Gemdale and Lincoln Property Company Join Forces for San Jose
Office Development in their Second Joint Venture
San Francisco, CA (February 3, 2016)
Gemdale Properties and Investments ("GPI", 535.HK), an affiliate of Gemdale Corporation (600383.SH) which is one of China's largest and leading real estate developers, today announced their formation of a second joint venture with Lincoln Property Company to develop i3 @ North First, an infill Class A office project in North San Jose, CA.
The i3 @ North First project will be approximately 415,000 rentable square feet of Class A office product consisting of two- and three-story buildings, with an average floor plate size of 40,000 rentable square feet. The development is strategically located at the North First Street and Highway 237 intersection, totalling 21.3 acres.
Financial terms of the joint venture were not disclosed.
According to Jason Zhu, Chairman of Gemdale USA, “We are delighted to announce another Class A office development in the United States with leading national developer Lincoln Property Company.”
John Herr, Executive Vice President of Lincoln Property Company noted, “We are thrilled to continue our partnership with another cutting edge office development with Gemdale. Gemdale brings a long history of exceptional real estate development to our joint ventures. Together we are committed to developing an outstanding project that both we and Silicon Valley will be very proud of.”
Michael Krupa, President of Gemdale USA added, “This project is extremely well-located in North San Jose, in the heart of Silicon Valley, which is home to many of the world’s largest and leading high-tech enterprises and is synonymous with world-class innovative high-tech research, accounting for one-third of all the venture capital investment in the United States.
Gemdale also partnered with Lincoln Property Company in April 2014 to develop 350 Bush Street, a 19-story, 372,000 square foot Class A office tower, incorporating the historic terra cotta facade and columns of the iconic San Francisco Mining Exchange Building, and 500 Pine Street, a 5-story 56,000 square foot office/retail development in San Francisco.
Gemdale Properties and Investment, an affiliate of Gemdale Corporation, is a leading real estate developer and operator in the Greater China region, listed on the Hong Kong Stock Exchange (535.HK) and serves as a platform for commercial property investment, development and operational management. Gemdale Corporation (600383.SH) was founded in 1988 and listed on the Shanghai Stock Exchange in 2001. Gemdale enjoys one of the strongest brands in China. While Gemdale's roots are in the residential condominium sector, with over 45,000 residential condominium units built and sold in 29 major cities in China in 2015 alone, Gemdale has also embarked in recent years on commercial/mixed-use developments as well as real estate private equity funds management. Gemdale has received numerous real estate industry awards over the years, including "Top 10 China Listed Real Estate Companies in terms of Comprehensive Strength", "Blue Chip Property Developers in China" and the "Most Valuable Listed Real Estate Enterprise in China", amongst other honors. Gemdale is also involved in a number of philanthropic and community outreach endeavors, including the sponsorship of various World Tennis Association tournaments in China.
About Lincoln Property Company
Dallas-based Lincoln Property Company is one of the nation’s largest diversified commercial real estate companies, employing over 6,800 people in 32 states and 10 countries in Europe. Since its inception in 1965, Lincoln has developed over 128 million square feet of office, industrial, and retail projects as well as 209,000 apartment units. Stemming from its development and ownership background, Lincoln's operating platform seamlessly integrates its various service lines, provides for consistent and measureable performance and utilizes cutting-edge technology over its 350+ million square feet of managed assets.