SAN CARLOS — Two groups of real estate investors have bought four office hubs in San Mateo County in recent weeks, paying well over $400 million for the properties, a survey of public records shows.
All told, investors paid a combined $437.8 million for the office complexes, which are located in Brisbane, San Carlos and South San Francisco, documents that were filed in September with the San Mateo County Recorder’s Office show.
GI Partners, a San Francisco-based private investment firm, paid $388 million for three office complexes, located in San Carlos and South San Francisco, according to the property records.
An alliance of New York City-based private investment firm Angelo Gordon and Dallas-based real estate firm Lincoln Property Co. paid $49.8 million for a newly constructed office building at 150 N. Hill Drive in Brisbane, county files show.
The deals show that real estate investors are still hungry for commercial properties in sites such as Silicon Valley and San Mateo County, even in the face of the economic uncertainties that the coronavirus has spawned.
Here are the locations of the GI Partners purchases in San Mateo County. GI Partners calls the trio of properties its Peninsula Lab Collection:
— 7000 Shoreline Ct. in South San Francisco, $170 million.
— 341 Oyster Point Blvd., South San Francisco, $130 million.
— 75 Shoreway Road, San Carlos, $88 million.
The seller in the deals involving the three properties that GI Partners bought was Pasadena-based Alexandria Real Estate, an industry titan.
Pasadena-based Alexandria Real Estate had previously told Wall Street analysts that it intended to trim its office holdings in the Bay Area.
The life sciences and office buildings that GI Partners bought are all fully leased up with an array of companies.
“We are thrilled to invest in a portfolio that provides stable, in-place yield with a diversified mix of emerging and established tenants,” said Patrick Lawler, a principal executive with GI Partners.
GI Partners says its property purchases will help the investment firm tap into what it sees as rising demand for office buildings that can cater to biotech and life science tenants.
“These buildings further demonstrate our emphasis on delivering state-of-the-art lab infrastructure and world-class service to high-growth tenants in key markets,” said John Sheputis, a managing director with GI Partners.