Big financing for new Burlingame CA Facebook Development

Photo by Sundry Photography

A Bloomberg article in April this year reported that Facebook’s planned office development in Burlingame CA has received financing to the tune of $515 million. This development, which is being called Burlingame Point, will house offices for the technology giant Oculus VR.

Oculus is a technology company specializing in virtual reality software and hardware. The company is currently headquartered in Menlo Park. Oculus VR was originally founded by five men in 2012 and started up in Irvine, CA. Then Facebook’s founder and CEO Mark Zuckerberg bought the company for $2.3 billion in cash and stock in March of 2014.

Oculus also worked with Samsung in 2015 to develop the Samsung Gear VR for Samsung Galaxy smartphones.

The development company for Burlingame Point is Kylli, Inc. It is a subsidiary of the Chinese company Genzon Investment Group Co. The development Kylli has planned will supply 803,000 square feet of business space, and it will include four office buildings. The project is planned for completion in 2020.

According to the Miyamoto website, Genzon Investment Group actually broke ground on the new development in February of 2017.

The market for Burlingame Point

Additionally, Burlingame Point will provide several amenities. These amenities include a full floor with retail shops, dining, a child care center and gym. It will also allow easy access to to mass transportation such as shuttle service to nearby transit stations.

Steve Kohn, who works with Cushman and Wakefield that represented the developer, told Bloomberg, “The market for construction and transitional financing has been bursting at the seams over the past year with well-located office development for world-class technology, biotechnology and life science companies on the radar of more lenders and investors.”

Also, Mike Moran, managing principal and executive managing director for Cushman and Wakefield, commented to Miyamoto about worker lifestyles. He observed that many technology employees are living on the Peninsula where Burlingame sits. This situation, he said, makes locating companies there attractive.