Facebook leases Burlingame Point
Kylli Inc. has lended a tenant for the 803,000 square foot project. Facebook preleased the property in its entirety. Burlingame Point will be built on an area of 18 acres in San Mateo County. It will encompass four Class A buildings ranging in size from approximately 155,500 to 245,000 square feet.
The construction is expected to be managed by general contractor Hathaway Dinwiddie. Kylli expects to complete the project in 2020.
Facebook’s all in commitment to Burlingame Point is one of the largest lease transactions ever seen on the San Francisco Peninsula. Cushman & Wakefield represented Kylli in the Facebook transaction, and JLL stood in for the tech giant.
“The Facebook transaction further validates the San Francisco Peninsula as a primary market across industry sectors. Strong demand for new construction from technology and life science users has been evidenced by surging growth from large users such as AbbVie, Genentech, Google/Youtube and Walmart,” Funkhouser said.
Source: CP Executive
Fulya Altunyay/ [email protected]