Here’s what happened in the San Francisco Bay Area Residential and Commercial Market since 9/8:
In a widely disseminated Cushman report we learn that China’s State Council released new guidelines whose goal is to regulate China’s investments abroad including Real Estate. China ranked #1 in Commercial Real Estate Investment in the US in 2016. Surprisingly the bulk of Chinese investment in Real Estate is not SF but NY (46% vs. 15% for SF) and Seattle is only 2%. We’ll see how the new regulations impacts the SF Real Estate Market…
Image courtesy Heller Manus Architects
350 Bush which is yet to be completed attracted software vendor Atlassian who is leasing 125,000 sq. ft. and French owned Global Advertising powerhouse Publicis who is leasing 67,000 sq. ft. The other tenant of the 375,000 sq. ft is Amazon’s Twitch.
Upcoming large footprints for office space are 250 Howard, 1800 Owens and Oceanwide Center.
The sale of 44 Montgomery for $475.4 M did not get the press it deserved given how quickly it sold.
Dropbox 736,000 sq. ft. lease at the Exchange is the largest ever in SF. This 15 year lease is larger than Salesforce’s 714,000 sq. ft. lease at Salesforce Tower.
975 Bryant will most 243 rentals. You may recall developer paid 275M for the land in 2015.
Roger and Mike Abuyaghi, have filed a proposal to build 51 condos at 921 O’Farrell St. in San Francisco.
The Austin is selling new condos at 1545 Pine. Another building to be completed nearby at 600 Van Ness will offer 150 condos and another one at 1200 Van Ness will have 96 condos.
Facebook lease price of 436,000 sq. ft. space at 181 Fremont is not public but we read on various blogs asking rent was in the $80 per sq. ft. range.
180 Townsend is in play asking 33.4M for 41,125 sq, ft. or $812 per sq. ft.
Macy’s Union Square’s 250,000 sq. ft. will be as we covered in the past repurposed into 6 retail spaces at street level and the top floors will be about 50,000 sq. ft of office space and at the very top there will be an 11,000 sq. ft. restaurant.
Rentals at the Local 38 building on Market will be built shortly at 1629 Market over retail.
New hotel will rise on the site of Lulu at 816 Folsom.
Pokemon Go most likely paid over $100 per sq. foot fro the 17,500 sq ft space formerly occupied by Coblenz Patc a law firm.
Pier 70 will be 2150 homes near Illinois and 22nd streets in Dogpatch neighborhood. The built will take about 10 years though in phases. It will join existing/upcoming projects nearby such as Shipyard, Portrero Power Plan and India Basin. As if Forrest City did not have enough on its hands with this one it is also working on 5M between 5th and Mission. 5 M will be Housing/Retail/Office.
CIM owns Oakland’s 1 Kaiser Plaza, 2101 Webster St., 2100 Franklin St. and plans a new office tower appreciatively 1 million square feet at 2 Kaiser Center. It is also rumored to plan 2 residential building and a hotel at Jack London Square. Oakland office rents surpassed $50 per square foot per year.
The 50,021 square-foot 555 De Haro St. in San Francisco sold for $27 million or about $540 per square foot.
The 51,205 square foot property at 55 Green Street in San Francisco is rumored to be in play for $30 million which includes the office part of it or 42,600 sq. ft. but also almost 9,000 sq. ft of parking which translates to $585 per sq. ft. Replacement cost in SF is about $1,000 per sq. ft. which means the 2 transactions above are good deals.
The 41,745 sq. ft. 945 Bryant Street sold for $27 million or $647 per square foot.