Pacific Shores Center

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Pacific Shores Center
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View of buildings facing Greco Island
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Pacific Shores Center
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Pacific Shores Center
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Pacific Shores Center
LocationRedwood City, California
Address1700 Seaport Blvd, Redwood City, CA 94063
Coordinates 37°30′42″N122°12′10″W / 37.51153°N 122.20288°W / 37.51153; -122.20288 Coordinates: 37°30′42″N122°12′10″W / 37.51153°N 122.20288°W / 37.51153; -122.20288
Opening date2001;20 years ago (2001)
Developer Jay Paul Company
Construction cost US$500,000,000
Owner Informatica, Google, DivcoWest
ArchitectDES Architects + Engineers
Size106 acres (43 ha)
Parking4000
Website www.jaypaul.com/Portfolio.aspx?Id=120 OOjs UI icon edit-ltr-progressive.svg

Pacific Shores Center is a high-tech business park located in Redwood City, California, adjacent to the Port of Redwood City.

Contents

History

The property that Pacific Shores Center was developed on had many uses through the years from part of the Redwood City Harbor Company to cement production to being part of saltworks with Leslie Salt. [1] In 1990 the Teachers' Retirement System of the State of Illinois bought 116 acres (47 ha) of land adjacent to the Port of Redwood City and Westpoint Slough and formed the Pacific Shores Center Partnership to develop it. [2] [3] After many years of planning Redwood City and the partnership had a complete development agreement with plans for a land swap, that decreased the total property to 106 acres (43 ha), and public shore space to allow for public use of parts of the property. [4] In November 1999 Jay Paul Company entered into an agreement to buy the rights for the project by outbidding several other competing developers with a US$ 90,000,000 bid. [5] By early 2000 with the buildings not even complete; Excite@Home, Phone.com, Informatica Corp, and BroadVision Inc. had all signed leases. Demand at the time caused rent prices to increase for the center as well. [6] At this time there were plans for a ferry service to connect San Francisco and Alameda, California to an adjacent ferry terminal to mitigate traffic concerns at the time with so many of the expected workers to be projected commuting. [7]

By April 2002 the burst of the Dot-com bubble had decreased demand for office space and the center previously estimated to fill completely was sitting with a vacancy rate of 65%. [8] However fortunes changed and in late 2006 the campus was sold from Jay Paul to Starwood Capital Group for over US$ 800,000,000 for the center which had hit 90% capacity. Tenants at the time included Eidos Interactive, PDL BioPharma, DreamWorks Animation, Threshold Pharmaceutical, Openwave, Symantec, and engineering firm Rudolph and Sletten. [9] The following year two of the buildings, specifically the ones PDL BioPharma was located within, were sold to Shorenstein Properties for an undisclosed sum, for the first time making Pacific Shores Center to have more than one owner. [10] San Mateo County filed a lawsuit in August 2009 over a tax dispute with the Center. County officials claimed that the sale of property in 2006 never had the property transfer taxes paid while the Center argued over the county tax code. [11]

Starwood Capital ran into issues with overdue debt in 2012 and brought in Blackstone with an ownership stake. Starwood also sold off two of the buildings at the complex to Informatica for US$ 148,500,000. [12] In 2014, Google bought the six buildings, over half the center, at 934,200 square feet (86,790 m2) of office space, which Starwood and Blackstone owned, for US$ 585,000,000. [13] Shortly after Google's purchase, Shorenstein Properties sold the two buildings they owned to DivcoWest Properties for about US$ 260,000,000. This has left Pacific Shores Center with fragmented ownership to this day with the three owners all with different sections. [14]

Other

Pacific Shores Center is used more than just as an area for work. The facilities present include a 38,000 square feet (3,500 m2) fitness center that includes a gym, pool, and spa along with playing fields. [13] Public shore access allows for people to park and walk along the Westpoint Slough on a section of the San Francisco Bay Trail. [1]

The annual Stanford University Treeathlon triathlon competition is hosted in part at the center along with the Westpoint Harbor. [15]

See also

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References

  1. 1 2 San Francisco Bay Conservation and Development Commission (3 June 1994). "Review of Port Priority Use Areas and Marine Terminal Designations in the San Francisco Bay Area Seaport Plan" (PDF). Retrieved 6 March 2017.
  2. ↑ Graebner, Lynn (1 Aug 1999). "Table finally set for huge Redwood City project". Silicon Valley Business Journal. The Business Journals . Retrieved 6 March 2017.
  3. ↑ "PACIFIC SHORES CENTER LIMITED PARTNERSHIP". OpenCorporates . 20 December 2016. Retrieved 6 March 2017.
  4. ↑ Redwood City (26 October 1998). "Development Agreement". Redwood City Documents. Retrieved 6 March 2017.
  5. ↑ Robson, Douglas (28 November 1999). "Peninsula land fetches $90M". San Francisco Business Times. The Business Journals . Retrieved 6 March 2017.
  6. ↑ Lynn Graebner; Douglas Robson (12 March 2000). "Big Peninsula project nearly full before it starts". San Francisco Business Times. The Business Journals . Retrieved 6 March 2017.
  7. ↑ Pence, Angelica (3 July 2000). "Redwood City Seaway / Peninsula port hopes to offer ferry service to S.F., East Bay". SF Gate . Retrieved 8 March 2017.
  8. ↑ Jimenez, Jorge (23 April 2002). "New Tenant at Pacific Shores". CoStar Group . Archived from the original on 12 March 2017. Retrieved 8 March 2017.
  9. ↑ Conrad, Katherine (13 December 2006). "Pacific Shores Center sold for about $800M". East Bay Times . Retrieved 8 March 2017.
  10. ↑ Hollis, Robert (24 April 2007). "DEAL OF THE WEEK: 1400-1500 Seaport Blvd., Redwood City / Shorenstein buys more office space". SF Gate . Retrieved 8 March 2017.
  11. ↑ Bishop, Shaun (20 August 2009). "San Mateo County sues office complex owners in tax dispute". San Jose Mercury News . Retrieved 8 March 2017.
  12. ↑ Sadovi, Maura Webber (29 February 2012). "Pacific Shores Positioning". The Wall Street Journal . Retrieved 8 March 2017.
  13. 1 2 Hui-yong Yu; Brian Womack (23 October 2014). "Google Grows With $1.6 Billion in California Office Deals". Bloomberg L.P. Retrieved 8 March 2017.
  14. ↑ Donato-Weinstein, Nathan (3 November 2014). "Two more buildings sell at Pacific Shores, but not to Google". Silicon Valley Business Journal. The Business Journals . Retrieved 8 March 2017.
  15. ↑ Laman, Anna (4 March 2016). "Triathlon team to host 700 competitors in 12th annual Treeathlon". The Stanford Daily . Retrieved 8 March 2017.
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