Hines Lands $159M Loan for Bay Area Office Asset

The firm’s most recent move in the region was securing financing for a business park in San Mateo, Calif.

Clearview Business Park, San Mateo, Calif. Image courtesy of Square Mile Capital Management

Hines continues to nurture its expanding portfolio in the San Francisco Bay Area with the securing of $159.3 million in financing for Clearview Business Park in San Mateo, Calif. Hines and its institutional joint venture equity partner obtained the loan for the approximately 379,000-square-foot creative office campus from Square Mile Capital Management LLC.


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Hines and its joint venture partner’s decision to obtain financing for Clearview comes roughly three years after Hines acquired the six-building complex for $217 million. Sited atop a 22-acre bluff, the Class A asset offers a premier location in the Peninsula submarket with convenient access to major thoroughfares and key employment centers. The property counts GoPro Inc. as a lead tenant; the tech firm partially occupies the campus as its corporate headquarters.

The officials at Square Mile found themselves attracted to the financing opportunity due to the strong sponsorship, as well as the high quality and coveted location of the asset. Hines relied on a team spearheaded by Matt Haden of Eastdil Secured to arrange the financing transaction.

Bay Area buzz

The Bay Area has been high on Hines’ radar over the last year. In August 2020, Hines Global Income Trust acquired the 417,000-square-foot Advanced Manufacturing Portfolio in Santa Clara, Calif. The purchase of the fully leased, mission-critical property in the center of Silicon Valley helped diversify Hines Global’s holdings.

Earlier this year, in February, Hines Global acquired 5301 Patrick Henry Drive in Santa Clara, Calif., a 129,200-square-foot office and R&D building. And more recently, a Hines fund, Hines Atlas US LP, agreed to acquire Pacific Gas and Electric Co.’s San Francisco Headquarters complex at 77 Beale St. and 245 Market St., for a total of $800 million.

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