New San Francisco Federal Building on 7th and Mission opens to public
October 9th, 2008 Filed Under Development Updates, Midmarket/ City Hall, Tenant Activity, Zoning & City Hall Issues
The visually controversial and environmentally friendly San Francisco federal building opened to the public this month, and the end result for a beat up neighborhood is still forthcoming.
Located between between Mission and Market on 7th Street, the property has been deemed an eyesore AND an architectural gem by various critics. Regardless of the appearance, by placing the facility in this location the City has brought 1,700 plus workers into area that desperately needs dollars spent. Retail is supposed to improve, property values are supposed to go up, crime is supposed to go down, and the entire neighborhood is supposed to be reborn. All of this is a part of a bigger effort to rehab mid-market and push out years of despair. [More...]
Friday Updates: The latest news in stories from the past couple of weeks
October 3rd, 2008 Filed Under Development Updates, Financial District, Mission Bay, South of Market, Zoning & City Hall Issues
Information is becoming outdated quickly in San Francisco. The financial services industry continues to deteriorate, which changes the landscape of potential space coming back to the market on almost a daily basis. The truth is that real estate is a major expense associated with being in business, and as mergers and acquisitions sort themselves out we can be certain those in charge will seek to cut expenses by combining departments and facilities. To what level this will occur is unknown, but I expect most of it will not be sorted out for 1-2 years.
Below you will find links to stories published this week that give more clarity and new information to posts we have written over the past couple of weeks. [More...]
What will become of the San Francisco offices of Wachovia and Wamu?
October 1st, 2008 Filed Under Financial District, South of Market, Tenant Activity
The San Francisco Business Times released an article this week detailing the space holdings of Wachovia and Washington Mutual here in San Francisco. As has been well documented over the past couple of days, Wachovia has been sold to Citi, and Washington Mutual has been sold/ handed to J.P. Morgan Chase. These companies have space in a variety of financial district buildings including 555 California, 4 Embarcadero Center, 123 Mission, 201 Mission, and 1 Sansome.
These major transactions and the square footages they contain add a layer of uncertainty to an already very uncertain San Francisco office leasing market. As we reported on the 26th of this month, [More...]
