Located at 1350 Bayshore Highway, the property has a total of approximately 196,000 square feet of habitable space, including approximately 12,000 square feet of amenity space on the lower level. The building is currently 85% leased to over 35 tenants, including Alaska Airlines, Cushman & Wakefield, BTIG and Acco Brands.
Woodstock first acquired the property with Iron Point Partners, LLC (“Iron Point”) in June 2019.
“Our partnership with Iron Point has been remarkable and transformed on ebay in a market-leading Class A office building,” said Kirk Syme, president at Woodstock. “In addition to the life sciences, the Burlingame has seen unprecedented demand and expansion with big tech users like Google and Facebook. Our comprehensive acquisition of One Bay expresses Woodstock’s confidence in the Peninsula market and extends Woodstock’s more than 25-year record of developing prime office and life sciences properties. »
The acquisition builds on Woodstock’s history of adding value with on ebay. Since 2019, Woodstock has implemented a complete renovation of the building, including new lobbies, restrooms, and hallways. Additionally, Woodstock retained the services of renowned architectural firm, Mark Cavagnero Associates, to design a 12,000 square foot amenity area including conference rooms, collaboration rooms, a ping pong table , a fitness room with showers and lockers and a social pantry where tenants are offered “to-go” sandwiches and salads with free coffee, espresso and fresh fruit. On the Bayshore, Woodstock has improved the Bay Trail with new landscaping, a bocce ball court, picnic tables and chairs for bay viewing. Over the past two years, despite the pandemic and work-from-home alternatives, Woodstock has added 14 new market-leading tenants and renewed nine existing tenants totaling approximately 90,000 square feet, or nearly 50% of the building.
Eastdil Secured represented Woodstock Development and Iron Point in connection with the transaction.
About Woodstock Development
Woodstock Development, Inc. was founded in 1995 in Burlingame, California. Woodstock is focused on developing premier office and life science properties in the San Francisco Bay Area. Woodstock has licensed and/or developed over 3 million square feet of Class A office and life science space over the past 26 years and currently has over 2 million square feet in its development pipeline in the bay area. For more information, please visit www.woodstockdevelopment.com
About Iron Point Partners
Iron Point Partners is a private equity firm targeting investments in real estate and other real estate assets through North America and Europe. Since its inception, Iron Point and its subsidiaries have raised approximately $8 billion in equity commitments. Iron Point pursues a thematic investment approach across many types of commercial real estate and specialty asset classes. Prior to the formation of Iron Point in 2007, some of the executives managed real estate investment vehicles for the Robert M. Bass family office.
Jon Keehner / Jack Kelleher / Erik Carlson
Joelle Frank, Wilkinson Brimmer Katcher
SOURCE Woodstock Development