"In a city lacking high rises, a 12-story building on South El Camino Real in San Mateo can be seen from far away and, it "ain't" that pretty. But it was "desirable" nearly 20 years ago, in 2007, when the office leasing market was booming here. Today, that market has slowed down, and this office tower is now 80% vacant."
""This was the type of program and property we wanted to invest in, so when the property became available, we got the call," explained Ben Wong of Tourbineau Real Estate Partners, based in Seattle. Wong looks at 2121 S. El Camino Real as a diamond in the rough. His company purchased the building last summer for $22 million -- a sign of our times, as the value of many commercial real estate buildings in the Bay Area has dropped dramatically, leading to sharp discounts."
San Mateo's tech-driven growth produced an excess of market-rate housing while low- and moderate-income housing fell behind. A notable 12-story office on South El Camino Real, valued during a 2007 leasing boom, now sits about 80% vacant. Tourbineau Real Estate Partners purchased 2121 S. El Camino Real for $22 million after regional commercial values dropped, and plans to convert offices into 156 apartments, primarily market-rate studios and one-bedrooms with a few affordable units. Construction is scheduled to begin at the end of 2026 and finish in 2027. San Francisco examples show large office-to-residential conversions are viable.
Read at ABC7 San Francisco
Unable to calculate read time
Collection
[
|
...
]