Renderings have been published ahead of a scheduled Burlingame Planning Commission meeting for a proposed office building at 567 Airport Boulevard, doubling the office floor area of an existing campus overlooking Burlingame Lagoon in San Mateo County. This meeting comes after a recent change of ownership for Peninsula Innovation Point. Barings, a global investment manager, purchased the property from EverWest and Partners Group in late July 2021 for $170 million and plans to follow through with the redevelopment project.
Lane Partners is collaborating with Barings for the development.
The proposed new building at 567 Airport Boulevard is expected to rise eight stories to a 144-foot pinnacle. Inside, the structure will average roughly 30,000 square feet per floor, with a sum of 241,680 square feet. The addition will nearly double the office space for the Peninsula Innovation Point from 259,730 square feet to 501,410 square feet. Parking will also be provided with a 4.5-floor parking garage with a capacity for 1,520 vehicles.
DES Architects is responsible for the design. The building will be clad with glass and metal panels, complementing the existing structures’ arched floor plates and floor-to-ceiling windows. The project will be flexible for either life sciences or tech-based tenants.
The project is a few miles south of San Francisco International Airport. Employees will also be a short taxi ride or eight-minute bicycle ride from the Broadway Caltrain station. Downtown Burlingame is seven minutes away by car.
Speaking about the decision to purchase Peninsula Innovation Point, Joe Gorin, Head of U.S. Real Estate Acquisitions and Portfolio Management for Barings emphasized that “this transaction is emblematic of our targeted investment thesis that revolves around innovative markets that attract skilled workers and dynamic life science and technology companies. Barings seeks to be a leader in the space of innovation oriented property investment.”
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