The Californer - Harvest Properties/Stockbridge Acquire 380K-SF Office Campus in San Mateo, CA

Trending...

Joint venture plans to re-entitle the 22-acre campus for much needed housing in the San Francisco Bay Area community

SAN MATEO, Calif. - Californer -- Harvest Properties, in partnership with Stockbridge, has acquired the 379,615-square-foot Clearview Business Park in San Mateo, California, in an off-market transaction. The Bay Area-based firm plans to re-entitle the 22-acre property as a for-sale residential community, which will include affordable housing, targeting one of the most underserved segments of the Bay Area housing market.

Located at 3000–3155 Clearview Way, the hilltop property currently includes six Class A office buildings, surface and structured parking, and is partially leased to GoPro, which occupies the space through 2026. Originally constructed in 1973, the campus previously served as Visa International's headquarters before transitioning to GoPro in 2011.

We selected this site because our proposed housing plan will integrate seamlessly into the existing neighborhood," said Tyler Issadore, Senior Director at Harvest Properties. "This is one of the most difficult housing types to replicate due to the significant land requirements. Projects like this are rare, but they're essential to expanding the for-sale housing supply and creating opportunities for current and future San Mateans."

More on The Californer

The redevelopment plan includes up to 225 townhomes and single-family homes, with 15% designated as affordable. The project is expected to provide homes for up to 700 residents, spanning multiple income levels, and will play a key role in addressing the region's jobs-housing imbalance and softening office market fundamentals.

The proposed community design aims to incorporate energy-efficient homes, drought-tolerant landscaping, and a combination of modern and traditional architecture to reflect the surrounding character. Landscaped paseos, gathering areas, and a central green space will support active living and community connection.

"Our redevelopment plan responds directly to two regional realities—the ongoing housing shortage and the structural challenges facing the office market," said Preston O'Connell, Partner at Harvest Properties. "This project represents a higher and better use of the land and aligns with the City's General Plan goals to build over 7,000 new housing units in the coming years."

From 2002 to 2019, San Mateo added nearly 17,000 jobs but delivered only about 2,500 new housing units, resulting in ratio of nearly 7 jobs for every 1 housing unit compared to a target ratio of 1 housing unit for every 1.5 jobs. With the Peninsula office market experiencing seven consecutive quarters of negative net absorption, according to Colliers, there is now a unique opportunity to thoughtfully reimagine office parks to housing to help reverse the jobs to housing imbalance.

More on The Californer

This project follows Harvest's successful Peninsula Heights development, a 290-home community on a nearby repurposed business park site that was re-entitled in 2020 and is currently under construction. Additionally, Harvest is among the most active developers, with seven housing redevelopments currently underway across the Bay Area.

About Harvest Properties
Harvest Properties is a vertically integrated, full-service commercial real estate investment firm that specializes in the acquisition, entitlement, development, and management of commercial property, primarily through joint-venture investments in Northern California. For more than 20 years, Harvest has served as an established leader in the marketplace by generating attractive returns for its financial partners, providing creative solutions and outstanding service. Harvest Properties' portfolio comprises approximately ten million square feet office, industrial, R&D, life science, retail, self-storage and residential properties in the San Francisco Bay Area. For more information, please visit http://www.harvestproperties.com.