by Janice Bitters, Silicon Valley Business Journal
A Chinese developer recently broke ground on a $300 million bayfront office project in Burlingame, as the Peninsula continues to see strong demand for new Class A space.
Chinese developer Genzon Property Group bought the Burlingame Point site nearly two years ago and now plans to build 767,000 square feet of office and life sciences space in five buildings ranging from two to eight stories tall. The development is aimed at attracting Asian firms looking to grow in the Bay Area.
Burlingame Point is among a handful of ambitious Bay Area projects from Chinese developers. In the fall, Oceanwide Holdings started construction on Oceanwide Center in San Francisco, a huge mixed-use office, housing and hotel project across from the Transbay Transit Center. In South San Francisco, Greenland USA is expected to break ground next year on the first phase of the Landing at Oyster Point. The site is approved for 2.25 million square feet of office and R&D space, but may include 1,200 housing units.
Burlingame Point – a former drive-in theater at 300 Airport Blvd – was scooped up for nearly $48 million by Genzon in partnership with private equity firm H&Q Asia Pacific in March 2015. Kylli, a subsidiary of Genzon, is also working on the project. Prior to the purchase, the site had been vacant for nearly 15 years.
Burlingame city officials hope that the groundbreaking is just a first step in building up the city’s entire Bayfront area, which still has plenty of room for new office and hotel development, said Kevin Gardiner, Burlingame’s planning manager.
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Janice Bitters primarily covers commercial real estate for the Silicon Valley Business Journal. Other topics she follows include residential real estate and economic development.