Menlo Equities and Beacon Capital Partners have started construction on their latest Bay Area project. The two firms broke ground on Portal 405, a six-story life science building in San Carlos, Calif., that is scheduled for completion in late 2024.
The developers tapped RMW as the project’s architect, while CBRE’s Mike Moran and Cushman & Wakefield’s Clarke Funkhouser will be tasked with marketing and leasing the property.
Portal 405 has been designed to accommodate either a single tenant or multiple users, as the space can be divided into approximately 60,000-square-foot floorplates. The 240,000-square-foot property will include four floors of lab and office space, with two levels of above-grade parking. Portal 405 will also feature two levels of underground parking and a lobby on the ground floor that will have bike storage, restrooms with showers and lockers and tenant amenity areas that can accommodate a fitness center and café. The building will also have a rooftop terrace that can be used as an outdoor work or event space.
Located at 405 Industrial Road, Portal 405 has visibility and nearby access to Highway 101 and is also within walking distance to the San Carlos Caltrain station. The building is located across the highway from the San Carlos Airport, but also within walking distance to downtown San Carlos and its many retail and restaurant options.
Menlo Equities’ Bay Area projects
As a vertically integrated firm, Menlo Equities has been an active developer in the northern California market for more than two decades. Besides Portal 405, the firm is working on two additional office and life science developments in the region, that are currently in the early planning stages.
Menlo Equities has also developed 3333 Scott Blvd., a 244,906-square-foot six-story office building in Santa Clara, Calif. Preylock Real Estate Holdings acquired the asset in June 2023 for $182.5 million. In late 2021, Menlo Equities sold The Campus at South County, a 210,083-square-foot office complex in the Foothill Ranch neighborhood of Orange County, Calif., for $50 million.