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C.W. Driver Completes New Bloomingdale’s Store at Stanford Shopping Center

15 Oct 2014, 3:42 pm

By Alex Girda, Associate Editor

Contractor C.W. Driver recently completed work on the new Bloomingdale’s at the Stanford Shopping Center project in Palo Alto, Calif. The California-based company had been working on the project that replaced the old Bloomingdale’s store on El Camino Real since December 2013. The new retail building is an $18 million project that aimed at bringing a clean, modern design to the Stanford Shopping Center.

The new 120,000-square-foot Bloomingdale’s is a three-story facility that replaces the old 1996 structure. Building schematics called for C.W. Driver to install 657 tons of structural steel in less than 2 months. The construction also involved the installation of four escalators, a freight and passenger elevator, as well as an Italian thermocromex stucco system. The new Bloomingdale’s facility will also include 63 individual high-end retail units. The exterior features a design-build glazing system with obscure panels, used to reflect the general aesthetic of the Stanford Shopping Center.

According to a press statement announcing the completion of the project, the new Bloomingdale’s showcases some of the latest technologies used by the builder. BlueBeam Revu, iPad, PlanGrid, BIM360 Glue and Box.com were used in order to minimize the amount of paper used both on the field and in the office. The tech and devices helped the process to be carried out in a much more streamlined fashion, with fewer confusions, leading to better communication with the architects and subcontractor.

The project team consisted of Andy Kirby, director of operations at C.W.’s San Mateo office, Jim Gentile, superintendent, senior project manager David Kerr and assistant project managers Richard Poolis and Stephen Jasion, project engineers Jason Luong and Andrew Wells, as well as senior project planner Tom Zaczyk. The architectural team consisted of Kevin Kennon Architects, Callison Architects and Gensler’s San Francisco office, who provided the design for the building shell.

ACCO Relocates Division to San Mateo; 650 California Street Gets Cushman & Wakefield as Exclusive Leasing Agent

2 Oct 2014, 6:19 pm

By Alex Girda, Associate Editor

As the San Francisco Bay Area office market continues to hit milestones, recent office leasing news include a company’s decision to move from Redwood Shores to San Mateo and a massive Financial District asset’s hiring of a new exclusive leasing agent.

ACCO Brands announced that it is relocating its current Redwood Shores operations to the Bridgepointe Office Park in San Mateo. The Lake Zurich, Ill.-based office product manufacturer is set to complete its move into the 22,164-square-foot space it has leased during the first part of 2015. According to The Silicon Valley Business Journal, the space will house the company’s Kensington Computer Products division.

Bridgepointe Office Park is owned by a joint venture of Harvest Properties and Cigna, and offers potential tenants a total of 130,000 square feet of space. Of that total space, roughly one half have been leased out this year, with leasing activity being encouraging for the owners. ACCO will join an existing tenant roster at that currently includes names such as 11Main, Act-On and FirstRain.

A few weeks ago, news had broken out that one of San Francisco’s most iconic office properties had traded hands when Columbia Property Trust paid Tishman Speyer and Prudential Real Estate Investors $309 for 650 California Street. Recently, the new owner of the building appointed a new exclusive leasing agent for the 478,392 square-foot office tower. Cushman & Wakefield announced that the new Atlanta-based owner of the building had awarded it the exclusive leasing agent for the LEED Gold-certified 650 California Street.

Cushman & Wakefield have named Executive Directors Zach Siegel and JD Lumpkin, as well as Associate Director Sam Wasserstein to the team that will handle leasing at the landmark that has seen extensive renovations over the past seven years.    

Image courtesy of harvestproperties.net

The Second Building in the World to Achieve LEED Platinum v4 Certification is One Sansome Street in San Francisco

25 Sep 2014, 4:11 am

By Alex Girda, Associate Editor

After the recent LEED Gold certification awarded to one of the city’s best known office towers, namely 75 Hawthorne (more on that here), another major asset has been awarded with a green certificate by the United States Green Building Council. One Sansome Street is now the first building in San Francisco to achieve LEED Platinum v4 certification, the highest level of certification made available by the Council. The building is also only the second property worldwide to be awarded with v4 certification.

Currently under the ownership of Barker Pacific Group, the office tower totaling 611,000 square feet of net leasable space was originally developed in 1983, according to real estate data provider PropertyShark.com. The property previously received LEED Gold-level certification from the USGBC in 2010. The owner continued to bring improvements to the property’s systems in order to increase energy efficiency and reduce the amount of waste produced by the building. The changes mean that the 41-story office building now has a solid waste diversion rate of more than 78 percent, with 75 percent being the minimum level required for exemplary performance, rentv.com writes. The building’s tenant roster includes Citigroup, The British Consulate, Lennar, iStar Financial, Konica Minolta and State of California – Department of Corporations.

In terms of building maintenance, sustainable products and materials are used, as per owner and property manager Barker Pacific Group’s policy. The company has an extensive history with environmentally friendly policies, being named Green Business of the Year by the Novato Chamber of Commerce in 2013. The building’s scorecard on the United States Green Building Council’s website shows that One Sansome Street was rated with 80/110 in the review process for its Plantinum-level certification.

Image courtesy of barkerpacific.com

75 Hawthorne Awarded LEED Platinum Certification by the U.S. Green Building Council

18 Sep 2014, 4:04 pm

By Alex Girda, Associate Editor

It was recently announced that 75 Hawthorne at Hawthorne Plaza was awarded Platinum level certification under the United States Green Building Council’s LEED for Existing Buildings Rating System. Owned John Hancock Life Insurance Company, a division of Manulife Financial Corporation in Canada and managed by previous owner and current property manager Hines, the asset was previously awarded Gold-level certification under the same system back in 2009. Hines sold the property to its current owner in 2011, but it stayed on to carry out property management duties at the asset.  

The 20-story Class A office asset offers up a total of 360,000 square feet of space and is valued by real estate data provider PropertyShark.com at around $148 million. 75 Hawthorne, along with 95 Hawthorne constitutes the Hawthorne Plaza complex which offers tenants an amenity package that includes childcare and a fitness center. Currently operating at an occupancy rate of around 75 percent, the asset has most of its space leased out to the U.S. Federal Government. Around 225,000 square feet of space are occupied by the Environmental Protection Agency’s Region IX Headquarters.

The office tower’s eco-friendly profile has also been recognized by the EPA being a repeated earner of the ENERGY STAR label. 75 Hawthorne currently has a rating of 98 under the system, and has received the label every year since its acquisition.

Hines has had a great track record with sustainable assets, being one of the leaders in the U.S. Green Building Council’s programs. The company is involved in 201 projects currently rated by the USGBC, amounting to a total of more than 101 million square feet that have been certified, pre-certified or registered under the various LEED rating systems. The company was heavily involved in the creation of several rating systems such as the German Sustainable Building Council and the Russian Green Building Council, and is also active with a number of other national organizations throughout Europe and Asia.

Image courtesy of hines.com

650 California Street Acquired by Columbia Property Trust in $300 Million Deal

10 Sep 2014, 3:52 pm

By Alex Girda, Associate Editor

650 California Street was recently acquired by Columbia Property Trust Inc. in a deal completed with owners Tishman Speyer and Prudential Real Estate Investors. The buyer paid a fee of $309 million for the iconic Class A office tower located in San Francisco’s coveted Financial District.

In order to complete the deal, the buyer, Columbia Property Trust, took out a $130 million loan bearing interest at 3.6 percent and maturing July 2019. The cash component of the transaction, totaling $179 million, was handled through borrowings under the company’s unsecured credit facility and cash on hand.

The 33-story office asset at 650 California Street offers a total of 478,392 square feet of space. Located in the city’s Financial District, the building was 88 percent under contract at the time of the sale. The asset is reportedly expected to have an operating income of around $11 million during the first year. The property is LEED Gold-certified by the US Green Building Council. During the past two years, the former owner rolled out a $14.2 million renovation process at 650 California. The process included adding an onsite parking garage and an extensive lobby renovation to round out the building’s amenity package including the fitness center, bicycle parking, and a conference facility.

The owner’s Western Region team will henceforth handle asset management duties as well as leasing at the property. In order to accommodate the portfolio expansion, Columbia Property Trust recently added Michael Schmidt to its local team with an experienced professional in asset management in major West Coast markets. Schmidt will handle the company’s West Coast assets, including this latest acquisition.

 Image courtesy of tishmanspeyer.com

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