Harvest Properties and Invesco Real Estate Complete the Sale of Parkside Towers in Foster City, California
Full Service Bay Area Real Estate Firm and Worldwide Investment Management Company Enhance Asset’s Value and Attract Significant New Player to the San Francisco Peninsula Market
EMERYVILLE, Calif.--(BUSINESS WIRE)--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.
“We are excited to deliver excellent returns to our partner Invesco Real Estate with the sale of this exceptionally well performing asset”
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.”
Investment brokers involved in the transaction include Jeff Weber and Stephen Van Dusen of Eastdil Secured. Leasing brokers include Josh Rowell & Craig Kalinowski of Cornish & Carey.
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. 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.
About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $55.7 billion of real estate investments, which includes $20.4 billion in U.S. direct real estate portfolios, $7.3 billion in European direct real estate portfolios, $4.9 in Asian direct real estate portfolios, and $23.1 billion in real estate securities (as of December 31, 2013). With more than 360 employees in 18 offices worldwide, the group focuses on top down market and property type fundamentals combined with bottom up local market intelligence. Senior members of the management team have worked together for more than 25 years, contributing to the consistent implementation of Invesco's investment strategy and resulting performance. Invesco Real Estate is a unit of Invesco Ltd., a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com and at www.invescorealestate.com.