CHICAGO--(BUSINESS WIRE)--LaSalle Investment Management and Harvest Properties today announce their acquisition of 1400 and 1450 Fashion Island Blvd, known as Century Centre I & II, in San Mateo, California, from Fisher Investments for an undisclosed sum. The Class A office development is comprised of two mid-rise towers totaling 276,551 square feet in the heart of the Mid-Peninsula market at the intersection of US 101 and Highway 92. Upon acquisition, the team immediately began implementing a leasing and repositioning plan, beginning renovations and construction of a new parking structure.
Century Centre I & II features exceptional signage opportunities, panoramic views of the San Francisco Bay and a flexible, central-core design that provides efficient floor plates ideal for single or multi-tenant uses. With an on-site Caltrain shuttle and an abundance of restaurant and retail amenities within walking distance, Century Centre I & II is unusually pedestrian-friendly for a suburban office environment.
The complex is anchored by one of the world’s premier investment advisors, Fisher Investments, in a long term lease at Century Centre II. A diverse multi-tenant rent roll comprises Century Centre I at 1450 Fashion Island Blvd. including technology, venture capital, finance, and other professional services firms. Harvest negotiated three new lease transactions during due diligence and marketing period including Apttus totaling 39,744 square feet, Ring Central an additional 9,288 square feet and Sierra Venture totaling 6,243 square feet.
The transaction represents the second purchase for Harvest and LaSalle as partners in the last three months. “We look forward to strengthening our relationship with Harvest Properties as we collaborate to transform Century Centre I & II to meet the needs of today’s real estate environment,” said Erick Paulson, Managing Director, LaSalle. “Together, the Harvest and LaSalle teams are able to leverage our deep expertise in the local market to drive strong returns and restore Century Center I & II to its status as a signature property in the market for years to come.”
In December of 2013, the companies formed their first joint venture and acquired one of the finest Class “A” buildings in the heart of Silicon Valley, 60 South Market Street in downtown San Jose.
“This deal offers just the right combination of factors to leverage our skills as a full service company,” said John Winther, Founder and Managing Partner of Harvest Properties. “It provides secure long term cash flow and at the same time presents the perfect opportunity for our fully integrated team of experts to add significant value.”
Harvest’s team has already begun planning a variety of projects at Century Centre II including market-ready improvements on select vacant suites, lobby renovations, a new signage program, cosmetic elevator cab upgrades and landscaping improvements with the addition of a new tenant-friendly courtyard amenity to replace an existing outdated water feature. Additional projects include floor-by-floor restroom, common area and elevator lobby upgrades coinciding with major tenant lease expirations on multi-tenant floors. Harvest also plans to build a new parking structure.
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL), and advisor to Jones Lang LaSalle Income Property Trust, was recently ranked among the top 5 mid-sized companies in Pension & Investments magazine’s 25 Best Places to Work in the U.S. list for 2013. For more information about LaSalle Investment Management, please visit www.lasalle.com.
About LaSalle Investment Management
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL) is a leading global real estate investment manager, with approximately $47 billion of assets under management of private and public property equity investments. LaSalle is active across a range of real estate capital and operating markets including private and public, debt and equity and its clients include public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe. For more information, visit www.lasalle.com.
Past performance is not indicative of future results. Nothing herein is or should be construed as a solicitation of investors, or an offer to sell or a solicitation of an offer to invest in the Fund. Any investment in the Fund may be offered only pursuant to a confidential private placement memorandum and entering into a subscription document and other Fund documents. The information contained herein is not complete, may not be current, is subject to change, and is subject to, and qualified in its entirety by, the more complete disclosures, risk factors and other terms that are contained in the private placement memorandum. Certain information herein has been obtained from third party sources and although believed to be reliable, has not been independently verified.
About Harvest Properties
Founded in 2002, Harvest Properties is a full service commercial real estate investment firm specializing in acquiring, developing, managing and financing commercial property, primarily through joint venture investments in Northern California. Harvest Properties strives to generate attractive returns for its financial partners and provide creative real estate solutions and outstanding service. Several members of the senior management team and staff have worked together for over 20 years, contributing to Harvest’s ability to devise creative strategies and deliver consistent results. Harvest Properties’ portfolio comprises approximately nine million square feet of office, industrial, R&D and retail properties in the San Francisco Bay Area. For more information, please visit www.harvestproperties.net.