Hines Acquires 600 Clipper Drive in Belmont, CA

(SAN FRANCISCO) – The San Francisco office of Hines, the international real estate firm, announced today that its Hines U.S. Office Value Added Fund II, L.P. (HVAF II) has acquired 600 Clipper Drive from Broadreach Capital Partners. The three-story, 160,000-square-foot Class A office building is located in Belmont, California, in the Redwood Shores office submarket, just minutes from the Bay Area’s San Francisco International Airport.

The seller was represented by Edward Suharski of Grubb & Ellis Company.

Hines represented itself in the transaction.

Hines will manage the property, and Cornish & Carey will handle the leasing.

Terms of the deal were not disclosed.

The first phase of the contemporary-style office development was completed in 1995 and encompasses 120,000 square feet.

The second phase addition was completed in 2000 and comprises 40,000 square feet.

The building features floor-to-ceiling windows, ample 51,000-square-foot floor plates and 471 surface parking spaces. The building is currently vacant.

“We consider this a quality, well-located asset where Hines can add value through leasing,” said Dave Congdon, senior vice president and HVAF II fund manager.

“This building represents the largest single block of contiguous office space in San Mateo County, and we are confident that we will be able to capitalize on strong underlying market fundamentals as we implement our leasing effort,” said Hines Vice President Lisa Lewis.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects underway, completed, acquired and managed for third parties includes more than 1,000 properties representing approximately 416 million square feet of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities, as well as large, master-planned communities and land developments.

With offices in 68 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $19.9 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.