SAN MATEO, CALIF. – Mesa West Capital has granted Longfellow Real Estate Partners a $ 178 million first mortgage to recapitalize costs associated with its recent acquisition and fund the planned repositioning of the San Mateo Bay Center office campus in San Mateo.
A portion of the proceeds from the five-year variable rate loan will be used to convert the conventional 235,911 square foot office building into a life science and laboratory laboratory. Developed in 1984, the San Mateo Bay Center consists of two seven-story office towers located at 901 and 951 Mariner’s Island Blvd. Campus facilities include showers, a fitness center, cafe, and outdoor patio.
The campus is located in the Foster City / San Mateo Life Sciences Market, in the center of the peninsula, with an inventory of nearly 2 million square feet of life sciences space, anchored by the campus from the 1.4 million square foot global headquarters of Gilead Sciences.
Ramsey Daya of Newmark Knight Frank organized the fundraiser. Mark Osher of Gibson, Dunn and Crutcher LLP represented Mesa West Capital in connection with the transaction.