The Registry reports today that Swire Properties and Friedkin Investment Co. acquired 400 Alabama St. for $8.1 million, or $158 a foot. The property is a
51,270-square-foot office and warehouse building. We’re continuing to see an expansion by investors and tenants from South of Market to the Mid-Market and Mission Portrero Hill.
Unlike Soma however, 400 Alabama’s use is restricted to PDR i.e. production, distribution and repair which limits office use inside a building. PDR uses are broadly defined as those that support the city’s driving industries, including high technology, tourism and financial and legal services, according to the city. That includes art activities and performance spaces as well as wholesale furniture sales and design activities.
Of particular interest for the price paid is the fact that the existing entitlement of the building permits another two stories to be added to the structure. Theoretically, the ownership could deliver 100,000 square feet.
The Transit Center District Plan adoption resulted in the site successful upzoning from 220 to 360 feet and Fritzi Realty proposed new plans to build an Arquitectonica designed tower of 32 stories on the site. The Tower, as proposed and pending approval by Planning, will consist of 297 apartments and 250 parking spaces, all of which will be valet.
SF Business Times reports that 144 and 156 2nd street sold to Vancouver based Real Estate Firm Nicola Crosby for 25.8M or $485 per square foot. These are office buildings with retail. Seller, Urban Properties acquired the buildings only two years ago for $11M or 220 per square foot.
We had a chance to meet with Ray Lane at Kleiner a few months ago but didn’t suspect at the time Kleiner would open an office in SF. The Kleiner SF office is at 470 Bryant Street across from South Park. Sequoia has long been established in SF, BenchMark recently moved to the Mid Market, now with Kleiner’s new office there should be no doubt in anyone’s mind that the center of gravity in Tech has moved from the few square miles surrounding Stanford University to SF.
Jive Software moved to a new 6,000 square foot office at 501 2nd St. The seven-story, 207,809 square foot office building is owned by the Swig Co.already houses about 30 people, who started working there Nov. 5. There is capacity for about 50 people, and Palo Alto-based Jive is hiring to fill up the space, and for positions at its other locations, which include Portland, Ore., Boulder, Colo. and Tel Aviv, Israel.
Founded in 2001, Jive went public last December, raising $161.3 million from investors. We had an opportunity to meet the Jive Team a few years ago at Web 2.o San Francisco and Web 2.0 Berlin.
Welcome to SF Jive!
South of Market property owners are taking advantage of a plan to rezone the area around the Central Subway, submitting proposals that would add up to more than 2.5 Million square feet of new infill development.
1.5 Million square feet is proposed by Cresleigh Development who plans to construct three towers on the south side of Harrison Street between Second and Third.Their application calls for a 478,000-square-foot office building, a 406,000-square-foot residential tower and a 300-room hotel along the south side of Harrison. Restaurants and retail would line the streets, and the development would incorporate a small historic building at 645 Harrison. The residential tower and the hotel would have rooftop gardens.The development would be spread over five parcels: 645 Harrison, 653 Harrison, 657 Harrison, 665 Harrison, and 400 Second St. It is one of four significant proposals submitted by property owners hoping to piggyback on the rezoning of a swath of SoMa along the Central Subway.
Cresleigh Development may not be as known as Hines, Boston Properties, Shorenstein Properties, Tishman Speyer, TMG Partners, Kilroy Realty Corp., Crescent Heights, AvalonBay, and Millennium Partners but the company developed single family homes in the Sacramento Valley, runs the Stanford Hotels Corporation in SF and is closely associated with the Lui family who runs the very successful family-controlled Galaxy Entertainment Group Ltd. which holds one of just six licenses to operate casinos in the biggest casino market on earth: Macau.
We love Nespresso Coffee and have visited Nespresso stores in NY. It is a wonderful experience and it feels like you’re in a European cafe. There is already a mini-store in the basement of Bloomingdale’s in SF where you can buy capsules and purchase machines. At the end of December, we will have our own 7,500 square foot Nespresso store at the Corner of Grant and Geary streets. The soft launch is end of December and we hear the official party is on or about January 1, 2013.
The Chronicle reports today that SF is about to reach an agreement to convert Dogpatch’s historic Pier 70. Orton Development plans a $100 million project to restore the 65-acre pier, six historic buildings into Commercial space for office workers, retailers, artists and manufacturing companies.
While some other agreements and approvals will remain to be signed, in a city where development is often blood sport, the Pier 70 effort is the rare project that has virtually everyone rooting for it. The construction schedule calls fro Orton to begin work by Spring and the first tenants to move in by late 2014.
The port also is in negotiations with the developer Forest City for a 25-acre site on the pier that could turn into offices, biotech facilities, studios and other areas for the arts, along with open space, although a final agreement is probably two years down the road.
The final section of the project is Crane Cove, which will become an 8-acre waterfront park centered on a pair of old-fashioned shipyard cranes, now rusting and covered in graffiti. The new park will provide both bay access and much-needed open space for the neighborhood and could open in 2015. The map of the project above, courtesy of the Port of SF, helps understand the impact of the project on the Dogpatch neighborhood.
We are always looking for good Real Estate and Real Estate Related data to share. To that end, you will find below a link to US Census specific to SF and another link to the Planning Department’s just completed report on the 2011 state of SF’s Commerce and Industry. Enjoy!