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COLLIERS INTERNATIONAL IN THE NEWS
QuinStreet takes 64,000SF at Metro Center Tower
QuinStreet, a Delaware-based vertical marketing company, signed a 63,998-square-foot lease for eight years at the Metro Center Tower in Foster City, CA. The firm will occupy floors four through six in November... Jere Hench of Colliers International represented QuinStreet.
CoStar.com - March 8, 2010
S.F. housing sites go to market as buying interest rises
The number of San Francisco housing development sites on the market continues to climb as, for the first time in more than two years, brokers are seeing interest from investors looking to snap up cheap land. Last week, Portland-Pacific put 430 Main St. up for sale, even as the developer continues to work with neighbors and public officials to win entitlements for the 113-unit apartment complex. The project was approved by the Planning Commission but then appealed to the Board of Supervisors, which ruled that Portland-Pacific must start its entitlement process anew with a full environmental impact report. A full EIR takes at least 18 months... Colliers International broker Tony Crossley, who is marketing 430 Main St. as well as the Sutter Street and Lansing Street sites, says he expected that several parcels entitled for condos would close in 2010. Crossley said he saw "very little serious interest in land for 2008 and most of 2009." "They didn't know where values were going to land, but they knew they were going down," said Crossley. "Now there is a belief that we are at the bottom and what little condo inventory we have in San Francisco will be absorbed this year and in 2011."
San Francisco Business Times - March 5, 2010
MARKET NEWS AROUND THE BAY
Vornado interested in General Growth
New York City's Vornado Realty Trust has entered the picture as a possible third suitor for General Growth Properties Inc. According to The New York Post, Vornado is mulling over a bid for all or part of the Chicago-based bankrupt mall operator, which owns or holds a stake in about 200 malls across the country, including Eastridge Mall in San Jose and NewPark Mall in Newark. A potential bid from Vornado, a real estate investment trust with more than 100 million square feet in its office and retail portfolio, including Chicago's 4.5 million-square-foot Merchandise Mart, comes after General Growth announced a plan last week to split into two companies with Brookfield Asset Management, of Toronto, as a major investor.
San Jose Business Journal - March 3, 2010
Shorenstein, Divco to market new investment funds
Based on expectations of strong buying opportunities later this year, two San Francisco-based money managers with strong investment reputations plan to begin raising equity for their latest investment funds much earlier than is their typical practice. Shorenstein Properties and DivcoWest Real Estate Investments both plan to start marketing new commingled funds in the next several months-even as they continue to invest equity from earlier funds, according to sources with direct knowledge of their activities.
TheRegistrySF.com - March 2, 2010
San Francisco
S.F. unrolls red carpet to lure DreamWorks office
Dreamworks Animation is either San Francisco's sexiest potential tenant or biggest tease. The animation studio, which is based in Glendale but employs some 350 digital artists at Pacific Shores in Redwood City, has been touring space in San Francisco… DreamWorks reportedly has a 150,000-square-foot requirement. The creator of blockbuster films like "Shrek" and "Kung Fu Panda" has checked out at least three buildings in San Francisco: 650 Townsend St., 500 Terry Francois Blvd., and China Basin Landing (185 Berry St.)
San Francisco Business Times - March 8, 2010
Miller Law Group double Sutter Street foot print
The Miller Law Group continues to eat up sublease space at 111 Sutter St. The employment law firm has doubled its footprint, subleasing 12,500 square feet from Manatt, Phelps & Phillips, LLP. The Miller Law Group now occupies 25,000 square feet at 111 Sutter St., the sixth and seventh floors - all of it space that was subleased from Manatt, Phelps & Phillips.
San Francisco Business Times - March 8, 2010
Citigroup Center going back to lender
Broadway Partners is preparing to hand One Sansome St. back to Prudential Real Estate Investors, the latest in a series of highly leveraged downtown San Francisco owners who are voluntarily giving distressed properties back to the lender. In late March, Prudential will take title to the 550,000-square-foot tower, called the Citigroup Center, and has brought on the Barker Pacific Group to manage the property, according to multiple sources familiar with the transaction.
San Francisco Business Times - March 8, 2010
Community Housing Partnership moves from management to development
For 20 years Community Housing Partnership has been tapped by major affordable housing builders to operate residential complexes catering to the formerly homeless. Now, the fast-growing nonprofit is proving it is a bona fide developer in its own right. CHP just opened Zygmunt Arendt House at 850 Broderick St., which was a joint venture with the Tenderloin Neighborhood Development Corp. In Hayes Valley, the nonprofit is teaming up with Mercy Housing on so-called Parcel G, a 120-unit redevelopment project at 365 Fulton St. that is early in construction and scheduled to open in 2011.
San Francisco Business Times - March 8, 2010
YMCA under way on $65 million in SF upgrades
The YMCA is investing over $65 million in San Francisco. The nonprofit is at varying stages of renovating or rebuilding four of its 14 locations. The biggest project under way, and set to finish construction in July, is the $23 million re-creation of the Chinatown Y. Five years ago, it closed in anticipation of a renovation and retrofit. The process took longer than planned, but in the end will result in twice the space - roughly 40,000 square feet with a new wing next door to the Y's historic 1926 building.
San Francisco Business Times - March 8, 2010
Peninsula/Silicon Valley
Owners finish $9M renovation of Garden Court Hotel in Palo Alto
Nine months and almost $9 million later, the newly renovated Garden Court Hotel in Palo Alto is ready for business. Since June, the 62-room boutique hotel built in 1986 has been undergoing a massive interior renovation."Every single guest room and bathroom went back to the studs," said longtime General Manager Barbara Gross.
San Jose Business Journal - March 8, 2010
Shorenstein's property takeover show price plunge
Mezz loan owner Shorenstein Properties' takeover of two office towers from Tishman Speyer shows how prices have plunged in even some of the best office markets in the US. The assets totaled nearly 419,000 square feet. Tishman Speyer and San Francisco-based Shorentstein, which acquired the mezzanine debt on the Santa Clara Towers project two years ago, consented to have Shorenstein take ownership of the buildings as the best solution in light of falling values.
GlobeSt.com - March 5, 2010
Tishman Speyer hands Santa Clara Towers to Shorenstein
Tishman Speyer Properties walked away from its second Silicon Valley property in a year when it handed the keys to Santa Clara Towers to Shorenstein Properties LLC on March 1. Tishman said it worked with lenders to restructure the debt but finally gave up.
San Jose Business Journal - March 5, 2010
22-Acre industrial redo lures biotech
More than 22 acres of South San Francisco's industrial space will be redeveloped over the next 10 years and made into office space to accommodate the ever-growing biotech industry. Mike Lappen, South City's economic development coordinator, told the San Francisco Examiner that he is anticipating more biotech companies to relocate to the area, and redevelopment projects like this will accommodate the growth.
GlobeSt.com - March 4, 2010
XOJet takes 17,500 SF at Sierra Point
XOJet, a San Carlos, CA-based private aviation company, signed a 17,480-square-foot lease for seven years with Diamond Investment Properties at the Sierra Point business park. The firm will occupy the entire second floor.
CoStar.com - March 3, 2010
Pagemill properties to go back to the bank
A bold redevelopment play in East Palo Alto spearheaded by Bay Area developer David Taran and his Page Mill Properties has reached its anticipated end: The bank has foreclosed on the 101-property portfolio. Wells Fargo & Co., which inherited the loan when it acquired Wachovia Bank, opened bidding on the sites at an aggregate $142 million, according to Chris Lund, a spokesperson for East Palo Alto's Fair Rent Coalition and an East Palo Alto resident. Lund attended the two-hour auction held on the steps of the San Mateo County Courthouse. There were no other bidders for the properties, he said.
TheRegistrySF.com - March 3, 2010
East Bay
Industrial uptick in East Bay gathers speed
Aaron Metals' recent purchase of a 100,376-square-foot building in Hayward reflects two major trends in the Interstate 880 industrial market: Deal activity appears to be on the upswing and any deal requires competitive pricing or rates. The company bought the property, at 25101 Clawiter Road, for $4.5 million or about $45 per square foot.
San Francisco Business Times - March 8, 2010
Condo outlook dim in East Bay
A few remaining condo projects in the East Bay continue to sell units, but that doesn't signal a turnaround for the prices or development any time soon. Even if condo inventory burns off, it will take at least a year for prices to rise and at least one or two years to generate enough demand to justify new construction. The Ellington, a 134-unit luxury high-rise in Oakland's Jack London Square, is selling eight to 10 units per month for prices ranging from $300,000 to more than $1.5 million - about three-fourths of the replacement cost.
San Francisco Business Times - March 8, 2010
New zoning rules aim to revitalize Orinda Square Theather
With its colorful "Orinda" marquee visible from Highway 24, thousands of people each day go past Orinda Theater Square, a retail and office development. Getting them to stop in has been a long-running problem. The property's current owner, GLL Properties Inc., bought the 90,000-square-foot development three years ago and has spent the last three years trying to draw more customers and tenants.
San Francisco Business Times - March 8, 2010
Three office tenants sign deals for 60,000sf
Three office tenants have signed new leases for a total of 60,000 square feet of space in the North I-680 corridor at two buildings here and one in Concord… The tenants were 24 Hour Fitness, which signed for 24,474 square feet 2033 N. Main St. in Walnut Creek; Round Table Pizza, which renewed for 18,894 square feet at 1320 Willow Pass Rd. in Concord; and the CPA firm Thomas, Wirig, Doll & Co., which signed for 16,846 square feet at 165-175 Lennon Lane in Walnut Creek.
GlobeSt.com - March 5, 2010
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