Clearview Business Park, a creative office campus on the San Francisco Peninsula, has found a new owner in Hines. The global real estate investment firm has recently acquired the property from Embarcadero Capital Partners.
Although the financial details of this deal remain undisclosed, Yardi Matrix data reveals the closing price of the last transaction. Four years ago, Embarcadero bought the six-story complex from Lowe Enterprises, paying $126 million for the San Mateo office building.
“Clearview Business Park is a high-quality asset in a strategic location. We are excited to add this property to the Hines portfolio, as we continue to grow in San Mateo and the Bay Area,” Cameron Falconer, senior managing director at Hines, said in a statement.
The 379,219-square-foot office campus includes six buildings spread across a 22-acre site in the Western Hills neighborhood of San Mateo. The low-rise at 3025 Clearview Way is fully leased to GoPro, which also occupies most of the space within the other five buildings located at 3000 Clearview Way. Apart from this tech company, Clearview Business Park is also home to SolarCity, a Tesla subsidiary, and Akamai, a content delivery network—per Yardi Matrix data.
Located atop the San Francisco Peninsula ridgeline, the property lies between the US-101 and the I-280 and provides direct access to Highway 92. Most of the campus, comprising five buildings encompassing a total of 267,483 square feet, was originally completed in 1970 and was fully renovated in 2007. The sixth asset, a 110,876-square-foot building, was built in 2016. Previously, the office complex was known as the San Mateo Executive Park.