Lincoln Property, Dune Gain Approval for Major Bay Area Project

Bay Area skyline. Image courtesy of Adam Derewecki via pixabay

Burlingame, Calif., city officials have unanimously approved a Bay Area research and development center. 777 Airport Boulevard, brought forth by a partnership between LPC West, an affiliate of Lincoln Property Co., and Dune Real Estate Partners, is anticipated to be more than 400,000 square feet of office space for employers in the science and technology space.

Situated on the Burlingame waterfront, 777 Airport Boulevard is set to be a 13-story building on the corner of Airport and Anza Boulevards. The project is designed by Gensler with offices, laboratories and other science and technology spaces.

The total lot size for the new project is 308 acres, according to CommercialEdge data. With the appeal period closed, pre-development activities on the Class A center can commence.

Environmentally sustainable features incorporated into the building’s design include shoreline infrastructure to prevent against sea level rise, water conservation installments, terraces for more access to fresh air and natural light and rooftop solar for an all-electric building. EV charging stations, bike parking, a bike repair station and ride-share parking are also being implemented into the development.

More than $1 billion in economic activity is anticipated to result from the project, including $19 million in fees to the city and 2,500 permanent jobs. Another 1,000 construction jobs are set to come out of the build with some $189 million in construction-related activity.

Community related outcomes to 777 Airport Boulevard are expected to be more than $5.6 million in benefits. These will include improvements to the pedestrian walkways and experiences along Airport Boulevard, educational signs along the Bay Trail, a public plaza with a café and more than 1 acre of public greenspace featuring landscaping, seating and bike racks.

Bay Area office space hot spot

Burlingame, located in the San Mateo County on the San Francisco Peninsula, is situated south of San Francisco. As of September, South San Francisco had 2,982,010 square feet of office space under construction, the highest across the Peninsula and Bay Area submarkets. With life science companies moving to the area, it has become one of the nation’s largest hubs for construction.

Also in September, the greater Bay Area had 10.3 million square feet of office space under construction. This marks the third largest pipeline in the U.S.

LPC West has been investing heavily throughout the Bay Area, as well as California in general. The company recently acquired a 228,000-square-foot Bay Area life science portfolio in Fremont. Further south, LPC West expanded its San Diego footprint with the purchase of a 135,000-square-foot industrial property for $35.1 million.