GoPro, Tesla-Leased Creative Office in San Mateo Nabs $159M Loan

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A Hines-led joint venture has nabbed $159.3 million in debt from Square Mile Capital Management to finance Clearview Business Park in San Mateo, Calif., Commercial Observer has learned. 

The deal retires previous acquisition debt that was used by Hines to purchase the six-building, roughly 380,000-square-foot creative office campus in 2018 for $217 million. Deutsche Asset & Wealth Management was the seller.

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Deutsche, alongside Embarcadero Capital Partners, paid $125.5 million for the development four years prior to selling it to Hines, which happened to be one of a handful of major asset managers that were scooping up real estate in the region in 2018. 

About a year after Deutsche and Embarcadero bought the property, it added a sixth, 107,700-square-foot building to the site, the San Francisco Business Times reported in 2018.

Eastdil Secured’s Matt Haden led a team that sourced the debt and arranged the refinance out of the company’s San Francisco office, sources said. 

Built between 1972 and 2016, the property — located at 3025 Clearview Way, across the street from the College of San Mateo and in the heart of the San Francisco peninsula  — is mostly leased out to Tesla and GoPro, which utilizes the property as its corporate headquarters, according to Square Mile and information from Hines’ website.

“Blue-chip ownership plus the location of this premier asset made this opportunity very compelling,” said Square Mile Principal Eric Cohen. “Coming out of the pandemic, we are seeing very strong leasing momentum building in San Mateo and in the Bay Area’s peninsula office submarket overall.” 

The sprawling campus sits on 22 acres and is located next to Highway 92, which runs east to west and connects to Interstate 280, Highway 82 and Route 101, all of which run north to south and feed into both San Francisco and San Jose. Clearview is also just a short, 12-minute drive away from the San Francisco International Airport

“Clearview Business Park is a high-quality asset in a strategic location,” Hines Chief Operating Officer and Deputy Head of Capital Markets, Cameron Falconer, said in a statement at the time the firm bought the property in 2018. “We are excited to add this property to the Hines portfolio as we continue to grow in San Mateo and the Bay Area.”

Hines owns or manages a number of properties in the Bay Area. In San Mateo, specifically, it owns the three-building, nearly 218,000-square-foot office complex called the San Mateo Gateway. Hines also manages 777 Mariners Island, a 180,000-square-foot, seven-story office building, according to Hines’ website.