MENLO PARK, CALIF. — Presidio Bay Ventures, a San Francisco-based developer and investment firm, has officially opened Springline, a 6.4-acre mixed-use development near downtown Menlo Park in Silicon Valley.
Situated adjacent to the Cal Train Station, the development features 200,000 square feet of office space, The Residences at Springline apartment community, a central plaza, two underground parking garages and 29,000 square feet of retail space.
“We have delivered a magnetic destination in the heart of Silicon Valley that attracts the Bay area’s best to live, work and play,” says K. Cyrus Sanandaji, managing principal of Presidio Bay. “Over the past three years, we have created a destination with thoughtfully designed spaces that allow for tenants, residents and the local community to interact.”
The Offices at Springline spans two buildings and features coworking space in the south building, as well as a golf simulator, entertainment lounge, fitness center, locker rooms, showers, outdoor fitness spaces, bicycle parking, electric vehicle charging stations and The Glade, an onsite dog park. Office tenants also have access to the Springline App that allows remote entry, direct access to property management, amenities, bookings and other services.
The Offices are fully leased to global and regional tenants, including STG, Menlo Ventures, Kilpatrick Townsend & Stockton, Genesys, Highland Capital, Centerview Partners, Cornerstone Research, Norwest Venture Partners, NuMondo Ventures, Pivotal Capital, Rackhouse Venture Capital, BluePointe Ventures and Wells Fargo. Newmark is overseeing the office leasing at Springline.
Springline’s retail tenant roster comprises many food-and-beverage concepts. Also fully leased, retail tenants include Andytown Coffee Roasters, Barebottle Brewing Co., Burma Love, Canteen, Che Fico Parco Menlo, Mirate, Proper Food and Robin. CBRE is the leasing agent for Springline’s retail component.
The Residences at Springline comprises 183 one-, two- and three-bedroom apartments from 695 to 1,506 square feet. Rental rates range from $5,359 to $13,750 per month, according to Apartments.com. Units feature floor-to-ceiling windows, hardwood-style floors, washers and dryers, smart thermostats, smart doors and Elfa Custom Closets by The Container Store.
Amenities include an indoor/outdoor café and wine bar; swimming pool with cabanas; spa; indoor/outdoor entertainment kitchens and living rooms; fitness center; library lounge; pet spa; golf simulator; underground parking; in-home package delivery; bike storage; and one complimentary bike parking space per household.
Additionally, Presidio Bay has partnered with Locale for 15 one- and two-bedroom apartments within the Residences that will be available for short and extended stays. The Residences at Springline is nearing full occupancy, according to Presidio Bay.
Though just now opening, Springline has received two industry awards: The Real Estate Deal of the Year 2022 by the San Francisco Business Times and Impact Awards: Commercial Development of the Year from CoStar Group. The Menlo Park City Council originally approved the development in 2017. Presidio Bay took over the project and renamed it Springline in summer 2020.
Presidio Bay held a grand opening for Springline this past weekend and will also celebrate this weekend with a cocktail fair, discussion moderated by BluePointe Capital CEO Sanjeev Sardana, outdoor art gala, live music, carnival games, food trucks, outdoor movie showing, wine tasting and silent disco.
Presidio Bay has developed new construction and adaptive reuse projects spanning 5.3 million square feet that are valued at nearly $5.6 billion. The company’s active portfolio comprises mostly commercial and multifamily developments in Northern California.
— John Nelson