SAN CARLOS — Two groups of real estate investors have bought four office centers in San Mateo County in recent weeks, paying well over $400 million for the properties, a survey of public records shows.
All in all, investors paid a total of $437.8 million for the office complexes, which are located in Brisbane, San Carlos and South San Francisco, according to documents filed with the San Mateo County Recorder’s Office Show in September.
GI Partners, a San Francisco-based private investment firm, paid $388 million for three office complexes in San Carlos and South San Francisco, according to real estate documents.
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 real estate investors are still starving for commercial real estate in locations like Silicon Valley and San Mateo County, even amid the economic uncertainties the coronavirus has bred.
Here are the locations of 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 three properties that GI Partners bought were sold by Pasadena-based Alexandria Real Estate, an industry giant.
Pasadena-based Alexandria Real Estate previously told Wall Street analysts that it intends to reduce its Bay Area office inventory.
The life sciences and office buildings purchased by GI Partners are all fully leased by a number of companies.
“We are pleased to invest in a portfolio that offers a stable local return with a diversified mix of emerging and established tenants,” said Patrick Lawler, a senior executive at GI Partners.
GI Partners says its real estate purchases will help the investment firm tap into what it says is increasing demand for office buildings for biotech and life-science tenants.
“These buildings further demonstrate our focus on providing state-of-the-art laboratory infrastructure and world-class services to high-growth tenants in key markets,” said John Sheputis, Managing Director at GI Partners.