We have known and respected Deutsche Asset and Wealth Management for many years and have sold them a few of our most exciting projects such as a 75,000 square foot, four-story office building in downtown Palo Alto that we leased to Palantir as their headquarters. We also sold them a 400,000-square-foot office/industrial facility that we transformed into an exciting contemporary campus, which we leased to Apple. Over the course of those two transactions spearheaded by Andy Harper, director of transactions, our two organizations found that we have the same view of what makes submarkets, sites, and projects attractive for long-term, value-add investment opportunities. Clearview is extremely important to us because it represents our joining forces for the first time on a ground-up project.”
Clearview Business Park was acquired by Embarcadero Capital Partners and Deutsche Asset and Wealth Management in April of 2014, and consists of nearly 22 acres and five existing office buildings in a campus-like setting with 267,483 square feet of class-A office space. In addition to overseeing planning, design and construction, Embarcadero Capital Partners will manage and lease the new building.
“We are pleased to be delivering a LEED Silver-designed project into a strong market with limited options for 100,000 square feet of contiguous class-A office space,” said Todd Henderson, head of real estate, Americas for Deutsche Asset and Wealth Management.
Clearview Business Park is home to the corporate headquarters of GroPro and SolarCity and is perched over the confluence of the Peninsula's key commuter freeways, Route 92, Interstate 280 and Highway 101. The location affords unparalleled access to the entire Bay Area by car and is minutes from both the San Francisco International Airport and San Jose International Airport. The site is pedestrian friendly with the Laurelwood Shopping Center nearby and provides easy access to public transportation including a bus line with frequent shuttles to BART and Caltrain.
“We are very close to finalizing the terms of another joint venture in Menlo Park with Deutsche Asset and Wealth Management. We look forward to many years of creating value by enhancing superior work places together in the Bay Area,” adds Hamilton.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
