H&Q Asia Pacific to develop Silicon Valley technology hub
H&Q Asia Pacific will invest $100 million to acquire land and develop a technology hub in Silicon Valley.
The initiative, known as the Global Innovation Center (GIC), involves the acquisition of Bay Park Plaza, a 260,000 square feet grade A commercial real estate complex in Burlingame, for $90 million. A further $10 million will go toward developing and operating the GIC, with the site renamed GIC Burlingame Bay.
This follows the purchase of another commercial property in Burlingame earlier this year, which is also part of the GIC platform. The sites are located about 10 minutes from San Francisco International Airport.
The GIC is intended to serve as a hub for technology companies from around the world. Members and tenants will be able to share innovative ideas and benefit from Silicon Valley's entrepreneurial experience and human capital through advisory services, programs, and commercial and strategic partnership opportunities.
"This project represents the culmination of 30 years of cross-border technology investments by H&Q Asia Pacific 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," Ta-lin Hsu, the firm's chairman and founder, said in a statement.
He added that H&Q Asia Pacific will look for opportunities to develop versions of the GIC in other technology centers around the world.
Hsu, who is credited with helping bring US-style venture capital investing to Asia, set up H&Q Asia Pacific in 1986. He has also played a role in the development of several technology parks in the region, including Taiwan's Hsinchu Park and a complex in Shenzhen Science Park.
H&Q Asia Pacific has invested in more than 700 companies through 26 funds since inception and has total assets under management of $3.5 billion. The firm has six offices across the region.
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