Lowe Enterprises received approval from the San Mateo, California, Planning Commission for the development of a new three-story, 107,696-square-foot Class A office building at its 22-acre Clearview Business Park. 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.
Lowe Enterprises owns Clearview Business Park in partnership with O’Connor Capital Partners and Pearlmark Real Estate Partners. The business park currently consists of 270,000 square feet in six buildings and is 100 percent leased to a roster of leading media, green building and tech industry tenants, including; Akamai Technologies, GoPro and Solar City. Lowe Enterprises also maintains an office at Clearview.
Lowe Enterprises officials said the property was vacant when Lowe and its partners acquired the former San Mateo Executive Park in May 2007. Lowe invested $20 million 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, company officials said. The lobbies and elevators were refurbished and street improvements were made.
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 officials noted Clearview Business Park is centrally located between the San Francisco and San Jose International Airports offering easy access to Highway 92, 101 and I-280 and public transportation systems.