SF Park Tower Project Gets City Approval

The San Francisco Planning Commission has approved another office tower around the upcoming Transbay Transit Center as the Park Tower project prepares to move forward with construction at the corner of Beale and Howard Streets. Developed by Chicago-based John Buck Co. and Golub Real Estate Development and designed by Goettsch Partners, the new 43-floor building is expected to deliver in 2018, and add to the nearly 1.1 million square feet of office space that already exists on three blocks around the upcoming Transbay Transit Center.

According to Chris Roeder, International Director at brokerage JLL and Park Tower's main leasing scout, construction of the Tower can ideally commence this November. "The way San Francisco leasing is going, it's just going to happen," he said. "(Companies) are going to pick their building and cut their deal – that's what LinkedIn, Dropbox, Salesforce did. They don't want their competitors to know what they're doing. When it happens, it happens." Roeder said he and his group have already pitched to several business about their potentially leasing office space in Park Tower.

Park Tower tenants will enjoy Bay views from 70% of the floors—the tower will be closer to the bay than any other ground-up office development in San Francisco. The building features over 751,500 square feet of Class A++ office space and high-end retail space, and 50,000 Square feet of outdoor & open space, including 14 sky decks and a ground level park. The other two buildings in the Transbay Transit Center, Salesforce and 181 Fremont Towers, will open in the next couple years.

For more news and information visit Blumberg Partners.

John Buck Sells DC Office Building for $65.2M

The John Buck Company has sold an office building on L Street in Washington, DC to LaSalle Investment Management for $65.2 million, or $397 per square foot, according to a GlobeSt.com report; Eastdil Secured brokered the transaction. John Buck originally acquired the property in 2008 for $61 million from a joint venture of TIAA-CREF and Equity Office. The building was 77% leased at the time of sale wit major tenants including Greenstein Delorme Luchs, Corner Alliance and the Personal Care Products Council.

"The Washington, D.C., office market continues to attract institutional capital given the stabilizing effects of the U.S. government," said HFF's Stephen Conley of the building after it traded hands in 2008. "The property’s location in the heart of the nation’s capital places the new owner in an ideal position to capture upside value over the next five to seven years."

The 12-story property at 1620 L Street was designed by Smith, Segreti, Tepper, McMahon and Harned and originally developed in 1989. The building is also the 24th tallest building in Washington, tied in rank with seven other structures in the area.

For more news and information visit Blumberg Capital Partners.