Developer Buys Peninsula Office Building and Fully Leases to Tech Firm

by Roland Li, San Francisco Business Times Harvest Properties and LaSalle Investment Management have purchased a vacant office and R&D building in Foster City and immediately leased the entire building to a tech firm. The price for the 126,345-square-foot property at 1149 Chess Drive was about $35.3 million, or $280 per square foot. The sellers were Whitney Investments and Woodstock Development. The 1975 building is currently fully vacant, but during the sales process, a tech firm signed an 11-year lease for the entire building, said Joss Hanna, partner at Harvest Properties. A source familiar with the deal said the tenant focuses on artificial intelligence and robotics. The asking rent was about $36 per square foot. The building is undergoing a renovation that include a new entrance and landscaping. The property is zoned for both light industrial and office uses. "It's going to be truly transformative to an industrial building," [...]

2017-03-13T15:22:48+00:00 March 8th, 2017|Categories: In the News|Tags: , , , |0 Comments