{"id":1004564578,"date":"2022-01-25T04:02:36","date_gmt":"2022-01-25T12:02:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004564578"},"modified":"2022-12-08T00:41:39","modified_gmt":"2022-12-08T08:41:39","slug":"woodstock-buys-out-partner-in-88m-san-francisco-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/woodstock-buys-out-partner-in-88m-san-francisco-deal\/","title":{"rendered":"Woodstock Buys Out Partner in $88M San Francisco Deal"},"content":{"rendered":"<div id=\"attachment_1004564579\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/One-Bay-Plaza.-Image-courtesy-of-Alejandro-Velarde-e1643107060629.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004564579\" data-attachment-id=\"1004564579\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/woodstock-buys-out-partner-in-88m-san-francisco-deal\/woodstock-development-1350-old-bayshore-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/One-Bay-Plaza.-Image-courtesy-of-Alejandro-Velarde-e1643107060629.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Woodstock Development&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Photography by Alejandro Velarde, www.alejandrovelarde.com&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;Copyright \\u00a9 Velarde Photography. All rights reserved.&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;Woodstock-Development-1350-Old-Bayshore-3&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"One Bay Plaza. Image courtesy of Alejandro Velarde\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;One Bay Plaza. Image courtesy of Alejandro Velarde&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/One-Bay-Plaza.-Image-courtesy-of-Alejandro-Velarde-e1643107060629.jpg?w=800\" class=\"wp-image-1004564579 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/01\/One-Bay-Plaza.-Image-courtesy-of-Alejandro-Velarde-e1643107060629.jpg?w=300\" alt=\"\" width=\"300\" height=\"225\" \/><\/a><p id=\"caption-attachment-1004564579\" class=\"wp-caption-text\">One Bay Plaza. Image courtesy of Alejandro Velarde<\/p><\/div>\n<p><strong>Woodstock Development<\/strong> 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.<\/p>\n<p>The joint venture between Woodstock and <strong>Iron Point Partners<\/strong> had bought the asset from <strong>New York Real Estate Investors<\/strong> in June 2019. Last month, <strong>TPG Capital<\/strong> originated $63.9 million in acquisition financing for Woodstock, according to CommercialEdge data.<\/p>\n<h2>Property details<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Despite <a href=\"https:\/\/www.commercialsearch.com\/news\/san-francisco-market-update-vacancy-slow-to-recover\/\">the COVID-19 pandemic\u2019s toll on the market<\/a>, the owner managed to add 14 new tenants and renewed nine existing leases, accounting for nearly 50 percent of the building&#8217;s rentable square footage.<\/p>\n<p>Tenants at One Bay Plaza include Alaska Airlines, Cushman &amp; Wakefield, BTIG and Acco Brands, among many others.<\/p>\n<p><strong>Eastdil Secured<\/strong> represented Woodstock and Iron Point in the transaction.<\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TPG Capital provided a loan for the acquisition of the remaining stake.<\/p>\n","protected":false},"author":3142,"featured_media":1004564579,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,1609,15],"tags":[32799,33101,37951,33255,33184],"class_list":["post-1004564578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-san-francisco","category-west","tag-cushman-wakefield","tag-eastdil-secured","tag-iron-point-partners","tag-new-york-reit-inc","tag-tpg-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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