San Francisco and East Bay Apartment Rents Slip
Socketsite.com, February 29
The average asking rent for an apartment in San Francisco ended 2015 at $3,616 per month versus $3,623 in the third quarter of the year as the vacancy rate ticked up from 4.1 to 5.6 percent, according to data from Cushman & Wakefield’s San Francisco research team.
Four Cushman & Wakefield Executives Make Final Cut at ELEVATE Awards Gala
blogcushwake.com, February 26
Krissy Daily, Margaret Duskin, Amanda Murray and Karen Vincent were among the Cushman & Wakefield finalists at last night’s posh gala at the Julian Morgan Ballroom in The City. The annual event is hosted by the Registry and CREW. Cushman & Wakefield San Francisco is among the sponsors of ELEVATE and has also been very involved with supporting and sponsoring CREW initiatives. Blog comments provided by Danny Pickard, Rosa Pastran, Julie Germain, Susan Keokham, Dan Johnson, LaTisha Robinson, Susie Hall, Derek Daniels, Liz Dreessen, Michelle Reyes , Mary Davis and Design Goddess Carolina Aguirre.
Jeremy’s Department Store Buys Historic Uptown Oakland Church Building, Will Consolidate Regional Store Locations
The Registry, February 24
Jeremy’s Department Store, a discount department store, has purchased a 12,000 square foot commercial building in downtown Oakland, CA for $2.6 million. Located at 1701 Franklin Street in an uptown neighborhood of the downtown area, the property had been the long-time home of First Church of Christ, Scientist, Oakland, for more than 100 years. John Dolby and Dane Hooks with Cushman & Wakefield’s Oakland office represented both parties in the transaction.
Cushman & Wakefield Wins Big at BOMA Gala
blogcushwake.com, February 23
On Thursday, February 11, 2016 BOMA Oakland/East Bay and BOMA San Francisco members celebrated those who have contributed to the success of the Bay Area’s commercial real estate industry at Marine’s Memorial Theatre in San Francisco. BOMA advances the commercial real estate industry through advocacy, professional development and information exchange. Cushman & Wakefield San Francisco was among the sponsors of this highly regarded annual awards gala. Blake Peterson and Tim Danz were among the winners. Blog post comments provided by Karen Cowan, Susan Keokham, Soany Gunawan, Mike Meyer and Tom Duwe.
Pharmacyclics Retaining R&D Operation in Sunnyvale, Expands to ±50,000 SF
The Registry, February 24
Pharmacyclics, Inc. will retain its research and development operation in Sunnyvale, CA. The biopharmaceutical company—acquired by AbbVie last year—inked a new long-term direct deal with landlord Gray AREA Arques, a joint venture between Graymark Capital and Ascent Real Estate Advisors, for ±49,920 square feet of R&D space on the eastern side of the city. Randy Arrillaga, Kalil Jenab and Tucker Beim with Cushman & Wakefield’s Palo Alto office represented the landlord in the transaction.
Regional Center of the East Bay Relocating in Concord
The Registry, February 24
The Regional Center of the East Bay (RCEB), a private, non-profit corporation under contract with the California Department of Developmental Services, has signed a long-term lease for 24,811 square feet at One Corporate Centre in Concord, CA. Cale Miller, Chris Baker, Chris Johnke and Cameron Love with Cushman & Wakefield’s Walnut Creek and San Francisco offices represented the tenant in the transaction.
Invesco Buys Site for Oakland Multi-family High Rise
biznow.com, February 23
Invesco Real Estate has purchased a development site at 2270 Broadway in Oakland’s uptown district from Lakeshore Partners. Oakland is one of the nation’s top multifamily markets, says Invesco Real Estate managing director Bill Grubbs. The company plans to deliver a transit-oriented project in an urban live/work/play environment. The listing agents were Cushman & Wakefield’s Simon Herrmann and Todd Vitzthum.
TIAA-CREF Acquires 313k sf NoCal Biz Park from Broadreach Capital Partners
Rentv.com, February 23
TIAA-CREF closed out 2015 with the acquisition of Stevenson Point Tech Park, a 312.9k sf office/R&D campus in Newark. The asset was sold by Broadreach Capital Partners. Grant Lammersen, Adam Lasoff, Seth Siegel, George Eckard and Michael Karp with Cushman & Wakefield’s offices in San Francisco and Oakland represented the seller in the transaction. The price was not disclosed.
SF Office Rents at All Time High
socketsite.com, February 17
The average asking rent for office space in San Francisco hit a record high of $68.14 per square foot at the end of 2015, surpassing the dot-com record of $66.00 per square foot set in the fourth quarter of 2000 by 3.2 percent. And at 5.9 percent, the current office vacancy rate is the lowest in over 15 years, but still will above the historic 1.3 percent rate recorded in the second quarter of 2000, according to Cushman & Wakefield’s San Francisco office.
From VR to Robots: Tech that Could Change Future of Forecasts
Biznow.com, February 17
Though there’s a sense we’re drawing near the end of this market cycle, it’s become increasingly hard to predict due to the power of one particular industry—technology. Biznow recently spoke with Robert Sammons, Cushman & Wakefield Northwest Research Leader, about two kinds of technology that could drive new growth in the Bay Area.
Trader Joe’s to Move Downtown SF
SF Business Times, February 10
As grocery stores navigate formula retail restrictions in San Francisco’s neighborhoods, Trader Joe’s could snag a long-vacant spot in the city’s downtown. According to documents in San Francisco’s Planning Department, the grocery store chain requested a project review meeting at the end of 2015 to discuss opening a Trader Joe’s at 10 4 th Street. Cushman & Wakefield’s Garrick Brown, vice president of retail research is quoted.
Clover-Stornetta, Scott Labs to Get Large Petaluma Expansion
Northbay Business, February 8
Wine-focused Scott Laboratories and dairy producer Clover-Stornetta Farms in late January signed 10-year leases for 58 percent of the 259,600-square-foot Cader Corporate Center project just off Lakeville Highway in south Petaluma. “Vacancy for large industrial is under 5 percent, and for tenants to look this far ahead, to plan a year in advance, is the norm now because there is no space,” said Steven Leonard, who with Cushman & Wakefield colleagues Trevor Buck and Brian Foster brokered the Cader leases.
The National Healthcare Real Estate Series to present The Second Annual Northern California Healthcare Real Estate Summit
Yahoofinance.com, February 2
Highly-Interactive Healthcare Real Estate Forum to Feature Myriad of Healthcare Delivery Models, New Construction & Best Practices for Developers: Hear from 30+ Speakers, Join 300+ Senior-Level Attendees & Decision-Makers. Cushman & Wakefield’s Eugene McGrane is among guest speakers.
Cushman & Wakefield Hires New Executive in San Francisco
Commercial Property Executive, February 4
Industry Veteran Kevin Brennan was recently appointed executive managing director for Cushman & Wakefield’s tenant representation office in San Francisco. Brennan has over 24 years of commercial tenant advisory experience, has completed over 6.5 million square feet of transactions for JLL and 1 million square feet of transactions for Transamerica Corp. “We couldn’t be more thrilled to welcome Kevin to Cushman & Wakefield,” said San Francisco Market Leader J.D. Lumpkin in a press statement.
Will The Boom Last? Todd Lickerman & Mike Kamm Give Exclusive Video Interviews for Biz Journal
SF Business Times, February 2
Subsequent to the State of Real Estate Event, Global President Todd Lickerman and NW Market Leader Mike Kamm sat down with Roland Li of the San Francisco Business Journal for up close and personal video interviews.
Over 750 Attend Cushman & Wakefield’s State of Real Estate Event in San Francisco
blogcushwake.com, February 1
On Thursday, January 28th, a well – heeled and sartorially resplendent crowd of over 750 real estate professionals, clients and Cushman and Wakefield brokers and staff enjoyed an informative and lively evening at San Francisco’s elegant Yerba Buena Gardens. The two hour event consisted of a program featuring current real estate statistics, economic data and Thought Leadership insights.