To ensure delivery, please add email@example.com to your address book, learn how
January 9, 2014
Twitter All In at 1 Tenth
Twitter is putting all its eggs in one building. The social media giant just signed to take all of 1 Tenth.
Twitter will occupy the new 338k SF building next to its HQ in Q4, Shorenstein's Tom McDonnell told us this morning. His colleague Jim Collins is snapped above, showing us a rendering of the building back in November. The space will be delivered to Twitter in a couple months for the newly public company to build out. It's unclear how many employees will be able to squeeze inside, but Tom notes that Twitter currently has a mix of collaborative areas and fairly dense benching stations. (We've squeezed deep meaning into 140 characters, so we bet they're good with space.)
He said there was "significant interest" in the building aside from Twitter, from tech and ad firms. Those talks, of course, went dead once Twitter amped up its interest. Twitter will take floors two and five through 10; three and four are on hold for Twitter for the short term. The 1970s-era, 10-story building was completely redeveloped and will be connected to 1355 Market via a landscaped plaza. JLL reps Twitter.
What Browman's Up To
This morning, we sipped coffee al fresco (sorry East Coast) with Scott Bohrer, Browman Development's leasing manager, at Russian Hill's Nook (cable car not pictured). His Walnut Creek firm calls Target its biggest client and has 40 shopping centers; competitors include the big boys like Regency and Kimco. He says it's an interesting time for retail in S.F. because demand is high but space is limited. As a result, Browman is looking into denser, multi-level formats in areas along Van Ness and mid-Market, as well as denser areas of North San Jose and Santa Clara County.
His firm recently picked up a one-acre parcel in San Ramon and has plans to put in a pharmacy. Their focus is also refreshing aging shopping centers, like the 85k SF McClellan Square in Cupertino that's about to get a facelift. They re-tenanted a Lucky with a 99 Ranch Market, which is better suited for that picky Apple demographic HQ'd up the road. They also shrunk the CVS to 15k SF to gain 10k of junior inline space. He's on the prowl for a 4,400 SF tenant, preferably a restaurant. (If you want Tim Cook's autograph, that might be the spot to go.)
Redo Alert in Roseville
The '80s-era Foothills Tennis Village Apartments in Roseville has a new name and lease on life. The 268-unit community, now called Allegria at Roseville, is about to undergo a renovation, we just learned. The complex is 92% leased and has a new manager: FPI Management. Perks include a big fitness center, pool, basketball court, and tennis court. Basically a daily reminder that you're not doing all the exercise you said you would in 2014.
Preparis Preps S.F. Buildings
Preparis is expanding fast in the city and just added Embarcadero Center. The Atlanta-based company provides life safety and crisis services, which means if there's a health scare like swine flu they can help owners communicate with tenants. That means more landlords are getting on board because of "higher profile" incidents out there, company sources tell us. There are now 100 buildings under its watch, like the Millennium Building in DC, and it's in negotiations for the Transamerica Pyramid next.
A Bisnow Education Video!
We're often asked after our events, what's a cap rate, a 1031 exchange, a REIT, mezz debt, NOI, CMBS, loan-to-value, "core," etc. Well, we're the wrong people to ask, because we don't know either. BUT, we know someone who does! So we made a video. It's 90 minutes, broken into 19 different 5-minute segments on these different issues. Never be intimidated again! And dazzle the world with your use of highfalutin' acronyms.
Peter Linneman is really smart. He started the Wharton School's Real Estate Department, and he's been Chairman of Rockefeller Center Properties, and on the Executive Committee of Equity Office Properties. He's widely considered the top real estate professor in the United States. So try out the trailer above. And if you like it, for $59 you can stream it as much as you like. And you, too, can get really smart. More info and purchase.