Deloitte nears big lease in San Francisco
April 9th, 2010 Filed Under Development Updates, Financial District, South of Market, Tenant Activity
San Francisco Business Times
By J.K. Dineen
April 9th, 2010
Consulting giant Deloitte & Touche has signed a preliminary agreement to lease 180,000 square feet at Tishman Speyer’s 555 Mission St., a deal that would fill up most of the remaining empty space in San Francisco’s newest office tower.
Under the 15-year agreement Deloitte would occupy 10 floors throughout the middle and upper levels of the building. Landlord Tishman Speyer would pony up most of a $12 million cash “kill fee” Deloitte must pay to terminate its existing lease [More...]
Activision Finds 4 to Sublease S.F. Office Space
April 8th, 2010 Filed Under South of Market, Tenant Activity
The CoStar Group
By Alexis Van Noy
April 6th, 2010
BrightTALK, a webcasting company, signed a 7,500-square-foot sublease on the second floor.
Practice Fusion, a free, web-based electronic health record system, inked a 7,500-square-foot deal on the first floor. [More...]
S.F. investor Sierra Maestra pays $4.3M for 153 Kearny
March 26th, 2010 Filed Under Development Updates, Financial District, Midmarket/ City Hall, Tenant Activity
The San Francisco Business Times
By J.K. Dineen
March 26th, 2010
The price Sierra Maesta Properties paid for the Class B building was not disclosed, but sources familiar with the transaction put it at about $4.3 million, a rock-bottom price of $80 a square foot. The seller was Amalgamated Bank, which foreclosed on the property. The prior owner was Ray Tonsing, who spent three years entitling the building for downtown lofts. He subsequently had a change of heart and unsuccessfully attempted to unload it as an office building for $18.5 million in 2007 when that market was peaking. [More...]
SFMOMA, city reach land agreement, allowing for museum expansion
February 22nd, 2010 Filed Under Development Updates, Tenant Activity, Yerba Buena, Zoning & City Hall Issues
The San Francisco Business Times
By Sarah Duxbury
February 22nd, 2010
The city and SFMOMA have reached a land agreement that is critical to the art museum’s planned expansion.
Under the agreement, announced today by Mayor Gavin Newsom’s office, the city will give SFMOMA the existing fire station on Howard Street. In exchange, the museum will build the city a state-of-the-art fire station on Folsom Street, a deal that essentially translates to a $10 million gift from museum leadership to San Francisco, the mayor’s office said. [More...]
Yelp Expands Office Space at 706 Mission
February 16th, 2010 Filed Under South of Market, Tenant Activity, Yerba Buena
The CoStar Group
By Dan Bates
February 16th, 2010
Morris, Polich & Purdy Leases 20,178 SF
January 27th, 2010 Filed Under Financial District, Tenant Activity
The CoStar Group
By Lauren Greenwald
January 27th, 2010
[More...]
Benefit Cosmetics Takes 52,580 SF
January 27th, 2010 Filed Under Financial District, Tenant Activity
The Costar Group
By Ryan Munneke
January 27th, 2010
Benefit Cosmetics signed a 10-year lease for 52,580 square feet at 225 Bush St. in San Francisco.
The company will take the top three floors of the building in July. The building is the former Standard Oil headquarters from 1928 to the early 1970s.
Shap Roeder and Jak Churton of CB Richard Ellis represented the tenant. Karen Wells and Wes Powell of Jones Lang LaSalle of San Francisco represented the landlord, SEB Immobilien-Investment Group GMBH.
Twitter to double space
January 5th, 2010 Filed Under Midmarket/ City Hall, South of Market, Tenant Activity
The San Francisco Business Times
By J.K. Dineen
January 5th, 2010
Three months after tripling its San Francisco headquarters, social media company Twitter is again expanding its SoMa offices, a 41-month lease worth more than $3 million.
Twitter has grabbed just under 32,000 square feet at 795 Folsom St., taking the entire third floor of the building, which is owned by Westcore Properties. With the new lease Twitter now has 63,222 square feet in the building — enough space to accommodate about 350 employees. Twitter now has 156 employees, with 23 openings, according to its web site. [More...]
S.F. real estate story line: Flight to quality
December 18th, 2009 Filed Under Development Updates, Financial District, Tenant Activity, Zoning & City Hall Issues
The San Francisco Business Times
By J.K. Dineen
December 18th, 2009
San Francisco office tenants are increasingly gravitating to downtown’s most prestigious trophy towers, taking advantage of desperate landlords to lock in cheap rents, according to a study by Jones Lang LaSalle.
While overall San Francisco tenants gave up 1.3 million square feet more than they leased in 2009, the city’s 49 most prominent buildings — JLL calls them the Skyline 49 — actually had about 100,000 square feet of positive absorption over the past two quarters. [More...]
Brookfield Properties forecloses on 333 Bush in S.F.
December 11th, 2009 Filed Under Financial District, Tenant Activity
The San Francisco Business Times
By J.K. Dineen
December 11th, 2009
Brookfield Properties has foreclosed on 333 Bush St. and the cash-rich Toronto-based real estate investment trust is positioning itself to scoop up more distressed office towers over the next year.
Brookfield took ownership of the 543,000-square-foot office building Dec. 3 after a trustee sale on San Francisco City Hall’s back steps failed to produce any bidders. A Brookfield subsidiary held a junior piece of a $224 million loan on the property; Hypo Bankheld the senior piece of the debt. Brookfield Senior Vice President Bert Dezzutti, who oversees California for the company, said Brookfield has opened an office in San Francisco and is ramping up property management operations.
“It’s not how we envisioned we would enter the market, but we are comfortable with it,” said Dezzutti. “It will be for us a launching pad for a greater presence. Now with 333 Bush St. we will have a beachhead that will allow us to explore other opportunities. Our intention is to grow here, not to have a one-off building.” [More...]
