CBRE Arranged $15.1 Million Sale of CalCPA Building in Burlingame, CA

CBRE’s Capital Markets team in San Francisco brokered the sale of 1710 Gilbreth in Burlingame, Calif. for $15.1 million to a private investor.

CBRE’s Kyle Kovac, Mike Taquino, Joe Moriarty and Giancarlo Sangiacomo represented the seller, the California Society of Certified Public Accountants (CalCPA).

Built in 1950, the three-story 34,504 sq. ft. office building was significantly renovated in 2017 with new exteriors, interiors and structural retrofit.

Demand from office and R&D tenants throughout the San Francisco Peninsula increased in the second quarter this year to over 2.1 million sq. ft., according to CBRE Research. Burlingame had the largest net absorption and one of the lowest vacancy rates on the Peninsula. Vacancy for office and R&D space in Burlingame was 9.1% and 5.4% respectively, far below the market averages of 18.1% and 10%.

CalCPA supports the professional growth and development of certified public accountants and related professionals working in public accounting firms and businesses throughout California. CalCPA recently relocated to and expanded its presence in Sacramento, CA.