This Week's San Francisco Deal Sheet
The weekly compilation of the San Francisco Bay Area metro’s biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit?
“We are thrilled to add this unique asset to our long-term portfolio,” said Jason Morehouse, partner and chief investment officer, in a press release. “With a highly amenitized courtyard, top-of-the-line finishes, and above-market parking ratio, the building has proven appeal through market cycles. The building was entirely rebuilt in 2012, and it shows.”
The property was 87% leased at the time of the sale, with tenants that include a venture capital firm and a private equity firm. The Teachers Insurance & Annuity Association of America sold the property, according to Mercury News.
CONSTRUCTION AND DEVELOPMENT
Longfellow Real Estate Partners has furthered its plans to begin a 33M office-to-life sciences conversion in Redwood City. The company plans to redevelop an 84-acre office park at Redwood Shores into a life sciences campus called Redwood Life: Evolve.
Newmark appointed Kam Schroeder as its executive vice president and managing director of its Oakland and Walnut Creek offices.
“With experience on both a national and local level, Kam’s industry knowledge and strategic approach will elevate our presence in these key Northern California markets and reinforce our efforts in furthering client advocacy goals,” Mike Smith, Newmark executive vice president and market leader for the Northwest Region, said in a press release. “His esteemed reputation and strong relationships are a testament to his career and what he will bring to this position.”
“This was a compelling investment for CommonWealth Partners, increasing our presence in this strategic, high-growth submarket of Silicon Valley to more than a million square feet in the Moffett/Sunnyvale area,” CommonWealth CEO and Managing Partner Brett Munger said in a press release.
A close-to-empty Union Square storefront sold for $521 per SF, totaling a $30M purchase. The property was sold by The Whittier Trust Co. of Nevada, with Colliers representing the seller on the transaction. A joint venture purchased the property at 838-842 Market St.
THIS AND THAT
Office owners in California are struggling to find cost-effective ways to implement water reduction methods, amid an ever-growing drought and rising costs.