(SAN MATEO, CA) – Hines, the international real estate firm, announced today that it, along with partner Angelo, Gordon & Co. (Angelo Gordon), has acquired San Mateo Centre, a 217,544-square-foot, three-building office complex located in San Mateo, CA.
Financials on the deal were not disclosed.
The low‐rise, three‐story buildings were constructed between 1985 and 1987, and sit on a 9.79‐acre parcel bordered by Gateway Drive and Highway 92 to the north, Gateway Drive to the west, and Edgewater Boulevard to the south.
“We are pleased to add San Mateo Centre to our Bay Area portfolio. Given the quality of this location, the nearby amenities, and the solid market fundamentals in San Mateo, we believe this is a strategic acquisition and will provide an option to new tenants seeking a cost-effective alternative to San Francisco and Silicon Valley,” said Hines Senior Managing Director Cameron Falconer.
The campus is currently 86 percent leased to tenants, including:
California Society of CPA’s; Camico Mutual Insurance; Guavus, Inc.; Nexant; and SugarSync, Inc.
Hines has assumed on-site property management responsibilities on behalf of the joint venture.
San Mateo Centre is the first acquisition between Hines and Angelo Gordon.
Angelo, Gordon & Co., is a privately‐held, SEC‐registered investment adviser dedicated to alternative investing.
The firm was founded in 1988 and currently manages approximately $26 billion.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide.
The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,317 properties representing more than 541 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
Currently, Hines manages 391 properties totaling 161 million square feet, which includes 89.1 million square feet for third parties.
With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the largest real estate organizations in the world.
Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.