Techies, Rejoice: There's a New SoMa Building Coming
Coveted spec office space is breaking ground soon in Western SoMa, and we've got the details.
Newmark Realty Capital's Jeff Wilcox (here on a recent Peet's coffee break) tells us his firm just arranged $28.5M in non-recourse construction financing for 85 Bluxome, a ground-up office development. Financing was structured as a first deed of trust with Washington Capital Management and mezzanine financing with TDA Inc. (Jeff worked with colleagues Mark Ritchie, Bahman Mirhashemi and Charlie Kokernak on the deal.) Tech users will likely be chomping at the bit to fill the car-free site (with some bike parking), featuring five floors of open floor space and several levels of rooftop open space.
The 55k SF, Class-A building, designed by RIM Architects, is a rarity for both its size and class in SoMa. The property will feature floor-to-ceiling windows throughout its front façade, which will take advantage of the planned revitalization of Bluxome Street per the Western SoMa Community Plan. The groundbreaking is scheduled for next month, with construction expected to wrap up Q4 '15. Planners signed off earlier this year on the project, which requires demo of an existing two-story industrial building.