LARGE MULTIFAMILY IN BAY AREA
3 S.F. TROPHY OFFICE PROJECTS STILL SEARCHING FOR PRE-LEASE TENANTS
Fresh Q2 figures show that S.F. tenants are swooning for 6.7M SF, with over half of that demand from tech. The new report from Cushman & Wakefield has total office vacancy dropping 8.9% to 6.4% year-over-year. Still, we noticed three high-profile projects that haven’t cashed-in on the white hot market quite yet.
1. 181 Fremont Details on Jay Paul’s pre-certified LEED Platinum trophy property rising in the heart of the Transbay District have been kept under wraps as of late. But days ago, the Newmark broker on the listing e-blasted brand new marketing materials (here’s a fresh pic of the lobby). Also of note is the occupancy date listed: fall 2016, despite zero leases inked for its 435k SF office portion as of yet. Flexibility is promoted in the package, like tenants being able to add interconnecting stairs.
2. Exchange on 16th At a real estate forum in March, CEO John Kilroy said his 680k SF mixed-use complex in Mission Bay was slated to break ground in June, and by that time, it could be all pre-leased to two tenants (neither of which are tech). Those deals haven’t materialized and have since gone quiet. One was for a biotech with heavy lab use but Kilroy decided against that route, sources tell Bisnow. The two six-story and two 12-story buildings will have roof decks, high ceilings and views of downtown and the Bay Bridge (and walkability to the NBA Champ’s incoming stadium). Kilroy is big on density, and the four buildings will connect so that some floors will have 90k SF floor plates.
3. 85 Bluxome This Western SoMa project has gotten off the ground at rapid speed since getting construction financing last fall. The Bluxome Partners team is hosting a topping off BBQ lunch on the roof deck next week, and it should be ready for occupancy by Q4. Tech users should be chomping at the bit to fill the car-free site (with about 50 bike spots), featuring five floors of open floor space and several levels of rooftop open space. The 56k SF, Class-A site is taking occupants’ well-being seriously, promoting healthy lighting and access to outdoor areas.