Harvest Properties, a full service commercial real estate investment, development and management firm in partnership with Invesco Real Estate, today announced the sale of 1001, 1031 and 1051 East Hillsdale Blvd. in Foster City, California to global real estate management firm, Heitman for an undisclosed sum. The transaction represents Chicago-based Heitman’s first foray into San Mateo County, which is located on the San Francisco Peninsula. Harvest currently manages the buildings and will continue to do so for the new owner.
Parkside Towers in Foster City, California (Photo: Business Wire)
Acquired by Harvest and Invesco in January of 2008, the Class “A” office development is well branded and known throughout the Bay Area as Parkside Towers. Comprised of two architecturally distinct inter-connected eight-story office towers above three levels of parking and ground floor retail, the 399,590 square foot complex boasts consistently high occupancy and a reputation for attracting high quality credit tenants. With its office component 100% leased at the time of sale, Parkside Towers is one the of the most desirable business addresses in San Mateo County. During their ownership, Harvest and Invesco capitalized on market conditions releasing an available 97,674 square feet to software company, Guidewire.
Completed in 2002, Parkside Towers features efficient floor plates, state-of-the-art building systems, striking lobbies, exceptional onsite amenities, and an above average parking ratio. The development is located within the geographic center of the 35 million square foot San Francisco Peninsula market within the Highway 92 corridor mid-way between San Francisco and San Jose in the northern portion of Silicon Valley.
“We are excited to deliver excellent returns to our partner Invesco Real Estate with the sale of this exceptionally well performing asset,” said John Winther, Founder and Managing Partner of Harvest Properties, “The deal is a testament to the strength of the San Francisco Peninsula market.”