October 1, 2015
H&Q Asia Pacific recently acquired Bay Park Plaza in Burlingame, a 260,000-square-foot office building on the edge of the San Francisco Bay. The property was purchased from Hudson Pacific Properties for $90 million. The deal is part of H&Q’s efforts to create a tech hub in Burlingame, where the Shanghai-based private-equity firm bought the Burlingame Point development site six months ago.
Bay Park Plaza’s occupancy is at 85 percent. H&Q plans to put $10 million into the asset, and create a “Global Innovation Center” that attracts international tech companies to the property.
Meanwhile, H&Q is in the process of developing the adjacent Burlingame Point with the Genzon Group. That development is slated for about 800,000 square feet of office space.