June 8, 2021 9:00 AM
Newmark Knight Frank (“Newmark”), as exclusive advisor to Longfellow Real Estate Partners, announces it has arranged $178 million in financing for San Mateo Bay Center in San Mateo, California. The two-building, 241,228-square-foot Class A office complex will be converted into one of the San Francisco Peninsula’s premier life science campuses, taking advantage of one of the most prominent and active life science clusters in the United States, according to Newmark Research.
Vice Chairman Ramsey Daya and Senior Managing Director Chris Moritz of Newmark’s Debt & Structured Finance team helped arrange the financing on behalf of the owner, Longfellow Real Estate Partners, a global life science owner and operator whose portfolio currently totals approximately 6.5 million square feet. Newmark’s Vice Chairman and Head of Capital Markets Steven Golubchik represented the seller in the transaction.
“Bay Area universities and institutions produce more PhD scientists and engineers than any other area in the United States, making Longfellow’s decision to create a preeminent campus environment at Bay Center incredibly astute, taking advantage of the existing critical mass of tenancy in a location ideal to recruit the most highly-educated talent,” said Moritz.
“Our conversion of the San Mateo Bay Center will bring state-of-the-art-lab space to one of the most dynamic life science markets in the nation. We are grateful to be working with Newmark in executing a deal that advances Longfellow’s national strategy of expanding our portfolio in the country’s premier hubs for the life science sector,” said Longfellow CEO Adam Sichol.
Located at 901 and 951 Mariners Island Boulevard in San Mateo, the property is situated in a life science cluster anchored by Gilead’s global headquarters boasting nearly two million square feet of life science tenancy in the submarket. The central location also benefits from the major life science nodes in South San Francisco to the north and San Carlos to the south, both accounting for over a million square feet of life science tenancy.
“Given Longfellow’s pristine reputation and track record, lenders expressed significant interest in the financing,” Daya added. “The property presented an opportunity to help fund the conversion into one of the most exciting infill life science campuses on the West Coast. Mesa West stood out in a competitive landscape and was able to execute smoothly and efficiently for the borrower.”
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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