{"id":1004135278,"date":"2016-01-21T06:35:11","date_gmt":"2016-01-21T14:35:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004135278"},"modified":"2020-05-18T14:46:53","modified_gmt":"2020-05-18T22:46:53","slug":"youtube-lands-massive-san-bruno-office-park-for-250m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/youtube-lands-massive-san-bruno-office-park-for-250m\/","title":{"rendered":"YouTube Lands Massive San Bruno Office Park for $215M"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/victor-coleman.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004135279\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/youtube-lands-massive-san-bruno-office-park-for-250m\/victor-coleman\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/victor-coleman.jpg\" data-orig-size=\"800,741\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"victor coleman\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/victor-coleman.jpg?w=800\" class=\"alignright size-medium wp-image-1004135279\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/victor-coleman.jpg\" alt=\"victor coleman\" width=\"300\" height=\"278\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/victor-coleman.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/victor-coleman.jpg?resize=300,278 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/victor-coleman.jpg?resize=768,711 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><a href=\"https:\/\/www.hudsonpacificproperties.com\/\" rel=\"nofollow\" target=\"_blank\">Hudson Pacific Properties, Inc.,<\/a> has sold Bayhill Office Center, a 554,328-square-foot Class A office campus in San Bruno, Calif., to YouTube for $215 million before certain credits, prorations, and closing costs.<\/p>\n<p>\u201cThis was an off-market transaction. We received an offer from a very qualified buyer at a premium to the property\u2019s purchase price allocation,\u201d Victor Coleman, Hudson Pacific Properties\u2019 CEO, told CPE. \u201cWe\u2019re seeing continued strong demand from top-tier technology companies across our Peninsula and Silicon Valley assets to accommodate immediate and longer-term growth.\u201d<\/p>\n<p>The property is a high-quality, Class A office campus with an existing tenancy that includes Walmart and Oracle. It was originally part of <a href=\"https:\/\/www.commercialsearch.com\/news\/hudson-pacific-properties-to-buy-3-5b-blackstone-office-portfolio\/\" target=\"_blank\">Hudson Pacific Properties\u2019 acquisition<\/a> of a San Francisco Peninsula and Silicon Valley portfolio purchased last year from Blackstone Real Estaste Partners.<\/p>\n<p>\u201cWe purchased Bayhill Office Center in April of last year as part of our larger Blackstone portfolio acquisition,\u201d Coleman said. \u201cWe always viewed this property as non-core to our portfolio, in large part because we didn\u2019t foresee San Bruno as a market where we\u2019d ever have a significant presence. Bayhill was our only asset in San Bruno, and for a variety of strategic reasons, we prefer to be in markets where we can achieve meaningful scale.\u201d<\/p>\n<p>That deal effectively doubled Hudson\u2019s size and resulted in the company having an equity market capitalization of $3.7 billion and total enterprise value of approximately $6.5 billion. At the time, the deal propelled the company as the leading West Coast office REIT, expanding its portfolio to 53 properties totaling 14.6 million square feet in Northern and Southern California and the Pacific Northwest.<\/p>\n<p>The Bayhill Office Center is adjacent to YouTube\u2019s existing headquarters buildings in San Bruno, which made the move appealing to the company. YouTube is reported to be San Bruno\u2019s largest private employer and this deal makes it seem like that will remain true. The company didn\u2019t release any details about their proposed plans for the building.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The online video-sharing giant purchased a 554,328-square-foot Class A office campus as part of a major expansion for the company. <\/p>\n","protected":false},"author":451,"featured_media":1004135279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21742,21747,1609,15],"tags":[],"class_list":["post-1004135278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-latest","category-office","category-san-francisco","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>YouTube Lands Massive San Bruno Office Park for $215M - 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