Hudson Pacific Flips in Burlingame

By Alex Girda, Associate Editor

Asian capital has been flooding into the Silicon Valley market at a steady pace during recent years. The most recent case in point is the recent acquisition of the Bay Park Plaza office asset in Burlingame by private equity firm H&Q Asia Pacific for a reported price of $90 million.

Hudson Pacific Properties sold the asset in an all-cash transaction. The seller was represented by brokerage Eastdil Secured, while Alain Pinel Realtors advised the new owner.

Bay Park Plaza

Bay Park Plaza offers 260,183 square feet of office space and consists of two buildings on a 13-acre waterfront site. Located at 555 Airport Blvd. and 577 Airport Blvd., the buildings were purchased by Hudson Pacific from Blackstone earlier this year as part of a portfolio acquisition.

The property is two miles away from the San Francisco International Airport. Virgin America currently houses its corporate headquarters at .555 Airport Blvd.

“By selling Bay Park Plaza, we’re disposing of a non-strategic asset at a premium to our original purchase price allocation as part of the Blackstone portfolio,” Hudson Pacific Properties Chairman and CEO, Victor Coleman said in a statement.