**San Mateo Office Campus Sells for $22 Million; Potential for Lease-Up or Adaptive Reuse**
Newmark has arranged the sale of Tower Plaza, a five-building office campus totaling 207,678 square feet, located at 2121 S. El Camino Real in San Mateo. The property was acquired by Tourbineau Real Estate Partners for $22 million, translating to approximately $106 per square foot. The transaction ranks as one of the most significant office trades on the Peninsula this year.
Representing both the seller and the buyer were Newmark’s Executive Vice Chairman and Western Region Capital Markets President Steven Golubchik, Vice Chairman Edmund Najera, Managing Director Darren Hollak, and Associate Directors Francesca Zappula and Brendan Raney.
“Tower Plaza attracted an incredibly diverse pool of bidders, including value-add office buyers, residential developers and groups exploring hybrid repositioning strategies,” said Golubchik. “Its scale, transit orientation and underlying land value created one of the most competitive marketing processes we’ve seen on the Peninsula in recent years.”
Currently 27% leased, the 3.36-acre site includes a 12-story tower and four low-rise buildings, along with 607 parking stalls and sweeping panoramic views. These features make the campus a strong candidate for either a traditional lease-up strategy or an adaptive reuse into residential or mixed-use space.
Photo courtesy of Swift Real Estate Partners.
