• San Francisco

Done Deals – Recent Cushman & Wakefield Transactions & Victories

777 Mariners Way JpgCushman & Wakefield’s Northern California Capital Markets Team
Advises on Sale of Prominent Peninsula Asset
Cushman & Wakefield’s Northern California Capital Markets team was the exclusive advisor in the recent sale of 777 Mariners Island Boulevard, located along the San Francisco Peninsula in San Mateo, CA. The transaction was among the final nominations for NAIOP’s annual Best of the Bay Awards.

Situated in heart of San Mateo’s business and retail , the seven-story, 187,372 square foot office building was purchased by Wafra Investment Advisory Group Inc., and is leased to a diverse tenant roster, including Keynote Systems/Dynatrace, IXL Learning and AlphaDetail. The seller was Cornerstone Real Estate Advisers.

This unique property, located in what is arguably one of the top software markets in the region, recently underwent an extensive renovation which transformed the asset into one of the most desirable suburban office buildings in San Mateo County.

The sale transaction was led by Adam Lasoff, Seth Siegel, and George Eckard of Cushman & Wakefield’s Northern California Capital Markets team.

The renovation  included a complete lobby and auditorium renovation, upgraded fitness center, new roof, along with common area corridor and restroom upgrades.

Cushman & Wakefield is Exclusive Leasing Agent for 6X6 in The City
Cypress Equities has officially appointed Cushman & Wakefield San Francisco as the exclusive leasing agent for 6X6, a bold new development encompassing more than one third of the block between 5th and 6th Streets, in the heart of San Francisco’s Mid-Market retail corridor.

Led by Vice Chairman, Kazuko Morgan and Senior Managing Directors, Pamela Mendelsohn, and Vikki Johnson, the Cushman & Wakefield team is spearheading commercial leasing of 6X6, the largest retail development in San Francisco since the Westfield San Francisco Centre.

6X6 comprises more than 250,000 square feet of multi-level retail over six levels, with a stunning glass exterior. Strategically located where Union Square, the convention center, and the hotel and theater districts all converge, this unique urban project offers expansive floor plates, crowned by an extraordinary upper level with an inside terrace featuring glorious city views.

Construction of 6X6 is on track to be completed by year end 2016 with a Grand Opening of Holiday 2017. 6X6 is the latest development by Cypress Equities.
“With this significant project it is important that we have an experienced team in place to secure the best-fit tenants,” said Chris Maguire, CEO of Cypress Equities. “Cushman & Wakefield’s retail experts will lead the effort to secure dining and retail operators that will be a contemporary fit for the location, and will enhance the ambient experience for visitors,” Mr. Maguire said.

The Dynamic Trio — Mendelsohn, Johnson and Morgan — have been largely responsible for positioning a majority of the international retail brands within the Union Square shopping district, as well as for reshaping many of the neighborhood streets throughout the city.

“The Cushman & Wakefield Retail Team is delighted to be an integral part of 6X6, which will have a positive economic impact of downtown San Francisco,” Ms. Morgan said. The timing of 6X6 comes at a critical time where San Francisco is fueled with energy, experiencing record tourism and local growth in the economy, and witnessing a significant tech boom. “The stretch of real estate on Market Street anchored between the Ferry Building and Twitter is fast becoming noticed for its development potential with the likes of Uber, Twitter and King’s Lane all having offices there,” Ms. Morgan said.

Ms. Mendelsohn brings her design ingenuity and unique and inscrutable eye for fashion to secure tenants that are drawn to the ri ch social fabric that is rapidly becoming a mainstay in Mid-Market. “6X6 will appeal to a younger demographic who seek out edgier and state of the art brands,” said Pamela Mendelsohn, Senior Managing Director, Cushman & Wakefield.

“It is simply wonderful to walk into this extraordinary complex and view it from the inside-out,” said Vikki Johnson, Senior Managing Director, Cushman & Wakefield. “This will be the first modern retail venue to provide large format retailers a presence in a tight urban environment while still meeting their operational needs. We want to bring new to market concepts, and brands without any limitations of viability – and continue the further resurgence of the Market Street corridor. I am thrilled to see it all come to fruition,” she said.

The new team includes Steelblue and Savage Bureau, the local talented image makers who have incorporated cutting edge visual marketing and branding to showcase the development.

shipyard-cushman5 Million SF Shipyard to be Leased by Cushman & Wakefield 
FivePoint Holdings has appointed Cushman & Wakefield as the exclusive leasing agent for approximately 5 million square feet of commercial space as part of the second phase of development at The San Francisco Shipyard, a multibillion-dollar waterfront community along San Francisco’s southeastern shoreline.

Led by Managing Principals Mike Moran and J.D. Lumpkin, the Cushman & Wakefield team is spearheading commercial leasing efforts, attracting innovative office, life-science and research and development occupiers. Leasing opportunities for the commercial phase will begin in early 2017.

“The revitalization of The San Francisco Shipyard is well underway with its first residents enjoying their new homes, wide-open green spaces and incredible views of the Bay and Downtown San Francisco. The addition of commercial space will draw a variety of businesses including local nonprofits, makerspaces and thousands of jobs to the area, having a significant, long-term positive economic impact on the community,” said Kofi Bonner, regional president for FivePoint Holdings. “FivePoint selected Cushman & Wakefield because of their ability to attract world-class tenants and their passion for this transformative project.”

The San Francisco Shipyard is one of the largest urban redevelopments on the West Coast and provides an extraordinary opportunity to participate in the creation of a radical new San Francisco neighborhood. The Shipyard is an integrated community that delivers thousands of new homes, a state-of-the-art commercial district including offices, makerspaces, research facilities, restaurants, shopping in new and reclaimed heritage buildings situated amongst acres of public space and sports grounds.

The first phase of The SF Shipyard is now underway and encompasses close to 400 homes that are either built or under construction with 110 homes occupied. More than 500 homes are still planned to be built and completed by 2020. When the second phase breaks ground in 2017, there are an additional 4,275 homes to be built and completed by 2027.

The SF Shipyard is the anchor to a wider vision that incorporates the iconic Candlestick Park site. Together, at over 760 acres, these new urban communities will offer 12,000 homes with a mix of affordable and market-rate apartments, townhomes and condominiums and 600,000 square feet of retail adjacent to more than 350 acres of waterfront parks, trails and restored shoreline.

“Cushman & Wakefield is thrilled to partner with FivePoint in serving as the stewards of this historic site,” said J.D. Lumpkin, managing principal of Cushman & Wakefield’s San Francisco office.

“The San Francisco Shipyard is an unparalleled opportunity for the Bay Area’s leading technology, life science and research and development companies to support a workforce population on a scale and in a way that is not possible anywhere in San Francisco or Silicon Valley. Imagine 12,000 new homes and a million square feet of retail and restaurants on a beautiful waterfront site inside the City of San Francisco, all within immediate walking distance to approximately 5 million square feet of truly inspiring workspace,” Lumpkin added.

“Our team is dedicated to enabling The SF Shipyard to realize its full potential and come alive again with leading-edge enterprises, thousands of new residents, bustling neighborhood shops and restaurants and community space. The SF Shipyard’s transformation is underway and you really have to see it to believe it.”

9tiffanyPrized Gem Tiffany Building Sells in San Francisco
Cushman & Wakefield has acted as exclusive advisor to Greenstone Realty Advisors LLC and 360 Post LP, for the sale of San Francisco’s iconic Tiffany Building to an undisclosed international investor. Retail Vice Chairman Kazuko Morgan and Executive Managing Director Seth Siegel led the team that advised on the sale. Financial terms are not disclosed.

The world renowned luxury retailer is located directly on Union Square at 360 Post Street, adjacent to Saks Fifth Avenue and Apple’s new flagship store. The 11 – story Tiffany Building is one of San Francisco’s most impressive buildings; comprised of 96,882 square feet of luxury high-street retail and office space, and is highlighted by 75 feet of prime retail frontage on Post Street.

“This building has had the same ownership for more than 20 years and throughout that period it has received frequent sale inquiries and unsolicited offers. This sale is a further confirmation that investors take a very long term approach. The owners are pleased by its outcome and entrust the new owner to carry on its enduring legacy,” said Spencer McCann and Andre Kinney, Principals, Greenstone Realty Advisors LLC.

“The Tiffany building is an irreplaceable asset that generated world-wide appetite from the highest caliber of investors and represents the continuing demand of iconic trophy buildings around the globe,” Kazuko Morgan said. “This highly sought after property faces directly onto the center of Union Square and suitors have been clamoring for it for decades.”

According to Seth Siegel, “Very few buildings in San Francisco offer a comparable level of access to such a large complement of restaurants, shops, convention and entertainment centers, and fine hotels – all conveniently located within walking distance. Apple opened its new flagship store at 300 Post earlier this year and is expecting foot traffic to double upon its relocation from One Stockton to Union Square.”

Carlo Barel di Sant’Albano, Chairman EMEA and Chief Executive, Global Capital Markets, Cushman & Wakefield, said, “Kazuko Morgan and Seth Siegel have successfully closed this significant and high-profile transaction that involved global collaboration across the firm.

Mullen, Partington, Schwarze & Hohenhaus Broker Volcano Deal
Volcano Corp., a global leader specializing in intravascular imaging for coronary and peripheral operations, signed a renewal to extend its lease as the sole tenant at 2870 Kilgore Rd. in Rancho Cordova, CA.

The 75,626-square-foot building was constructed in 1996 within Prospect Business Park in suburban Sacramento’s Highway 50 Corridor. Volcano has fully occupied the building since its completion, according to CoStar information.

Sean Mullen, Kevin Partington, Chris Schwarze and Bruce Hohenhaus of Cushman & Wakefield brokered the renewal on behalf of the owner, KBS Realty Advisors.

cushman-oaklland-broadwayTMG Partners Buys 2201 Broadway in Oakland
TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, recently announced the purchase of 2201 Broadway, an eight-story 198,000-square-foot office building in Oakland, Calif. The second office acquisition in Oakland for TMG Partners, 2201 Broadway follows their acquisition of the 300,000-sqaure-foot 1330 Broadway in November of 2015.

Located in the heart of Uptown, 2201 Broadway is one of Oakland’s finest examples of art deco architecture. With numerous restaurants, art galleries, and shops in the Uptown district, over one billion dollars of new and proposed residential development is also occurring.

“We are pleased to expand our presence in Oakland,” said David Cropper, TMG Partners Director of Development. “Tenant demand from both local and global prospects is surging, with companies increasingly seeking the benefits of locating in a city with a rich urban fabric. Oakland’s Uptown is truly a mixed-use neighborhood with restaurants, retail, art and entertainment as well as housing and office space. 2201 Broadway, in addition to being blocks away from BART, benefits from its large floor plates and art deco façade. We believe it will be a standout address for technology and other office tenants.”

“This is our third investment using our discretionary separate account,” said Matt Field, TMG Partners Chief Investment Officer. “This entity allows us to move quickly and to exercise sole discretion to close on new transactions. We continue to pursue additional value-add investments with this venture.”

TMG awarded the leasing assignment to John Dolby, Dane Hooks, and Charlie Sweeney of Cushman & Wakefield.

About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 25 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Novato, Palo Alto, San Bruno, San Jose and San Francisco. One of the most active developers in this area, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For detailed information, visit: www.tmgpartners.com.


phelan55-2San Francisco’s Historic Landmark Phelan Building Sells for $374 Million
Cushman & Wakefield represented Thor Equities in the $374 million ($1,256 per square foot) sale of San Francisco’s historic Phelan Building at 760 Market Street in the city’s Union Square district. Additionally, a New York-based team represented the building’s buyer, a private family owned entity with global holdings.

Cushman & Wakefield’s Retail Vice Chairman Kazuko Morgan and Executive Director Seth Siegel represented New York-based Thor Equities. Senior Director Joshua Goldman represented the buyer.

The 11-story, 250,000-square-foot building is fully leased to tenants such as tech startups Obvious Ventures and Medium, both led by Twitter co-founder Ev Williams, and personal finance company Credit Karma. The building’s 52,000 square feet of retail space includes Walgreens, Starbucks and Orogold.

Union Square’s largest building that is not a department store, the Phelan Building was built in 1907 by former San Francisco Mayor James Phelan, whose family owned the property for nearly a century. The landmark asset in the heart of Union Square’s retail corridor includes prestigious neighbors such as the Four Seasons Hotel, Four Seasons Residences and Barneys New York.

“This is the first time ever that 760 Market Street has been openly on the market,” Morgan said. “Although there have been a few trades investor-to-investor, they were always done off market, and it is rare that a property of this magnitude becomes available. The buyer believes the asset’s prime location combined with strong market fundamentals make this acquisition a great long-term investment.

“In our experience, many buyers, whether they are prominent families or reside off-shore, do not want a commodity building,” Morgan continued. “If they are going to acquire an asset, it has to be special and impactful. The Phelan Building is one of the most recognized buildings in San Francisco and is located in a neighborhood surrounded by world renowned retailers and internationally recognized accommodations.”

Added Seth Siegel, “Thor Equities has done a fantastic job converting an iconic building with over 300 smaller tenants on the upper floors and replacing them with full-floor tenants. The building has also been consistently occupied by very strong retailers on the ground floor. 760 Market is now considered one of the top creative buildings on the West Coast and routinely generates some of the highest rents in San Francisco.”

Cushman & Wakefield Director Blake Peterson has been retained to lead property management for the Phelan Building.

C&W’s McManus, Coons and Dowling Advise on Huge Industrial Facility in Northern California
Dermody Properties is developing a 622,726-square-foot industrial facility at 2131-2301 E. Louise Ave.

“Lathrop is a perfect fit for one of our LogistiCenter developments,” said Dermody Properties West Region Office Partner George Condon. “Future customers will benefit from an outstanding transportation system, and the facility’s prime location in the Central Valley. We look forward to beginning construction on LogistiCenter at Lathrop and are continuing to pursue additional acquisition and development opportunities in the Greater Bay Area.”

Construction is underway with an expected completion date of May 2017.The facility will feature 36-foot clear height, 96 dock doors, 126 trailer parking stalls and 329 car parking stalls with the possibility of additional parking for e-commerce operations.It is located 1.5 miles from Interstate 5 and 12 miles from the Port of Stockton.

John McManus, John Coons and Mark Dowling of Cushman & Wakefield are representing the development on behalf of Dermody Properties.

Cushman & Wakefield Advises on 143,000SF Lease in Pleasanton
Locally-based mortgage application software company Ellie Mae has signed a lease to occupy an additional 143,515 square feet at 4430 Rosewood Dr. in Pleasanton, CA. Commonly referred to as Building 3, the six-story, 213,943-square-foot building was constructed in 1988 within Rosewood Commons, a six-building, 1+ million-square-foot campus located in Alameda County’s Hacienda Business Park submarket.

Rosewood Commons is a premier East Bay business facility featuring abundant, lush outdoor green spaces, soft seating collaboration areas, bocce, basketball, volleyball, putting green and a fire pit. The asset also offers an on-site conference center with auditorium, expansive meeting rooms and an on-site fitness facility with showers and lockers.

Cushman & Wakefield Senior Director Tenant Advisory Group, Mitch Hertz brokered the deal on behalf of Ellie Mae.

Fireside Hearth & Home Renews 72,005 SF in Northgate Industrial Park
Manufacturing Company Stays in Sacramento

Fireside Hearth & Home, a manufacturing company headquartered in Lakeville, MN, renewed its 72,005-square-foot lease at 3800 Pell Cir. in Sacramento, CA.

The 108,000-square-foot industrial building delivered in 1981 on 5.28 acres within the Northgate Industrial Park in Sacramento’s Natomas/Northgate Industrial submarket.

Matt Cologna of Cushman & Wakefield represented the landlord, Phelan Development Co., in the renewal.

Guitar Center Leases 14,500 SF in Dublin
Guitar Center leased an entire 14,500-square-foot pad site within Fallon Gateway Shopping Center located at the northwest corner of Hwy. 580 and Fallon Rd. in Dublin, CA.

The 379,053-square-foot shopping center is located in the middle of the Tri-Valley Trade Area, accommodating the cities of Dublin, Pleasanton and Livermore. Guitar Center expects to open its new location this quarter.

Matthew Kircher and Meaghan Haley of Cushman & Wakefield in Burlingame and Nicole Lyon of Cushman & Wakefield in Walnut Creek represented the landlord, Charter Properties, Inc.

chase-center-cushman-kazuko-morgan-44Dubs Draft Cushman for NBA Chase Arena
Earlier this summer, Cushman & Wakefield, Northern CA joined the “all-star team” working on Chase Center and the Warriors’ new sports and entertainment complex in the city’s Mission Bay neighborhood.

Cushman & Wakefield’s San Francisco Retail Team was selected as the leasing agent responsible for developing more than 100,000 square feet of retail and restaurant space at Chase Center. Retail Vice Chairman Kazuko Morgan, Managing Director Rhonda DiazCaldewey and Director Kelly Vinson will lead the effort.

“We’ve put together an all-star team for the design, construction and operation of this spectacular destination in Mission Bay,” said Rick Welts, president of GSW Arena LLC. “Cushman & Wakefield will play a vital role.”

“The Cushman & Wakefield Retail Team is delighted to be an integral part of the Warriors’ plan, which will be a boon to San Francisco and have a positive economic impact on our entire region,” said San Francisco’s Rhonda DiazCaldewey.

Kazuko Morgan added: “We are extremely proud to have the opportunity to work with what we consider the best professional sports franchise in the world.”

Are you a Cushman & Wakefield Broker and would like to have your deal featured next month? Is your brokerage team interested in targeted publicity via social media, twitter, Linkedin and other platforms? Simply send an email to mike.kirner@cushwake.com and provide all relevant information including address of property, total square footage, selling price (if available) and any relevant information regarding the asset.

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