SILICON VALLEY, Calif.--(BUSINESS WIRE)--H&Q Asia Pacific (H&QAP), an international private equity firm, announced the successful launch of its Global Innovation Center (GIC) initiative today, simultaneously with an investment of US$100 million including $90m to acquire Bay Park Plaza in Burlingame (renamed GIC Burlingame Bay), and $10m to develop and operate the GIC. GIC Burlingame Bay is a 260,000 square foot grade-A commercial real estate complex in the city of Burlingame, approximately 10 minutes from San Francisco International Airport.
GIC Burlingame Bay will be a hub for technology companies from around the world and will offer its members and tenants the opportunity to benefit from the disruptive technology innovation, entrepreneurial experience, and human capital of the Silicon Valley through a platform of advisory services, programs, and commercial and strategic partnership opportunities. The acquisition of GIC Burlingame Bay from Hudson Pacific Properties follows an acquisition earlier this year of another commercial property in Burlingame as part of the GIC platform.
Dr. Ta-lin Hsu, chairman and founder of H&Q Asia Pacific, said, “I am very pleased to announce the next step in the development of the Global Innovation Center. This project represents the culmination of 30 years of cross-border technology investments by H&QAP and our portfolio of relationships with governments, technology parks, leading technology companies, financial and academic institutions and technology service providers. Our goal is to create a unique ecosystem to foster innovation and provide growing technology companies with access to crucial relationships and value-added services. H&QAP plans to continue exploring opportunities to develop Global Innovation Centers in other technology centers around the world.”
Robert Shen, Managing Director of H&QAP, said “The Global Innovation Center will be a platform for global technology companies, both big and small. We believe that this Class A commercial complex in Burlingame near San Francisco International Airport offers the best of the Silicon Valley with its history of innovation and San Francisco, which has become a new hub for technology, social media, biotech and mobile commerce. GIC will offer both superior returns as a multi-faceted, disruptive technology park as well as create technology investment opportunities for H&QAP’s various funds. I believe this is a significant development in the evolution of H&QAP and Dr. Hsu’s vision for technology migration and innovation.”
H&Q Asia Pacific, which was founded by Dr. Hsu in 1986, operates six offices around the Asia Pacific region and has 30 years of experience in venture capital and private equity investment in both the Silicon Valley and throughout Asia. The firm is credited with bringing US-style venture capital investing to Asia and played a significant role in developing various technology parks in Asia, including Taiwan’s Hsinchu Park and a large commercial complex in the Shenzhen Science Park. Since inception, H&QAP has invested in more than 700 companies through 26 funds with a total AUM of US$3.5 billion.
The buyer of this transaction was represented by Sandy Comaroto and Jeff Diodati of Alain Pinel Realtors.
About H&Q Asia Pacific
H&Q Asia Pacific (“H&QAP”) is a private equity firm that invests throughout the Asia Pacific region. Founded in 1985 by Dr. Ta-lin Hsu as a joint venture with Hambrecht & Quist Group, H&QAP is today an independent private equity firm that has managed 26 funds with total assets of $3.5 billion through offices in Shanghai, Hong Kong, Shenzhen, Silicon Valley, Seoul and Taipei. H&QAP invests in a variety of sectors, including technology, manufacturing, branded consumer products, financial services, media, healthcare and real estate. For additional information, please visit www.hqap.com.