BURLINGAME — One of the Bay Area’s most active and veteran real estate developers has quietly assembled several Burlingame properties in a prime location near San Francisco International Airport.
Over a one-month period from mid-December through mid-January, DivcoWest bought seven parcels with addresses of 1200, 1240 and 1250 Old Bayshore Highway in Burlingame, according to documents filed with the San Mateo County Recorder’s Office.
Acting through two affiliates, DivcoWest paid a combined total of $55.7 million for the parcels, public records filed with the county in August, December, and Jan. 13 show.
The just-bought properties include Max’s of Burlingame, a long-time New York-style deli restaurant; and Holiday Inn Express San Francisco Airport, along with an office building, surface parking sites and vacant lots.
The deals show that big-time real estate players and tech titans hunger for properties in San Mateo County as well as sites in the Silicon Valley digital hubs in Santa Clara County.
DivcoWest bought the seven Burlingame parcels through four separate transactions over the five-month period, a review of documents at the County Recorder’s Office shows:
— August 2021, $12 million for 1250 Old Bayshore, a site that includes the Max’s restaurant.
— December 2021, $16.2 million for 1250 Old Bayshore, an adjacent parcel that includes Holiday Inn Express San Francisco-Airport South, a 146-room hotel.
— Jan. 13, $13.8 million for 1200 Old Bayshore, three parcels are largely vacant lots.
— Jan. 13, $13.8 million for 1240 Old Bayshore, two parcels that include an office building.
DivcoWest has become an active player in Santa Clara County, San Mateo County and Alameda County.
On Jan. 7, the company paid $164.5 million for an office building in South San Francisco. On Dec. 16, DivcoWest bought an office building in Fremont’s Ardenwood district for $72.2 million.
In 2020, DivcoWest paid a jaw-dropping $610 million for an office campus on world-famous Sand Hill Road in Menlo Park.
In downtown San Jose, DivcoWest also is busy finishing up a wide-ranging revamp of the old Bank of the West office building at 2 W. Santa Clara St.
At the just-bought Burlingame sites on Old Bayshore Highway, the location and nature of the properties could make the parcels attractive for redevelopment, especially with the involvement of a savvy developer such as DivcoWest.
Tech, biotech, and life sciences companies have been eager to lease or buy office buildings and together sites on the Peninsula and in the South Bay.
