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What the Tech Happened in China Basin?
   
September 25, 2013
 
 

What the Tech
Happened in
China Basin?


Talking about "creative offices" can quickly devolve into an argument over whose conference room has more gadgets. But at Bisnow's Creative Office Summit next Friday (Oct. 4), you'll hear about more than just tenants. Investors and developers—including McCarthy Cook—will talk about what they're doing to woo users.

RICHARD HAYES MCCARTHY COOK
The firm's Richard Hayes (with wife Paddy Dailey Hayes, getting ready for a night out) says China Basin's rents have jumped 107% since the tech boom began in Q4 '10. Upcoming rollover next year has enabled him to package together a deal in excess of 100k SF, and he's negotiating with a user to take all of it. The complex is 98% occupied. (If things gets too tight, it can always add another couple floors, like in 2008.) Meanwhile, McCarthy Cook is searching for acquisitions throughout the Bay Area. Development is nice, but the father of three teens says the kids are his primary reason for living and working. We'll add another one: rooting for the Georgia Bulldogs. Meet Richard and our other panelists by registering here.


Inland Nabs Two Hotels

ANDAZ NAPA
NorCal hotel acquisitions are heating up faster than a honeymoon suite. In Silicon Valley, Inland American Lodging Group is buying the 14-story, 501-room Hyatt Regency Santa Clara from Hyatt Hotels Corp for at least $93M, or $185k/key. The property is connected to the Santa Clara Convention Center, where it will have priority use under a long-term ground lease with the City. (And plenty of schwag if you can talk your way in.) In the Wine Country, Inland purchased the five-story, 141-room Andaz Napa (above) in the West End district in the City's downtown, one half of a two-hotel portfolio. The property was built in 2009 and branded as Andaz, Hyatt's luxury boutique flag, last year. Hyatt affiliates will continue to manage both properties.


Two Decades of Development

SRGNC20thPARTY1
Putting another candle on the anniversary cake, Sares Regis Group of Northern California celebrated 20 years of commercial and multifamily development in the Bay Area and metro Sacramento. More than 220 guests, including Institutional Property Advisors' Stanford Jones, SRGNC's Rob Wagner, Manatt, Phelps & Phillips' Marv Pearlstein, and Jeff Stack, managing director of SRGNC's Irvine-based affiliate, Sares-Regis Group, partied at Triton Park in Foster City. (The park is in front of The Plaza Apartments, developed by SRGNC for Northwestern Mutual Life.)

SRGNC20thPARTYKROLL
Mark Kroll, above, and Rob founded Regis Homes—a combo of Wagner Kroll Properties and the Sammis Co—in 1992 after working together at Prometheus Development. The following year, Regis Homes merged with the SARES Co to form SRGNC. The company started with six employees, and that includes Mark and Rob. (And if we remember correctly, there was a recession going on.) Today, there are 60 employees working in the Bay Area.

SRGNC20thPARTY5
Jeff Birdwell, SRGNC commercial division president, David Speer of the County of Marin, and Vince Ciavarella, president of commercial property services for Sares-Regis Group. Jeff, who previously worked with Sares-Regis Group in SoCal, joined the NorCal company in 1994. His first two projects up here—601 California in Palo Alto and Hayward City Hall—were also SRGNC's first commercial projects.

SRGNC20thPARTY4
Also wishing SRGNC a happy 20th anniversary: KPFF Consulting Engineers' Blake Dilsworth and Blake Inouye (the job interview there may include: "Is your name Blake?") with Gensler's Hao Ko. SRGNC's current commercial projects include these three in Santa Clara: Google's 1.5M SF Bayview Campus office development, NVIDIA's new 500k SF HQ, and the 1M-plus SF The Centre @ 700. Multifamily projects include The Township, a 132-unit luxury complex in Redwood City; the 167-unit Colonnade in Los Altos; the 230-unit The Pierce in San Jose; and the 307-unit The Plaza in Foster City.


Office Tenants Want Better Space

halford-headshot-low-res
Demand for office space in major California markets isn't coming from any single industry—not even tech or finance—Bixby Land Co CEO Bill Halford tells us. (This makes it hard for us to figure out how to dress as an "office tenant" for Halloween.) While there is broad demand, there's a specific interest in space "that provides a balanced work environment for productivity and relaxation." That means dated properties need conversions to contemporary environments. Bill—whose firm is active in LA, Orange County, Silicon Valley, and the Inland Empire, among other markets—says this change in expectations represents a permanent shift, not a passing interest (unlike the popularity of pet rocks in offices once upon a time).

20130726_21250hawthorn_010-web
 

Tenants want indoor work environments that foster collaboration, and outdoor areas that show offices aren't tightly confined spaces. He cites Pacific Center in Torrance as an example. Irvine-based Bixby has done seven deals for 41k SF in leasing since taking over Pacific Center, including the recent 19k SF Living Social lease for its new West Coast HQ.

Do you have a creative office building? Tell julie@bisnow.com.

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