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 Represents Seller in Sale of $6.8 Million Office Building in Jack London, Oakland

  The Cushman & Wakefield Oakland team of John Dolby, Dane Hooks and Jay Hagglund represented the seller of 100 Webster in Jack London Square to the San Francisco-based advertising firm H&L Partners. The three story office building sold for $6.8 million which is close to $400 psf, a new high watermark for the Jack London submarket during this last real estate cycle. The 17,500 square foot building will serve as the new headquarters for the ad agency and the home of approximately 60 employees. H&L Partners has been a successful ad agency for over twenty five years. According to Dane Hooks: “I believe this is a part of an ongoing trend here in Oakland, as a number of high profile creative users have either relocated their offices across the Bay, or are considering making such a move. This really speaks to the attraction creatives have for Oakland, where [...]

2017-10-27T11:50:59-07:00October 27th, 2017|Categories: In the News|Tags: , , , , |0 Comments

Southern Marin Real Estate: Office Rents Rise Fast as Space Availability Falls

by Whitney Strotz If it is great, businesses want it. At least that is true for quality office space in southern and central Marin. Throughout the area, quality office space continues to be in high demand. Three different office suites in Marin County experienced bidding wars — competitive offers for the same space — this past quarter. It has been important for companies to have advisers who understand this dynamic market to provide the information and support needed to react in this marketplace. Rental rates continue to be at the higher end of historical North Bay averages but are below the average rates in San Francisco and well below the highest Peninsula levels. Rates in premium south-central Marin office projects are about $4.50–low $6 a square foot per month on a full-service basis, compared with the low $6 San Francisco average. The local market has experienced several years of [...]

Oakland Lands Blue Shield Headquarters and 1,200 Workers

by George Avalos   OAKLAND — Blue Shield of California has agreed to move its headquarters and 1,200 workers to Oakland, the nonprofit health plan said Wednesday, a move that will help it escape fast-rising office rents at its current location in San Francisco. Blue Shield’s move represents the largest relocation of an office tenant from San Francisco to Oakland in at least 30 years. The health care company will move to the City Center complex in downtown Oakland. “This is huge for Oakland,” Mayor Libby Schaaf said Wednesday in an interview with this newspaper. “It’s an amazing time for Oakland. We are seeing unprecedented levels of revitalization and investment in Oakland.” The health care company is leasing a third of the space in the 600,000-square-foot, 24-story 601 City Center building. The office tower is being developed by a joint venture of Shorenstein Realty Services and MetLife. “After extensive evaluation, we believe [...]

2017-03-09T13:13:00-07:00March 9th, 2017|Categories: In the News|Tags: , , , , , |0 Comments

Developer Buys Peninsula Office Building and Fully Leases to Tech Firm

by Roland Li, San Francisco Business Times Harvest Properties and LaSalle Investment Management have purchased a vacant office and R&D building in Foster City and immediately leased the entire building to a tech firm. The price for the 126,345-square-foot property at 1149 Chess Drive was about $35.3 million, or $280 per square foot. The sellers were Whitney Investments and Woodstock Development. The 1975 building is currently fully vacant, but during the sales process, a tech firm signed an 11-year lease for the entire building, said Joss Hanna, partner at Harvest Properties. A source familiar with the deal said the tenant focuses on artificial intelligence and robotics. The asking rent was about $36 per square foot. The building is undergoing a renovation that include a new entrance and landscaping. The property is zoned for both light industrial and office uses. "It's going to be truly transformative to an industrial building," [...]

2017-03-13T15:22:48-07:00March 8th, 2017|Categories: In the News|Tags: , , , |0 Comments

Collective Health Moves HQ From San Mateo to San Francisco

by Mike Kirner How To Liven Up Your Lobby: "Welcome to Our Living Wall" Story by The Registry Collective Health Leases Entire 85 Bluxome Street Building Late last month, Collective Health, an enterprise health insurance software provider secured $81 million series C funding and moved quickly to secure a new home in San Francisco. According to sources with knowledge of the transaction, the new home has been confirmed at 85 Bluxome Street in San Francisco, in the city’s burgeoning Central SoMa district. The Registry was the first to break the news of the lease when they interviewed Cyrus Sanandaji, principal of Bluxome Partners, the developer. At the time, Sanandaji could only confirm that the tenant will be a healthcare company and that the building is fully leased. His firm has most recently been behind the successful redevelopment and leasing of 1045 Bryant Street, a brick [...]