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?
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Prologis and Alexandria Real Estate Equities won approval from the South San Francisco City Planning Commission to build a 559K SF life sciences campus, replacing a 70K SF warehouse, according to the San Francisco Business Times.
Plans for the campus will include two office buildings totaling 559K SF, separated by a public plaza, alongside an eight-story parking garage with space for 782 vehicles. ZGF designed the project.
The property would bolster Alexandria’s already expansive South San Francisco footprint, which currently sits at close to 4M SF. The city council approved the project in part due to the site's proximity to the city’s Caltrain Station.
SALES
Edens acquired the Strawberry Village shopping center in Marin County, California, last week. Strawberry Village is a 175K open-air and grocery-anchored retail property. The transaction comes on the heels of eight other West Coast retail acquisitions by Edens, spanning from San Diego to Seattle. Edens in March purchased the Alamo Plaza and Gilman District in the Bay Area.
“We are excited to expand our West Coast portfolio with an asset that is a connector and everyday gathering place for vibrant communities like Mill Valley, Corte Madera and Tiburon,” Edens Chief Investment Officer Jami Passer said in a press release.
“This is a neighborhood destination with tremendous placemaking opportunities. Through our lens of design, curation and engagement, EDENS will continue to build and enrich Strawberry Village as a dynamic landmark for Marin and the Bay Area.”
Internet and WiFi networking company Meter moved into a new office at 570 York St. in San Francisco, filling just under 18K SF in the city’s Mission District. The space has an estimated occupancy of 100 employees. Brokerage Raise assisted Meter with the transaction.
DEVELOPMENT
Developer SteelWave plans to build a $241M life sciences campus in Berkeley, dubbed theLAB. The project will be a Class-A office and lab space and will require the renovation of four existing industrial properties, along with the construction of a new building.
The project is currently slated to be the first of three similar projects in the Bay Area, with the other two slated for location in Emeryville and Foster City. The project is slated for a 2024 completion date. Two tenants have already confirmed commitment to the location: Bolt Threats and Conception Bio.
LEASES
The Springline mixed-use development near downtown Menlo Park added Wells Fargo to its list of tenants last week, as the bank plans to open what it calls an Innovation Flagship office at the location next year.
Other tenants located within Springline include venture capital firm Menlo Ventures and Norest Venture Partners, and tech company Genesys. Presidio Bay developed the 6.4-acre property.
THIS & THAT
Teachers Rooted in Oakland, or TRiO, an initiative launched in 2020 that offers discounted housing and housing stipends to teachers of the Oakland Unified School District, received $5M in state funding last week, to support over 100 teachers and better assist them in their search for housing.
The initiative focuses on diverse teachers, particularly teachers of color.
Property owners that have placed units within the TRiO Plus housing marketplace include Riaz Capital, Veritas and 2B Living.
“We are deeply grateful for Riaz, Veritas and 2B Living for believing in this work and partnering with us. They know that when our teachers and students win, our communities win,” co-founder of TRiO and Oakland Deputy Director of Education Kyra Mungia said in a release.
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San Francisco Bay Area-based Skyline Construction acquired San Diego-based Prevost Construction last week. Skyline plans to target life sciences within the region, as the acquisition will further its West Coast expansion efforts.
“We are honored to welcome the Prevost team into our organization,” Skyline Construction CEO Jessica Carps said in a press release. “Our teams look forward to working together to serve customers throughout Southern California and across the country. This acquisition will allow us to enhance the services and geographic footprint offered to our clients, while creating new opportunities for employees across our many regions.”
Jamie Prevost has served as CEO for Prevost Construction since 2008 and will continue to serve in a leadership capacity under the new ownership. The day-to-day operations and teams within Prevost are expected to remain unchanged.
