Woodstock Buys Out Partner in $88M San Francisco Deal

One Bay Plaza. Image courtesy of Alejandro Velarde

Woodstock Development has acquired the remaining ownership stake in One Bay Plaza, a nine-story Class A office building totaling 196,000 square feet in Burlingame, Calif. According to San Mateo County records, Woodstock, which previously owned roughly 18 percent, paid $88.2 million for the remaining 82 percent to Iron Point Partners.

The joint venture between Woodstock and Iron Point Partners had bought the asset from New York Real Estate Investors in June 2019. Last month, TPG Capital originated $63.9 million in acquisition financing for Woodstock, according to CommercialEdge data.

Property details

Built in 1980, the asset features 21,749-square-foot floorplates, as well as a parking ratio of almost 2.5 per 1,000 square feet. At the time of the sale, the property was 85 percent leased to some 35 tenants.

The building includes 12,000 square feet of amenity space. Since 2019, Woodstock has renovated the lobbies, restrooms and corridors. Mark Cavagnero Associates designed the amenity area, which now includes conference rooms, ping pong, a fitness room and a social pantry.

Despite the COVID-19 pandemic’s toll on the market, the owner managed to add 14 new tenants and renewed nine existing leases, accounting for nearly 50 percent of the building’s rentable square footage.

Tenants at One Bay Plaza include Alaska Airlines, Cushman & Wakefield, BTIG and Acco Brands, among many others.

Eastdil Secured represented Woodstock and Iron Point in the transaction.