Cushman & Wakefield Launches Commercial Leasing At FivePoint’s Shipyard
FivePoint’s San Francisco Shipyard is open for commercial business. Cushman & Wakefield, the exclusive agent for the Shipyard’s 5M SF commercial space, officially launched its leasing efforts at the multibillion-dollar waterfront community May 18. Leasing efforts are being led by Cushman & Wakefield executive managing director J.D. Lumpkin and managing principal Mike Moran. The Shipyard is the largest single-owner commercial development in the West, according to Cushman & Wakefield.
“As the downtown, South of Market and Mission Bay office and residential opportunities are dwindling and development steadfastly moves towards the southeast, the Shipyard is the obvious area to grow the next best San Francisco and Bay Area businesses,” FivePoint regional president of Northern California Kofi Bonner said.
The Shipyard is designed to accommodate R&D, tech titans and startups, and education and institutional users as well as thousands of residential units, Bonner said. High-speed connectivity will be available sitewide. Users will be able to connect and create within buildings, various cafés, restaurants, parks and open spaces and along the waterfront.
Transit will includ e a future ferry service, shuttles to BART and Caltrain, light rail access and bus rapid transit service. Bike paths, car-share, ride-share drop-off places as well as parking will be incorporated into the plan, according to Cushman & Wakefield.
The Shipyard and nearby Candlestick are fully entitled for commercial and residential uses and are exempt from the restrictive limits of Prop M, which limits the amount of large-scale office development to 850K SF each year.
“The unique entitlements at The Shipyard will allow companies to create their own working environment with certainty and grow in phases at a scale that is simply not possible anywhere else in San Francisco,” Lumpkin said.
The Shipyard will be designing and constructing buildings with large floor plans greater than 40K SF. Bonner said more established commercial districts often have older infrastructure and smaller lots. The site also has industrial buildings with high floor-to-ceiling spaces that can be repurposed, rehabilitated and integrated into the new Innovation District. These spaces can be used for micro factories and advanced manufacturing that is next to and connected with the typical office spaces.
The site will incorporate space for 300 artists. Bonner said these artists have had a presence at the Shipyard for decades and are among the largest groups of successful artists west of the Mississippi. These artists will play an integral role in the energy and enrichment of the Innovation District created at the Shipyard, he said.
The Shipyard and Candlestick will provide 12,000 houses, including high-rise, flats, condos and townhomes. Bonner said these different offerings will provide an additional opportunity for companies to not only plan their office needs, but also plan for the needs of their employees.
The site will contain more than 1M SF of retail and over 350 acres of waterfront parks, trails and restored shoreline. The Shipyard will likely be among the only integrated business and residential districts to generate a significant amount of energy on-site, provide districtwide heating and cooling features and use recycled water and grey water, Bonner said.
This phase of the development will be designed by master architect David Adjave.