Real Estate

East Coast Developer Purchases Burlingame Property For $45M

Boston-based King Street Properties plans to turn a Burlingame property in a 475k square foot life sciences campus.

1499 Old Bayshore Highway, which King Street Properties purchased in February for $45 million.
1499 Old Bayshore Highway, which King Street Properties purchased in February for $45 million. (Google Maps)

BURLINGAME, CA — King Street Properties, a Boston-based developer specializing in life science and biotech projects, purchased a Burlingame property for $45.2 million in February, public records show.

The developer confirmed on its website that it plans to convert 1499 and 1699 Old Bayshore Highway into a 475,800 square-foot life sciences building with a laboratory and office space spanning two buildings and connected by a public plaza. The developer said the plan will also include a fitness center, conferencing facilities, a café, and structured parking.

King Street said that its purchase of the Old Bayshore Highway properties - which sit on 2.5 acres right off the 101 and near the bay - represent its first deal in California. It anticipates the projects will be finished by 2025.

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The site is currently occupied by a two-story office building, and was constructed in 1965, the Mercury News reported based on San Mateo County documents.

According to its website, the firm is the largest private owner of life science real estate in the world, and owns more than three million square feet of life science real estate.

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