San Francisco
650 California Street Acquired by Columbia Property Trust in $300 Million Deal
650 California Street was recently acquired by Columbia Property Trust, Inc. in a deal completed with owners Tishman Speyer and Prudential Real Estate Investors. The buyer paid a fee of $309 million for the iconic Class A office tower located in San Francisco’s coveted Financial District.
KB Homes Acquires Land in Sunnyvale, Unveils Latest Residential Project in the Area
Part of an increasingly aggressive development policy in The Bay Area, KB Homes recently announced the purchase of a plot of land in Sunnyvale and its development strategy for the property. The home builder has announced that the site will house a new housing community called Solaire. The company has rolled out its plans for its new location at the heart of Silicon Valley where the entity has planned to build 47 homes that would be added to the area’s housing stock.
555 Montgomery Street Property Management Contract Awarded to Kennedy Wilson
Kennedy Wilson is the new property manager of a San Francisco office high-rise after the company was awarded the contract for 555 Montgomery Street. KW will now handle property management duties at the property on behalf of owner East West Bank, a Pasadena-based financial entity.
Goodman Logistics Center Welcomes First Tenant as Benjamin Moore & Co. Inks Lease for 1/3 of Available Space
The Goodman Logistics Center in Oakland has announced its first new tenant as Benjamin Moore & Co. inked an agreement to take over more than a third of the available space at the site. The property will serve as the new tenants’ base of operation which will supply paint to Northern California stores. Benjamin Moore & Co. is a unit of Bershire Hathaway, a Warren Buffett controlled entity. The new tenant is moving to Oakland from its current regional distribution center located in Hayward during the following months. Benjamin Moore & Co.’s lease includes 46 dock doors and an office component of 3,500 square feet.
HFF Secures $480M Construction Loan for 181 Fremont in San Francisco
HFF arranged $480 million in construction financing for 181 Fremont St., a 55-story, 684,000-square-foot Class A office and luxury condo tower in San Francisco’s South Financial District.
Jay Paul Company Receives $480 Million Construction Loan from HFF for its Tower at 181 Fremont Street
The city’s South Financial District is set to welcome a new major mixed-use development project as developer Jay Paul Company recently locked in financing for its Fremont Street venture. HFF recently announced that it has arranged construction financing on behalf of the developer through Starwood Property Trust. The total amount sourced for the large mixed-use plan is $480 million. HFF’s debt placement team was led by Peter Smyslowski, a managing director with the company, with director Chris Gandy and associates Walter Chui and Brandon Roth also part of the team.
Marcus & Millichap Arranges Trade of Viking Apartments in Peninsula at Above-Average Per-Unit Price
A Peninsula multifamily property recently traded hands in a deal worth $10.8 million. Marcus & Millichap arranged the transaction for the Burlingame, CA asset at a per-unit rate of $308,571. The seller is a family that owned the property for around 50 years, while the buyer is another local family trust. Both parties were advised by representatives of Marcus & Millichap’s Palo Alto office, with associate Richard Reisman handling the seller’s end, and vice president investments, Adam Levin, working on behalf of the buyer.
Levi’s Stadium Announces Completion of NRG Solar Terrace as Facility Awaits LEED Gold Certification
The San Francisco 49ers are moving to Santa Clara, as the newly-completed Levi’s Stadium will be the home of the NFL franchise starting with the upcoming season.
HFF Arranges Acquisition of 1400 16th Street by ASB Real Estate Investments
As the city’s office market continues to be white-hot, San Francisco’s assets are increasingly in demand. The latest asset to trade hands is the building located at 1400 16th Street—a historic property sold by Jessica McClintock Inc. to a venture consisting of ASB Real Estate Investments, SKS Partners and ProspectHill Group. An HFF team led by managing director Steven Golubchik, director John Simerlein and senior real estate analyst Josh DiSalle represented the seller in the deal.
Potential Alameda Point Developers Line Up for Development Opportunities as Initiative Gains Momentum
Local authorities have long tried to get a major development project going at former Navy base, Alameda Point. Currently, nine different development teams have submitted their applications in response to a request for qualifications, in order to have a shot at working on the 82-acre parcel located on San Francisco Bay. The list of applicants is currently under review by local authorities. The city previously issued a request for quotation (RFQ) for a 68-acre residential and commercial mixed-use project along the main entrance to Alameda Point.