AUGUST 6, 2019

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Hines JV sells San Mateo office in one of largest Q2 transactions

by Andrea Zander

In one of the largest transactions of the second quarter, Diamond Investment Properties has purchased a two-building office development in San Mateo, Calif., for $320 million, reported The Registry.

The sellers were Goldman Sachs and Hines, who had worked to redevelop the site, which was completed in 2017.

San Mateo County’s combined office and R&D market recorded an average asking rent of $5.25 per square foot on a monthly, full-service basis in the second quarter of 2019, reported Cushman & Wakefield. This translates to an increase of 7.4 percent from the year ago reading of $4.89 per square foot. For the first time this cycle, the average overall asking rate was recorded higher than the average direct rate, which stood at $5.10 per square foot. A wave of subleases has appeared within downtown markets and within

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