Cushman & Wakefield Providing Bank of the West with Integrated Facilities Management Services in the U.S.

Cushman & Wakefield Global Occupier Services Delivering Integrated Facilities Management Services for Bank of the West's 3.7 MSF Retail Branch Portfolio SAN FRANCISCO, Calif., May 29, 2019 – Cushman & Wakefield (NYSE: CWK) has announced the firm has been hired to provide Bank of the West with Integrated Facilities Management services across Bank of the West’s 3.7 million-square-foot U.S. retail branch portfolio. Executive Vice President Sean Prasad led the process for Cushman & Wakefield. Executive Managing Director Martin Woodrow, Senior Managing Director Tim Eichholz and Account Manager Jack Devoy of the firm will lead a Global Occupier Services (GOS) team providing Bank of the West with Facilities Management and Mobile Engineering services. Cushman & Wakefield’s GOS team will be utilizing its Portfolio Services Center (PSC) to support over 600 locations for Bank of the West. Comprised of 700+ professionals, the PSC provides clients with centralized Strategic Consulting, Transaction Management, Portfolio [...]

East Bay Oakland Office Market Awaits Arrival of Large Tech and New Construction to Fuel Growth

Market's 2019 Investment Sales Pricing Reaches New Heights Oakland, Calif., May 1, 2019 – The East Bay Oakland office market may have got off to a slow start in 2019, with virtually no growth and moderate leasing activity, but significant growth, driven primarily by in-migration from major tech users, awaits just on the horizon, according to Cushman & Wakefield’s new Q1 2019 market report. Meanwhile, rental rates continue to climb overall, led by rates in the region’s CBD areas, while investment sales pricing continues to reach new heights. Despite the sluggish start, the firm’s local experts maintain a highly positive outlook for the region, as a result of new tech activity plus housing opportunities. Keith Reichert, local Research Analyst with Cushman & Wakefield in Oakland, said, “Office vacancy for the East Bay Oakland market remains healthy at 9.5%, essentially unchanged from the previous quarter, while gross leasing activity totaled just [...]

Knotel Expands in San Francisco with 52,285 SF Multi-Floor Lease at 455 Market Street

SAN FRANCISCO, Calif., April 24, 2019 – Cushman & Wakefield announced today that Knotel, a flexible workspace provider, has signed a new lease for 52,285 square feet of office space at 455 Market Street in San Francisco’s Financial District. The company will operate the 7th and 8th floors of the 23-story, Class A office and retail complex located in the heart of downtown San Francisco on the famous city thoroughfare, Market Street. Cushman & Wakefield’s John Walsh and David Duble represented the landlord in the transaction. Walsh said, “We are very excited to have Knotel as a new tenant in the building.” In a public statement, Amol Sarva, CEO of Knotel, commented, “San Francisco is our second largest market, so it’s unsurprising that we already have the most locations in town for flexible office. However, given the competitive office market and high cost of doing business, we will continue to [...]

Cushman & Wakefield Arranges $515 Million Financing for New Bay Area Office Campus

BURLINGAME, CA / NEW YORK, NY, April 23, 2019 – Cushman & Wakefield announced today the firm served as the exclusive advisor to Kylli, Inc. in the procurement of $515 million in financing for Burlingame Point, a brand new, state of the art 803,000-square-foot office campus in Burlingame, California. The construction financing was provided by J. P. Morgan and Starwood Property Trust. Burlingame Point is currently fully leased to Facebook, Inc. for occupancy by Oculus, Facebook’s virtual reality company. The campus is expected to be completed in 2020. A Cushman & Wakefield team led by Steve Kohn and Mike Moran with Chris Moyer, Terry Daly, Clarke Funkhouser, Noble Carpenter III and Jessica Ke represented Kylli, Inc. in procuring the financing. “The market for construction and transitional financing has been bursting at the seams over the past year with well-located office development for world-class technology, biotechnology and life science companies on [...]

Napa Square Introduces ‘Executive Suite’ Concept to Napa Valley – Cushman & Wakefield Heads Project Leasing Effort

Cushman & Wakefield Heads Project Leasing Effort, Foresees Success of Executive Suite Concept Ahead NAPA, Calif., March 25, 2019 – Cushman & Wakefield announced today that Napa Square, a premier office building located at 1455 First Street in downtown Napa, has introduced a brand new executive suite concept to the marketplace. Situated on the second floor of the 3-story building, the new offices are being offered to individuals or groups on a monthly or longer-term rental basis. Cushman & Wakefield’s Margaret Duskin and Bo Harkins are heading the leasing efforts for the property which is positioned in one of the world’s most popular wine and culinary destinations. Duskin said, “Our executive workspaces offer entrepreneurs, employees and employers alike greater flexibility, connectivity, and convenience both in terms of location and function.” She added, “Major nearby corporate hubs like San Francisco and Oakland already have extensive executive suites, and coworking concepts (such [...]

Cushman & Wakefield Welcomes Steve Dunn to Central Valley Industrial Team

Steve Dunn has joined Cushman & Wakefield as a Senior Director in Stockton, California. Steve will be part of the Central Valley Industrial Team, working alongside the firm’s Blake Rasmussen, Kevin Dal Porto and Tyson Vallenari. Steve brings more than 25 years of experience managing multi-million dollar businesses and projects tied to the development and construction industry. As past President for the last seven years of Cal Sierra Pipe, LLC, a steel pipe distributor servicing the Western United States, Steve managed the overall operation of a 20 person staff, exceeding $20 million in annual revenue. Prior to his presidency with Cal Sierra Pipe, Steve enjoyed more than 20 years of experience as an executive in the General Engineering/Heavy Construction Industry with Preston Pipelines, DSS/Knife River Construction and Grupe Development. Steve also has been instrumental in the overall project success of over $200 million in the construction of Residential Subdivisions, Commercial [...]

Big Tech Boosts East Bay/Oakland Office Activity in Q4 2018 – Bright Outlook for 2019

Demand Expected to Pace with 2019 Deliveries Variety of New Deals Supporting Growth, Rents Continue Climbing OAKLAND, Calif., February 1, 2019 – The East Bay/Oakland office market received a big boost from “big tech” in the fourth quarter of 2018, according to Cushman & Wakefield’s recent Q4 2018 market report. Mobile payment company Square’s lease for 355,762 sf at Uptown Station, currently under renovation, in Oakland’s CBD Lake Merritt submarket, helped propel leasing activity in the year’s final period. Meanwhile, vacancy returned to single digits to close 2018 at 9.7%. Molly Herrick, Cushman & Wakefield’s Market Director for the East Bay, said, “Leasing activity ramped up in the fourth quarter driven by Square, one of the largest office deals ever in Oakland’s history. The East Bay/Oakland office market achieved more than 1 msf of gross absorption during the quarter which made up 40% of the market’s total 2.5 msf of [...]

SF Bay Area Life Sciences Vacancy Tight, Rent Growth Strong, with Remarkable Pre-Leasing Activity – Conversion Trend on the Rise to Support Demand

BURLINGAME/OAKLAND, Calif., January 31, 2019 – Increased investment and employment in the life sciences sector has driven life sciences related real estate to new heights, according to Cushman & Wakefield’s new report, Life Science: Great Promise & Rapid Growth. The research provides a big-picture overview of the life sciences sector and its impact on commercial real estate as well as more granular insights into 13 top life sciences markets in the U.S. and Canada. Thanks to an influx of venture capital as well as billions of dollars in funding from the National Institute of Health, the life sciences sector has grown nearly five times as fast as the economy since 2000, adding 85,000 jobs, with roughly 70% of that job growth (61,000) in the past eight years. This is primarily a response to an aging population with increased longevity. By 2030, there will be 73 million Americans aged 65 or [...]

Cushman & Wakefield Announces Sale of Self Storage Facility in Northern California’s East Bay Area

CASTRO VALLEY, Calif., January 16, 2019 – Cushman & Wakefield announced the firm has completed the sale of Lockaway Storage in Castro Valley, California, a primarily residential community in the eastern region of the San Francisco Bay Area, or East Bay. Located at 8555 Dublin Canyon Rd., the project contains 26,000 rentable square feet of storage area as well as 135 outdoor RV/boat parking spaces. The seller was a private individual based in Northern California and the buyer was Ramser Development Company based in Southern California (Orange County). Greg Wells, Senior Director of Cushman & Wakefield’s Self Storage Practice Group, represented the seller and also procured the buyer in the transaction. “Lockaway Storage – Castro Valley is a best-in-class asset located adjacent to Interstate 580 midway between Hayward and the Dublin/Pleasanton communities,” said Wells. “This strategic location has ensured the project maintains high occupancy (95%+) and will provide the buyer [...]

Burlingame Point Finalizes Lease with Facebook for 803,000 SF Campus

Photo Credit: Doug and Wolf BURLINGAME, Calif., January 15, 2019 – Cushman & Wakefield announced today that Burlingame Point, a brand new approximately 803,000-square-foot (sf) office campus currently under construction in Burlingame, California, has finalized an agreement with Facebook to lease the entire project. Situated on 18.13 acres on the edge of the San Francisco Bay, Burlingame Point is a best in class office development by Kylli, a wholly-owned subsidiary of China-based Genzon Investment Group Co., Ltd. Facebook first publicly announced the lease was in negotiations to the City of Burlingame Planning Commission in August and the lease was fully executed shortly thereafter in the fourth quarter of 2018. Mike Moran and Clarke Funkhouser of Cushman & Wakefield represented Kylli in the transaction. JLL represented the tenant. Moran said, “We couldn’t be more excited that one of the world’s leading technology firms has selected Burlingame Point to expand [...]