San Francisco
Tishman, China Vanke to Build 655-Unit San Francisco Condo Tower
A new two-tower condominium property will soon sprout up in San Francisco, now that Tishman Speyer and China Vanke Co., Ltd. have joined forces to build a 655-unit residential community at 201 Folsom St.
Boston Properties Acquires In-Development High-Rise in South Financial Submarket, Sets Sights on Mixed-Use Opportunity in Virginia
535 Mission Street is a project for a 27-story building, with a massive height of 378 feet. The building will offer 307,000 square feet of leasable Class A office and retail space in a LEED Gold certified environment. The property is set to cater to tech tenants looking to relocate or expand in the booming tech-oriented office market of the San Francisco Bay area. Design-wise the building will feature a glass front, column free floor plates and will offer residents views of San Francisco and the neighboring bay. The development process could take the company’s overall investment in the office property to around $215 million, a recently issued company statement shows. A completion date is set for the fall of 2014.
San Jose Power Retail Center Sparks $200 Million Acquisition Deal
The Plant is one of the largest properties of its kind in the entire region, offering a total of 650,500 square feet of retail space in the city of San Jose, only 510,000 of which were included in the actual deal. This is a result of the fact that a number of retailers have acquired the space they inhabit at The Plant. Big names amongst the residents of the power retail center include Best Buy, Home Depot and Target. The facility sports a strong occupancy rate, with only five percent of the available space currently vacant.
Recent Transactions in Bay Area and Silicon Valley Cement Area’s Appeal
The 520,000-square foot building located at 1221 Broadway has served as Clorox’ HQ since 1988 and will continue to be used by the household item manufacturer as per the terms of the sale. The company has opted to sell its 24-story office tower due to an ongoing process of moving a large chunk of its workforce to its new office and research campus in Pleasanton. Clorox will stay on as the building’s anchor tenant, a long-term lease being agreed for around 300,000 square feet of space in the 1976-built highrise.
Kamm Tapped as President of Cassidy Turley
Michael Kamm, who has been CEO of Cassidy Turley’s Northern California operations and overseen its growth from five to 15 regional offices, has been promoted to president and named to the firm’s board of directors.
Forest City Enterprises Offloads Coveted Office Property in Downtown San Jose
One of San Jose’s largest office buildings recently traded hands after Forest City Enterprises Inc. agreed terms with CBRE Global Investors for the sale of Fairmont Plaza. CBRE Global Investors paid $93.1 million for the Bay Area asset. The property, also known as the Knight-Ridder building, was sold in order to generate net cash proceeds for the Cleveland-based owner. Also part of this strategy was the recent sale of the company’s Emerald Palms apartment community in southwest Miami.
Wells REIT II Acquires 657 KSF Office Tower in San Francisco
Wells Real Estate Investment Trust II has acquired 333 Market St., a 33-story Class A office tower in the heart of San Francisco’s financial district, for a reported $447 million from the Korean Federation of Community Credit Cooperatives.
Clarion Nabs $296M Financing for M-F Office Portfolio
Clarion Partners will have some hefty payments to make in the new year, now that a $296 million financing package for a 10-building, 1.6 million-square-foot portfolio of Class A office buildings it owns has been completed.
TMG Partners Acquires Recently Vacated Office Property, Seeks to Improve Existing Space
A vacant North San Jose office building was recently acquired by San Francisco-based real estate company TMG Partners. The buyer acquired the Class A property with the aid of equity partner Alcion Ventures LP. The seller was real estate investment company Kaufman Jacobs out of Chicago. The deal was perfected for an undisclosed amount with the buyers representing themselves and Kaufman Jacobs employing Mark Ziemendorf, a representative of Cornish and Carey, Newmark Knight Frank.
North Financial District Office Building Sold to Multi-Employer Property Trust
475 Sansome is San Francisco’s latest office property to be traded after the Multi-Employer Property Trust and Bentall Kennedy, MEPT’s real estate advisor, acquired the property for an undisclosed amount. The deal for the building located at the corner of Sansome Street and Clay Street in the North Financial District was brokered by representatives from Holiday Fenoglio Fowler’s local office.