Kilroy Sets Up Shop in SoMa
- Jul 10, 2015
Kilroy Realty Corp. is setting up shop in South of Market following its acquisition of a site where it plans a $250 million project. The site is fully entitled for a 450,000-square-foot mixed-use creative campus, the Los Angeles-based REIT said in a statement on July 7.
Acquired by Kilroy for around $78 million, the 3.3-acre site is located at 100 Hooper St. It is one of only two fully entitled office development sites in the city that are not already under contract. In late June, Kilroy began construction of the other project, known as The Exchange on 16th and located in the Mission Bay submarket. The dual developments represent Kilroy’s vote of confidence in the demand for high-end office space in San Francisco, currently one of the country’s hottest office markets.
Kilroy said that it plans two LEED Gold-certified buildings totaling roughly 400,000 square feet at 100 Hooper. Another 50,000 square feet is designated for production, distribution and repair space and will be owned and operated by PlaceMade, a subsidiary of SFMade. The non-profit provides affordable space for manufacturers and other industrial space users in the region.