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Category: Calco Commercial (15)

Sep
28

CRE News: Tech still critical to Bay Area Real Estate Economy

According to Bisnow, “tech and life sciences companies made up 67.1% of total office leasing activity in Silicon Valley and 64.6% in San Francisco for 2017 through midyear 2018.” With nearly daily headlines of Facebook and other tech giants snapping up huge swaths of space in San Francisco and its surrounds, it is no surprise that the Bay Area’s tech leasing activity is approximately 40% higher than the nation.

Tech, media, and e-commerce firms, both large and small, understand that in order to be competitive and attract talent, they need a physical presence in the Bay Area. San Francisco Bay Area continues to hold the title for most tech jobs in the United States. Real estate professionals project that tech will continue to expand in Silicon Valley, although solutions to issues such as affordable housing/cost of living will need to be explored to retain the skilled labor force necessary for start-ups and big tech.

Jul
02

Calco Commercial News: 260 Shipley Street & 969 Folsom Street – SOLD

Calco Commercial has recently sold both the 260 Shipley Street & 969 Folsom Street buildings. 260 Shipley Street is a two-story 3,750+/- square foot commercial building located in the SOMA with second floor office & ground floor warehouse. The property features skylights, private conference room, and a kitchenette in the office area and a drive-in roll-up entry for the warehouse.

969 Folsom Street is a 8,150+/- square foot commercial building located next door to 260 Shipley Street in the SOMA. 969 Folsom Street features 7,300+/- square feet of warehouse area with one drive-in loading door and 850+/- square feet of office with open and private areas and a kitchenette.

Calco Commercial specializes in the leasing and selling of commercial, office, industrial and NNN properties in and around San Francisco. If you have any questions about how to best re-position your asset in the Bay Area market, are a Tenant looking for space or have general market questions, call our office at 415.970.0000 and we can provide expert service.

Jun
11

Tech CRE News: Kilroy Acquires Oyster Point Tech Center for $308 Million

Source: CoStar
By: Jacquelyn Ryan
Link: Oyster Point Tech

Los Angeles’ Kilroy Realty Corp. has closed on its $308 million acquisition of San Francisco’s life science development site Oyster Point from a development group led by China’s Greenland USA, the company announced today.

The 40-acre industrial site, entitled for 2.5 million square feet of development, spans the waterfront in South San Francisco.

The sales price provides an 80 percent return for Greenland’s group, which has done some demolition work since buying it fully entitled for $171 million two years ago from Shorenstein Properties and SKS Partners.

In recent years, the South San Francisco region’s commercial biotech market has expanded to more than 12 million square feet of office and laboratory space across more than 500 acres, accommodating a range of entrepreneurial start-ups and established companies such as Amgen and Genentech.

The area’s popularity with the life science community is so strong that the market’s Class A office and lab space has a vacancy below 3 percent, according to Kilroy.

Kilroy plans to build 11 buildings that will include a laboratory and more office space in phases across the newly-acquired property.

The site adjoins the real estate investment trust’s three-building Oyster Point Tech Center, a 146,000-squre-foot project that is home to DNA testing company 23andMe Inc. The firm acquired the site earlier this year for about $111 million, according to CoStar data.

On a combined basis, the overall project will give Kilroy a significant footprint in South San Francisco’s large and rapidly-growing life science community, home to more than 200 biotech companies.

“Kilroy Oyster Point is a significant opportunity to expand our West Coast life science platform in a prudent and disciplined manner,” said John Kilroy, the REIT’s chairman and chief executive, in a statement. “It offers all the advantages we look for in new development – a strong location in a world-class market serving a dynamic industry with all the services and amenities required to attract today’s young, urban innovative workforce.”

The property adds to the company’s 13.9 million-square-foot portfolio in Los Angeles, Orange County, San Diego, the San Francisco Bay Area and greater Seattle.