PS Business Parks Buys Bay Area ComplexThursday, December 26, 2013
PS Business Parks Inc. announced this week the purchase of the Bayshore Corporate Center in San Mateo for $60.5 million.
The Glendale real estate investment trust bought the eight-building, 340,000-square-foot office park with plans to improve on its occupancy of almost 82 percent.
“We plan to enhance the park with certain cosmetic and amenity upgrades and integrate PSB’s proven marketing and operating strategies in order to improve occupancy at Bayshore Corporate Center,” said Chief Executive Joseph Russell Jr., in a statement.
PS Business Parks develops and operates multi-tenant flex, office and industrial properties. The company's portfolio totals more than 29 million rentable square feet in eight states.
Shares closed Thursday down 1 cent or less than 1 percent to $76.23 on the Nasdaq.