Hines’ $180M Office Project in San Mateo Gets Going
The new 305k SF 400/450 Concar project in San Mateo just broke ground, and the $180M office development now has another partner on board. Goldman Sachs just joined the team, which includes Hines and Pearlmark Real Estate Partners. And J.P. Morgan will be providing the construction loan for $100M, which covers around 56% of the development cost, writes The Registry. Hines bought the site in 2008 with Pearlmark, which had invested in the project for one of its investment funds. Since then, that fund has pursued other investments, so an additional capital source had to be brought in. That's how Goldman came on board, says Hines senior managing director Cameron Falconer. Hines hired JLL to assist in finding a new investor and construction debt for the project. Demolition of existing buildings has started, and delivery is slated for the end of 2016. [REG]
