SF office mid-rise appraises at $275 psf, 40% off its 2014 value
The Real Deal Magazine » San Francisco
by Emily Landes
8m ago
A new appraisal of 149 New Montgomery Street finds that the mid-rise office building near the Moscone Center is now worth just $20.7 million — nearly a 40 percent drop from its appraised value in 2014 and about the same as a $21 million loan on the property.  With so few sales Downtown last year, the new value of about $275 per square foot “can serve as a comp for Class B buildings” in the market, according to a report on the property from credit rating firm Morningstar.  At the end of last year, 115 Sansome Street sold in a short sale for about $300 per square foot, while 350 Califo ..read more
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Westbank-led group to build 17-story apartment highrise in San Jose
The Real Deal Magazine » San Francisco
by TRD Staff
8m ago
A development group led by Westbank is ready to get the final nod for a 17-story apartment highrise in Downtown San Jose. The Vancouver-based developer, together with locally based Urban Community and Terrascape Ventures, hopes to get final approval for its 345-unit complex at 23 Terraine Street, in North San Pedro, SiliconValley.com reported. The proposal could receive final approval on Wednesday, March 27, at an administrative hearing by city planners. Plans call for an apartment tower on 1.6 acres at Terraine and Bassett streets, along Highway 87. Westbank, Urban Community and Terrascape bo ..read more
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SF Board overrides mayor’s veto on zoning, choosing history over density
The Real Deal Magazine » San Francisco
by Emily Landes
1d ago
The San Francisco Board of Supervisors has overridden a mayoral veto, saying that politics, not policy, in this election year are behind Mayor London Breed’s motives to upzone for development the Northeastern Waterfront and Jackson Square neighborhoods.  The board voted 8-3 to push through possible mayoral challenger and Board President Aaron Peskin’s legislation, which blocks upzoning in three northeast historic districts Peskin represents. The new zoning, which allows increased density in housing projects, will impact the rest of Downtown but not the neighborhoods the Peskin bill exempt ..read more
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Aviation startup Pyka leases former hangar for HQ on Alameda Point
The Real Deal Magazine » San Francisco
by TRD Staff
1d ago
Pyka has leased a 110,000-square-foot industrial building at Alameda Point to serve as its headquarters and manufacturing plant. The Oakland-based autonomous aircraft startup inked an eight-year deal with the City of Alameda to lease the former aircraft hangar at 950 West Tower Avenue, Bay Area Inno reported.  Under terms of a deal agreed to in August, Pyka’s lease would have begun March 1 with a three-year extension option. Its monthly rent would be $100,700, or 95 cents per square foot. Pyka would be responsible for building maintenance, but would be allowed to credit up to $1.2 million ..read more
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Office vacancy reaches a record 36.6% in San Francisco
The Real Deal Magazine » San Francisco
by TRD Staff
1d ago
San Francisco’s 88 million-square-foot office market, with some of the highest vacancies in the nation, has grown even hollower. Office vacancy hit a record 36.6 percent in the first quarter, up 1.3 percent from the revised 35.6 percent vacancy in the previous quarter, the San Francisco Business Times reported, citing figures from brokerage CBRE. The preliminary vacancy in the final quarter was 35.9 percent. Office availability, which includes available space whether it’s vacant or not, rose to 38.7 percent from 38.5 percent. The city’s office market has grown emptier year by year since the fi ..read more
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Related and nonprofit to truck 248 affordable homes to Lake Tahoe
The Real Deal Magazine » San Francisco
by TRD Staff
1d ago
How did Related California and St. Joseph Community Land Trust solve a tight building season for the biggest affordable housing project in Lake Tahoe? Truck the homes from 160 miles away. The Irvine-based developer and the Lake Tahoe, Nevada-based nonprofit are having 248 modular homes built at Factory OS in Vallejo and shipped to 1029 Tata Lane and 1860 Lake Tahoe Boulevard in South Lake Tahoe, the San Francisco Chronicle reported. When complete, the nine-building complex known as Sugar Pine Village will contain 248 affordable homes, most set aside for households earning less than 60 percent ..read more
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Presidio Bay CEO plans the first “office resort” in San Francisco
The Real Deal Magazine » San Francisco
by TRD Staff
3d ago
The CEO of Presidio Bay Ventures bought a San Francisco office building last summer for a fire-sale price. Now he wants to turn it into “the country’s first office resort.” The locally based firm led by Cyrus Sanandaji has filed plans to add Beverly Hills-style luxury to the 11-story building at 60 Spear Street, in the Financial District, the San Francisco Business Times reported. Sanandaji bought the 57-year-old, 157,400-square-foot office building last summer for $41 million, or $260 per square foot. Nine years earlier, it last traded for $680 per square foot. In the era of remote work, when ..read more
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How Khrista Jarvis pilots her all-women East Bay sales team to the top
The Real Deal Magazine » San Francisco
by Emily Landes
3d ago
Khrista Jarvis didn’t intend to create the country’s top all-female residential team, a distinction the Coldwell Banker agent has held for several years, according to Real Trends figures. Last year her crew sold homes worth $425 million.  “It happened kind of organically,” she said. “And then we just really leaned into it.”  She said many clients in the upscale suburban communities of Alamo, Danville and San Ramon have called her just because they want to support a women-only office, while others are drawn to her long history in the East Bay. She was raised in the San Ramon Valley an ..read more
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San Jose “tenant preference” law designed to counter gentrification
The Real Deal Magazine » San Francisco
by TRD Staff
5d ago
San Jose Mayor Matt Mahan aims to prevent low-income residents from being pushed out of gentrifying neighborhoods. That’s why the mayor has backed a proposed ordinance that would set aside some affordable apartments in city-funded properties for local low-income residents, the San Jose Mercury News reported. The “tenant preference” ordinance is set to go before the City Council for a vote on March 26. Under the proposed ordinance, 20 percent of affordable apartments in city-funded properties would be set aside for lower-income applicants who live in Census tracts that the city deems “high-disp ..read more
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Brookfield and city hatch plan to redevelop Concord Naval Weapons Station
The Real Deal Magazine » San Francisco
by TRD Staff
5d ago
Brookfield Properties and the City of Concord have hammered out preliminary plans to redevelop the former Concord Naval Weapons Station with more than 12,000 homes. The New York-based master developer has inked a term sheet with the city spelling out the long-anticipated development of 2,300 acres owned by the U.S. Navy into a transit-oriented village on the city’s northside, the East Bay Times reported. Preliminary plans call for 6 million square feet of offices, shops and restaurants, 12,200 homes — 25 percent set aside as affordable housing — and commercial space, plus 880 acres of parks an ..read more
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