San Francisco Office Update: 717 Market filling up following building rehab
August 19th, 2008 Filed Under Development Updates, Financial District, Tenant Activity, Union Square, Yerba Buena
As reported by J.K. Dineen and Blanca Torres of the San Francisco Business Times this week, Ellis Partners is having success with their project at 717 Market Street. According to the article, about half the property is now leased, with activity pending on even more. The marketing efforts are being led by a group of talented agents that primarily represent landlords here in San Francisco. Their work shows in the type of tenants they have been able to attract, and the ownership group that took a chance on the building must be pleased.
In my opinion, this is wonderful news for the neighborhood as a whole, not just the investors. This is an important corner in San Francisco, as it sits where Third Street comes up from Mission Bay and meets Kearny Street at Market Street. Third Street is one of the busiest streets we have, and it is usually the fastest way to get yourself from South of Market into Chinatown and North Beach. A lot of tenants feel that 717 Market is too far South along Market, but the truth is it is a very convenient location for local amenities and transportation. One block South is the Westfield Shopping Center, one block North is where Post meets Market meets Montgomery, a very busy intersection. Bart is mere steps away, and the local hotels are convenient to Yerba Buena and the convention center.
Economically, I do not have the rental numbers for these leases, but I am certain the rates are lower than what the traditional financial district has to offer today. What it shows me is that tenants seeking space exist and are active despite the recession fears, but they are being more careful with expenses, and looking for good rates in good buildings. [More...]
San Francisco Development Update: City seeks partner for 1st & Folsom
August 8th, 2008 Filed Under Development Updates, Financial District, South of Market, Zoning & City Hall Issues
The San Francisco Redevelopment Agency will be seeking help in taking what is now barren land and construction storage at 1st & Folsom, and turning it into a “retail mecca” under a residential tower.
As reported by J.K. Dineen of the San Francisco Business Times in this weeks edition, the plan calls for a 550 foot tower, townhouses, retail, and some infrastructure updates such as wider sidewalks. This block is part of a group of parcels that has given the City an incredible opportunity to restructure and redesign a good portion of the city-center.
If you have a chance to walk this area, you will notice that the development that has sprouted along Mission Street has not quite reached this far South. This parcel is situated behind the Novogradac building at 246 First Street, and Just East of the building now owned and occupied by the Emerald Fund at 532 Folsom Street. It is also only a few blocks South of the Foundry Square developments, the future Transbay development, the future 350 Mission development, and the almost completed 555 Mission development. Placing a large number of future residential units this close to future office projects keeps with the planning departments strategy of minimizing commute distances. [More...]
San Francisco Office Update: Pfizer takes 100,000 square feet in Mission Bay
August 5th, 2008 Filed Under Development Updates, Mission Bay, South of Market, Zoning & City Hall Issues
Mission Bay, long reported to be struggling to achieve the biotech tenant base it had been seeking, had a big day as Pfizer has decided to move a major portion of their employee base into the San Francisco Submarket, and take 100,000 square feet with options on more.
This is exciting news for all involved in the deal, and comes as fantastic news as well to people like me that had no involvement at all. The success of Mission Bay is key to the coming together of Southern San Francisco and I look forward to the day when the entirety of the neighborhood is built, as I anticipate it will be a new hub of retail, office, and residential to rival any in the City.
The plan in place for continued growth reminds me a bit of what San Diego has done with the neighborhood surrounding Petco Park, home of the Padres. They have created a seemless transition from hotel property to convention center to restaurants to living spaces. If the developers can stick with the vision and complete the 4th Street retail corridor heading into Mission Bay, and make great use of Seawall Lot 337, they will be giving our great City a gift that will lend justification to try a similar effort at Hunters Point.
A well written article by Ron Leuty of the San Francisco Business Times is contained below, and an excellent take on the residential neighborhood can be found at www.socketsite.com. [More...]
San Francisco Office Update: Slide leads tenant shuffle South of Market
August 4th, 2008 Filed Under South of Market, Tenant Activity
The growth, both fiscally and physically, of technology companies continues here in San Francisco as one of the top producers of facebook applications is changing addresses and taking four times the space it currently occupies.
As reported this week by J.K. Dineen of the San Francisco Business Times in the article below, Slide will be taking the top three floors at 301 Brannan, which is a wonderful building on the corner of Second Street two blocks North of the stadium and two blocks South of the 80 Freeway. Strong online success combined with venture capital financing continues to drive quite a few tech companies in San Francisco which appears to be one of the major reasons our economy is not being hit as hard as other cities regionally.
The reverberations of this lease will be felt quickly as existing tenants currently taking space within 301 Brannan will obviously be seeking alternative space ahead of Slide taking occupancy. Most notably Xoom, currently leasing 11,791 square feet on the 5th floor. Xoom has already been on the market touring of course but expect news on where they land very soon, as any opportunity for staying in the building has been eliminated. [More...]
