Lowe Enterprises has received approval from the City of San Mateo, Calif., Planning Commission for the development of a new three-story, 107,696-square-foot office building at the 22-acre Clearview Business Park in San Mateo. The project will begin with the demolition of an existing building at the site and the addition of a new, five-level, 655-space parking structure.
Clearview currently consists of six buildings with a combined 270,000 square feet that is 100 percent leased to media, green building and tech industry tenants including Akamai Technologies, GoPro and Solar City. Lowe Enterprises also maintains an office at Clearview.
Lowe Enterprises owns Clearview Business Park in partnership with O’Connor Capital Partners and Pearlmark Real Estate Partners. The property was vacant when Lowe and its partners acquired the former San Mateo Executive Park in May 2007.
According to the company, it immediately completed a comprehensive $20 million program to modernize the campus to Class A standards. Five of the existing buildings were upgraded with significant work on exterior finishes, altering roofs to improve views and increase natural light, and a major upgrade of all building systems. The lobbies and elevators were refurbished and street improvements also were made.
Clearview Business Park is within walking distance of a number of amenities, including the Laurelwood Shopping Center and the College of San Mateo’s community-oriented fitness and aquatic training facility, which is adjacent to the project.
Construction of the parking structure is anticipated to begin in the fourth quarter of 2013 with the start of the office building construction planned for the second quarter of 2014.
Lowe Enterprises established its first Northern California office in 1990 and has been an investor and developer of commercial real estate throughout the region. The company is currently in the planning phase of the 1.8 million-square-foot North First Campus, a nine-building Class A office project to be developed on a 43-acre site in San Jose.