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Pipeline Grows in Jack London Square

17 Apr 2015, 10:00 pm

By Alex Girda, Associate Editor

Austin Group has submitted plans to develop 48-unit apartment community on the site of Duke’s R&B club in Oakland’s Jack London Square, across the street from the Ellington condo building.

The development would take shape three blocks away from the waterfront, adding a residential element that is somewhat lacking in an area where the redevelopment pipeline consists mostly of dining spots and cafes.

Along with its market-rate apartments, the seven-story building would feature a 3,000-square-foot brew pub. It will most likely take the developer a few years from initial pitch to groundbreaking, The San Francisco Business Times reports.

Jack London Square is becoming a hotbed of development, such as Carmel Partners’ planned 330-unit residential project. A more controversial proposal by developer Ellis Partners for a 26-story residential high-rise is raising concerns in the neighborhood over zoning.

Facebook Taps Gehry for Menlo Park Project

10 Apr 2015, 8:22 pm

By Alex Girda, Associate Editor

Facebook is detailing plans for a 58-acre site it acquired last year in Menlo Park. The social media giant announced that a 985,719-square-foot, two-building expansion will be designed by Frank Gehry, who also designed Facebook’s recently completed MPK 20 facility. The expansion will feature a design scheme similar to MPK 20, while a green roof is also a possibility.

The project’s first phase, Building 21, will offer 523,233 square feet of office space, along with a large amount of green space. Phase two, to be known as Building 22, will be slightly smaller at 462,486 square feet. Development will begin following the removal of nine buildings at the site.

As the San Jose Mercury News reported, Facebook’s future plans include the conversion of a 184,460-square-foot industrial facility into an office building that would be known as Building 23. Also planned are a bridge over Bayfront Expressway that would serve pedestrians and cyclists and a 200-key hotel in Menlo Park.

Rubicon Point Wraps Sale of 2 Assets in Silicon Valley

2 Apr 2015, 9:31 pm

By Alex Girda, Associate Editor

As Silicon Valley continues to entice investors, Rubicon Point Partners recently announced that it has completed sale agreements valued at a combined $40 million for two office properties. According to Ani Vartanian Boladian, managing partner with Rubicon Point, the deals reflect the firm’s strategy of repositioning each asset for a “superior use for office space” within 18 months. So far the buyers remain unidentified.

The properties are located at 274-282 Castro Street in Mountain View and 1870 Embarcadero Road in Palo Alto, respectively. The seller worked with an HFF investment sales team comprising senior managing director Steven Golubchik, directors John Simerlein and Ben Bulloc, and Josh DiSalle a senior analyst.

The Mountain View asset offers a total of 30,446 square feet of office space in a part of the city that features a Baby Bullet Caltrain Stop connecting San Francisco with San Mateo and Santa Clara counties. The two-story building underwent extensive renovations in 2002, and additional improvements in 2012. Quixey, a leading mobile app search service, is the sole tenant.

The 30,752-square-foot Palo Alto building is likewise fully leased; its sole tenant is the local office of Sullivan & Cromwell, a global law firm. The property was most recently renovated in 2011, and offers direct access to the Palo Alto Baby Bullet Caltrain stop via the Embarcadero Shuttle and the Marguerite Shuttle.

Bascom Group, Carlyle Realty JV Buys MF Asset in Emeryville

27 Mar 2015, 10:23 pm

By Alex Girda, Associate Editor

A joint venture of the Bascom Group and affiliates of Carlyle Realty Partners recently paid $45.1 million for Bridgecourt Apartments, a 220-unit Class A residential community in Emeryville. Colliers International’s Stephen Jackson and Mark Feldman arranged the deal, for which CBRE Capital Markets secured a $40.6 million acquisition loan from California Bank & Trust.

The new ownership is counting on the appeal of both Emeryville and the apartment community itself to a younger demographic. Located at 1325 40th Street, Bridgecourt offers a variety of retail options, competitive rental prices and convenient access to Bay Area destinations via public transportation.

The employment centers of San Francisco, San Jose, Oakland and Berkeley are nearby, making the community attractive to young professionals. Of note, Pixar Animation Studios is headquartered in Emeryville itself.

Bascom and Carlyle are planning upgrades to the 17-year-old property, including new lighting and appliances, that are intended to add value, Lee Nguyen, senior vice president at Bascom, said in a statement.

Apple Takes Space in Downtown Cupertino

22 Mar 2015, 7:42 pm

By Alex Girda, Associate Editor

Apple continues to bolster its influence on the Silicon Valley office market, most recently signing on to anchor the office portion of Main Street Cupertino, a mixed-use venture that aims to create a new downtown for the city. The technology giant has leased 260,o00 square feet of office space, according to public records, The Silicon Valley Business Journal noted.

Located on a 2.5-acre site, Main Street Cupertino will feature a 180-key Marriott Residence Inn, 120 loft-style units and more than 130,000 square feet of retail, restaurants and professional services. Also planned is a smaller office building geared to startups and emerging companies. A parking structure and office auto court will offer 1,129 spaces between them.

Apple’s space at Main Street Cupertino will complement the nearby Apple Campus 2, its future headquarters. Main Street Cupertino will also be walking distance from Vallco Shopping Mall, the new Rose Bowl development, AMC Theatres, Starbucks, Benihana, and the Bay Club Cupertino fitness center.

Image courtesy of mainstreetcupertino.com

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