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The Bridgepointe Office Park, located at 1500-1510 Fashion Island Boulevard, is a 42-year old facility comprising two three-story office buildings.
San Mateo County plans to purchase a 132,000-square-foot office park in San Mateo for $42 million, the same amount it sold for in 2007 and $9 million less than its 2019 sale price.
The Bridgepointe Office Park, located at 1500-1510 Fashion Island Boulevard, is a 42-year old facility comprising two three-story office buildings. Though it had the same price tag over 15 years ago, it had sold for $51 million in 2019, signaling a significant shift in market conditions since the pandemic.
The San Mateo County Board of Supervisors voted unanimously to move forward with the purchase during the meeting Tuesday, June 11. The move represents a continued effort by many local governments and agencies to acquire more properties — particularly in light of a downtrodden real estate landscape — many of which are seeing steep drops in value from just a few years ago. At the end of last year, SamTrans signed a lease-to-purchase agreement adjacent to the Millbrae BART and Caltrain stations and credited the current market as a significant factor in the agency’s decision to move forward with the transaction.
The county has also expressed interest in acquiring several properties over the past year, including a Walnut Street residential development in San Carlos and a half-acre piece of land in North Fair Oaks. It also purchased 50 acres of property in Half Moon Bay for $9 million, meant for farmworker housing.
While many discussions and purchases are aimed at boosting the area’s affordable housing stock, the Fashion Island Boulevard facility will likely house “administrative, executive and professional offices for county programs,” according to the resolution.
(650) 344-5200 ext. 102
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Dirk van Ulden said:
Mark Simon said:
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(3) comments
So the County needs more office space? Why? Or is the County now in the real estate business? Who initiated this project and why is it a done deal so quickly?
A lot of questions but as usual no discussion. Vote no on bond issues.. there is no adult supervision at the County level.
Commercial real estate is depressed because of societal and work efficiency changes.
Why would the same trends apply to San Mateo County? Is this in the best interest of taxpayers?
So is this purchase a gamble to “flip” the property in the future? Or is it to purchase a building because they feel the price is a bargain? Either way, a gamble. Might as well give out money to government workers so they can play the ponies, or the stock market, or the slots. Unless… we can toss the lease-to-purchase agreement for SamTrans and house them in this office park. It’ll save potentially $millions, if not $100 million. If not, put the kibosh on this plan else folks, remember this the next time San Mateo County floats another tax/fee/assessment for more of your hard-earned money. Imagine how much of the increased pensions and benefits this $42 million could pay for?
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