Harvest Properties JV sells San Francisco office property

Harvest Properties and joint-venture partner New York Life Real Estate Investors on behalf of McMorgan Northern California Value Add Development Fund I have sold the One Bay Plaza, located in Burlingame, Calif., to local developer/operator Woodstock Development for an undisclosed amount.

Centrally located along the shores of the San Francisco Bay within one of the area’s fastest growing submarkets, the 196,000-square-foot, nine-story class A office tower was originally purchased in 2016 for approximately $273 per square foot.

“Three years ago, we saw an opportunity to acquire this well-located but underperforming property and add value through active lease-up, expiration management and select building improvements,” said Griff King, partner at Harvest Properties. “Given our experience operating in the Highway 92/101 corridor, we anticipated the migration of demand from the technology sector and life science industry and viewed One Bay Plaza as a great opportuni