New York Life Real Estate Investors and Harvest Properties Acquire One Bay Plaza in Burlingame, California
New York, July 14, 2016—New York Life Real Estate Investors and Harvest Properties announced today the acquisition, on behalf of institutional investors, of One Bay Plaza, a 196,139 square foot, Class A office property located in Burlingame, CA.
With frontage along the San Francisco Bay, the 9-story building features unobstructed water views, an on-site café, fitness center, and access to waterfront jogging trails. The property is among the newest vintage buildings in the submarket and is one of the top assets in Burlingame.
“One Bay Plaza provides the opportunity to acquire a top asset in an area with improving fundamentals at an attractive relative value,” said Ross Berry, senior director at New York Life Real Estate Investors. “We will be implementing common area upgrades to capture the strong tenant demand and create value through lease-up of the remaining vacancy.’
“We look forward to building our relationship with new partner, New York Life Real Estate Investors, as we collaborate to reposition One Bay Plaza,” said John Winther, managing partner at Harvest Properties. “With its central peninsula location, this asset provides the perfect opportunity for Harvest to leverage its skills as a full-service firm as we utilize our team of experts to add significant value.”
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $45.8 billion in assets under management as of March 31, 2016, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/17/16. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/11/15.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
About Harvest Properties
Founded in 2002, Harvest Properties is a full service commercial real estate investment firm specializing in acquiring, developing, managing and financing commercial property, primarily through joint venture investments in Northern California. Harvest Properties strives to generate attractive returns for its financial partners and provide creative real estate solutions and outstanding service. Harvest Properties’ portfolio comprises approximately ten million square feet of office, industrial, R&D and retail properties in the San Francisco Bay Area. For more information, please visit www.harvestproperties.net.
New York Life Insurance Company