Regions West | San Francisco
GE Provides $95M Loan on San Francisco Tower
Jan 14, 2008

GE Real Estate has announced it provided a $95 million short-term, on-book loan to a joint venture between Sterling American Property Fund IV and Hines to refinance Parkside Towers, a Class A office building located in Foster City, Calif., part of San Francisco’s South San Mateo submarket. The two towers total 400,000 square feet and were built in 2002 for Inktomi, a search engine firm purchased by Yahoo. Sterling American Property and Hines acquired Parkside Towers and three other Bay Area Class A office complexes from Equity Office Properties in June 2005. This joint venture has since sold the three other properties in the portfolio and has purchased two other San Francisco offices totalling more than 963,000 square feet. It also has increased occupancy at Parkside Towers from 16 percent at the time of purchase to 55 percent, a figure that will top 70 percent in 2008 with the addition of new tenant IBM.

 
Recent San Francisco Headlines
Mixed-Use Project Housing Fireman’s Fund Aims for Carbon Neutrality in 10 Years
Aug. 13, 2008
American Assets Inc. has revealed plans for The Commons at Mount Burdell, a green mixed-use project on a 65-acre site in Novato, Calif., about 30 miles north of San Francisco. According to the San Diego-based real estate company's calculations, the 1.5 million-square-foot development and redevelopment endeavor will be able to achieve carbon neutrality within a 10-year period. The Commons will evolve on the site of a Class A office complex on San Marin Drive. Home to the headquarters of the Fireman's Fund Insurance Co., American Assets acquired the property last year and will incorporate the existing buildings into the project. Ultimately, The Commons will encompass 800,000 square feet of new development that will include a premier hotel, retail space, meeting venues, a fitness facility and daycare accommodations. Additionally, 710,000 square feet of existing space will undergo renovation.
parcels HFF Arranges $56M Funding for $80M SFO Logistics Center Buy, Development
Aug. 13, 2008
Centrum Properties Inc. and Angelo, Gordon & Co. have secured $56.3 million in financing to acquire and reposition the SFO Logistics Center, a 572,000-square-foot warehouse-distribution center and adjacent 5.2-acre land parcel in south San Francisco that had been owned by the federal government for decades. An HFF executive who arranged the financing told CPN today the entire deal is worth $80 million.
Sports Network to Relocate HQ to 32,000-SF Digs
Aug. 01, 2008
With the signing of a lease for 32,000 square feet in the 450,000-square-foot office building at 370 3rd Street in San Francisco, Comcast SportsNet Bay Area will forsake its current Union Square locale for larger digs in the South of Market district.
Studley Report Says Sublease Space Floods San Fran Office Market
July 23, 2008
A total of 700,000 square feet of sublease space flooded the San Francisco office market over the last three months, pushing the overall availability rate to 14.8 percent, an increase of 1.6 percentage points as compared to the first quarter of 2008.
Colliers International Introduces Urban Landlord Partners
July 23, 2008
Colliers International announces the formation of the Urban Landlord Partners, which focuses on the needs of institutionally owned assets located in downtown core markets.