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January 16, 2015

ARA's Winter Flurry of Multifamily Trades

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Apartment Realty Advisors just closed a swath of deals on both sides of the Bay--including one with a "huge" price tag. Here's the scoop on four property trades.

Apartment Realty Advisors' Phill Boersma (snapped with daughter Leilah) tells Bisnow the deal for the complex at the hip corner of Valencia and 20th (below), which went under contract two weeks after hitting the sales block last year, is now done. The same buyer, an investment group, just picked up another property marketed by Phill: 1819 Golden Gate, which includes 16 residential units. Both sales traded as a package deal. He says December was an incredibly busy month for multifamily transactions in his office.

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Off market transactions are big, too; Phill just closed one of those at Nob Hill's 1265 Washington. The 12-unit site traded for $7.1M, or over $700/SF, which he calls a huge number. The family buyer, which is planning a long-term hold, sees upside in the asset, with potential to convert large one-bedroom units into two-bedroom units. It's also a great spot at Washington and Jones. Across the Bay, ARA just closed 1425 Harrison in Oakland, a 61-unit apartment complex, for $9.6M. 

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Architect Shuffles in S.F.

Gordon L'Estrange tells Bisnow he just left Lionakis to join Solomon Cordwell Buenz as director of interiors in S.F., where he'll help expand SCB's creative office workplace, residential and higher education interiors presence in the Bay Area. Speaking at our S.F. Creative Office and Tech event last month, above, he said tenants want to understand how to harness the design of their workplaces to increase productivity and innovation. Rather than just provide dense open office benching, scattered meeting spaces and exposed ceilings, he's helping tenants really examine the needs of their teams, designing spaces that provide a targeted balance of enclosed concentration and open collaborative spaces that allow for real individual employee choice in how they work.

Gordon says he's working with landlords to activate the common areas of their buildings to transition existing buildings from vertical islands to more of a vertical campus where accidental meetings between different tenants can occur. Gordon's followed SCB's entry into the area for a number of years, he tells us. Principals Chris Pemberton (above, giving us a look at 299 Fremont) and Sheyla Conforte have helped score some sexy high-rise projects, such as One Rincon Hill, 100 Van Ness and One Oak Street (the new residential high-rise being designed at the corner of Market, Oak and Van Ness), along with a long list of corporate and creative office tenant interior projects. 

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HGA Buys ReelGrobman, Gets Apple, LinkedIn Work

With the purchase of ReelGrobman in San Jose, HGA Architects and Engineers is getting some big-time tenants. HGA CEO Daniel Avchen, pictured, is happy as a clam about the buy, especially because his company is inheriting the corporate interiors work ReelGrobman does for LinkedIn, Facebook and Apple. Ranked among the top 10 architecture and engineering firms in the country by Building Design + Construction, HGA now has eight offices nationwide, four of which are in California, and about 650 employees. This marks the fifth acquisition completed by HGA over the past 15 years. HGA projects range from the General Mills HQ in Minneapolis to the Lucille Packard Children's Hospital in Palo Alto.

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Don't Miss Our State of the Market Event

What better stocking stuffer than a ticket to our 4th Annual State of the Market event? It goes down Jan. 20 at the S.F. Marriott Marquis, at 8am. Heavy hitters on the panels include Kilroy CEO John Kilroy, AGI Capital president Eric Tao and Emerald Fund chairman Oz Erickson. With development in full force in the city next year, now's the time to get an update on whether we're still on the upswing and how restrictions like Prop M may limit new projects. Don't wait, register now!

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Tell Us

First to tell us about a recently closed deal gets a free State of the Market ticket! tierney.plumb@bisnow.com