 View of buildings facingGreco Island | |
  Pacific Shores Center  Pacific Shores Center  Pacific Shores Center | |
| Location | Redwood City, California |
|---|---|
| Address | 1700 Seaport Blvd, Redwood City, CA 94063 |
| Coordinates | 37°30′42″N122°12′10″W / 37.51153°N 122.20288°W /37.51153; -122.20288 |
| Opening date | 2001; 24 years ago (2001) |
| Developer | Jay Paul Company |
| Construction cost | US$500,000,000 |
| Owner | Informatica,Google, DivcoWest |
| Architect | DES Architects + Engineers |
| Size | 106 acres (43 ha) |
| Parking | 4000 |
| Website | www |
Pacific Shores Center is ahigh-techbusiness park located inRedwood City,California, adjacent to thePort of Redwood City.
The property that Pacific Shores Center was developed on had many uses through the years from part of the Redwood City Harbor Company to cement production to being part of saltworks withLeslie Salt.[1]In 1990 theTeachers' Retirement System of the State of Illinois bought 116 acres (47 ha) of land adjacent to the Port of Redwood City andWestpoint Slough and formed the Pacific Shores Center Partnership to develop it.[2][3]After many years of planning Redwood City and the partnership had a complete development agreement with plans for a land swap, that decreased the total property to 106 acres (43 ha), and public shore space to allow for public use of parts of the property.[4]In November 1999Jay Paul Company entered into an agreement to buy the rights for the project by outbidding several other competing developers with aUS$90,000,000 bid.[5]By early 2000 with the buildings not even complete;Excite@Home,Phone.com,Informatica Corp, andBroadVision Inc. had all signed leases. Demand at the time caused rent prices to increase for the center as well.[6]At this time there were plans for a ferry service to connectSan Francisco andAlameda, California to an adjacent ferry terminal to mitigate traffic concerns at the time with so many of the expected workers to be projected commuting.[7]
By April 2002 the burst of theDot-com bubble had decreased demand for office space and the center previously estimated to fill completely was sitting with a vacancy rate of 65%.[8]However fortunes changed and in late 2006 the campus was sold from Jay Paul toStarwood Capital Group for overUS$800,000,000 for the center which had hit 90% capacity. Tenants at the time includedEidos Interactive,PDL BioPharma,DreamWorks Animation, Threshold Pharmaceutical, Openwave,Symantec, and engineering firmRudolph and Sletten.[9]The following year two of the buildings, specifically the ones PDL BioPharma was located within, were sold toShorenstein Properties for an undisclosed sum, for the first time making Pacific Shores Center to have more than one owner.[10]San Mateo County filed a lawsuit in August 2009 over a tax dispute with the Center. County officials claimed that the sale of property in 2006 never had the property transfer taxes paid while the Center argued over the county tax code.[11]
Starwood Capital ran into issues with overdue debt in 2012 and brought inBlackstone with an ownership stake. Starwood also sold off two of the buildings at the complex to Informatica forUS$148,500,000.[12]In 2014,Google bought the six buildings, over half the center, at 934,200 square feet (86,790 m2) of office space, which Starwood and Blackstone owned, forUS$585,000,000.[13]Shortly after Google's purchase,Shorenstein Properties sold the two buildings they owned to DivcoWest Properties for aboutUS$260,000,000. This has left Pacific Shores Center with fragmented ownership to this day with the three owners all with different sections.[14]
Pacific Shores Center is used more than just as an area for work. The facilities present include a 38,000 square feet (3,500 m2) fitness center that includes a gym, pool, and spa along with playing fields.[13]Public shore access allows for people to park and walk along the Westpoint Slough on a section of theSan Francisco Bay Trail.[1]
The annualStanford University Treeathlontriathlon competition is hosted in part at the center along with the Westpoint Harbor.[15]
|
San Mateo County,California, United States | ||
| Primary/secondary schools |  | |
| Other education | ||
| Landmarks | ||
| Historic Places | ||
| Transportation | ||
| Commercial centers | ||
| Healthcare | ||
