H&Q Asia Pacific, a private equity firm, expanded its Silicon Valley presence with a $90 million office purchase next to a property it bought earlier this year.
The firm bought Bay Park Plaza, a 260,000 square foot commercial complex, from Hudson Pacific Properties for $90 million. The property includes Virgin America’s corporate headquarters, located about 10 minutes from the San Francisco International Airport. H&Q, which manages about $3.5 billion of assets, plans to build a “Global Innovation Center” with legal, financial and other advisory services. In addition to its Asian private equity portfolio, H&Q currently invests in seven Silicon Valley companies, according to its website.
The firm plans to spend an additional $10 million in renovations to Bay Park Plaza, which has been renamed GIC Burlingame Bay, according to a company statement. The two buildings are 85 percent leased. They complement an adjacent development site that H&Q purchased with the Chinese development giant Genzon Property Group for $48 million in March. The partners expect to pour $300 million into constructing at least four buildings on the 18-acre site.
Genzon and H&Q have a partnership spanning two continents: The two teamed up to build a tech park in Shenzhen, home to H&Q-funded biotech company Sinogen International and gaming giant Tencent. H&Q was founded as part of US investment bank Hambrecht & Quist, and is known in Asia both for its technology investments and for bringing Starbucks to China.
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