6/22/2016

 

Here’s what happened in the Residential and Commercial San Francisco Bay Area Real Estate Market since 5/9:

 

Our friend Xavier Niel is duplicating his highly successful Coding School based in Paris in Sillicon Valley. 42 will open inn Fremont where 42 purchased 100,000 sf at 6600 Dumbarton Circle and 84,000 sf at 34,793 Ardentech for $26.2M. Fremont is becoming a hot market.

 

Reddit under Ohanian leased 50,000 sf at 420 Taylor. Reddit is thought of paying $62 per sf per year.

 

424 Mason will be a hotel. More to come.

 

181 Fremont is an 802 foot mixed use building we have discussed many times here and full disclosure we are actively marketing the 55 condos that are part of the project. 2 BR 2 BA are about 1200 sf and starting in the low $3M. 3/3 will be in the mid $6M or from $2400 to $4500 per square foot. The 7,000 square foot Penthouse which we have marketed is not priced but we indicated to clients it should go for around $35M. There are also 12 1/1 but they owners of the 2/2 and 3/3 have first right of refusal to purchase them. Whatever is left may be opened to the public. If you add those there will be a total of 67 units. The condo part is starting at 520 feet which is almost at the same height as the Millennium. It sits on 435,000 sf of class A office space that our friend Carl Baldauf is marketing. Note that it took a year to dig over 60 feet below surface to anchor the structure to bedrock.

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The 284,800-square-foot office building at 353 Sacramento in San Francisco sold for $169.5 million  $595 per sq. ft. plus closing costs.

 

The 191,000 sf Adam Grant Building at 114 Sansom Street is in play and asking $155M or $811 per sf.

 

The 303,250 square foot 180 Montgomery Street sod for about $179 million or $590 per sf.

 

333 Valencia Street with 51,299 square feet of office space and 11,000 square feet of retail space is in play.

 

The 720,000 square foot Market Center office building at 555 and 575 Market Street is selling for $680 per square foot or $489.6 million.

 

Park Tower at Transbay 751,500 square feet not pre-leased.

 

The Exchange at 16th 740,000 square feet not pre-leased.

 

350 Bush St. 432,975 square feet not pre-leased.

 

181 Fremont St. 432,094 square feet not pre-leased.

 

100 Hooper 408,000 square feet not pre-leased.

 

Secondly, 271 sublease spaces adding up to  1,620,000 square feet pushing prices down.

 

Finally, here’s some recent leases:

 

150,000 sf at 999 Brannan St. by Airbnb.

 

Quantcast 94,988 sf at  795 Folsom St.

 

72,963 sf at 600 California St. for WeWork.

 

Bain & Company, 69,489 sf at 415 Mission St.

 

60,000 sf at Pier 70 for Restoration Hardware.

 

58,290 sf at 365 Main St. for Twilio.

 

Uber 48,876 sf at 1455 Market St.

 

45,000 sf at Pier 70 for Tea Collection.

 

Spirit, 1160 Battery St.43,438 sf.

 

28,277 sf at 525 Market St. for Sephora USA, Inc.

 

and recent sales:

 

JPMorgan Asset Management purchased 1355 Market St. 1,046,148 sf for $917,427,000 or $876.96.

 

Again for those who like numbers, office occupancy in SF is about 8% and unemployment is about 3%.

 

The unentitled site at 469 Stevenson and 6th Street is a 30,665 square foot site that is offered for sale. Zoned C-3-G it could be residential, hotel or office or even retail. It is now a parking lot. It can rise up to 160 feet.

 

The 128,000 square foot 115 Sansom Street office building in San Francisco’s Financial District which houses Blue Bottle is for sale and ownership is looking for $700 per square foot or $89.6 million.

 

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