A spokesperson tells GlobeSt.com the company will develop the building on a speculative basis. Lowe expects to have the building ready for occupancy in early 2008 because the site was acquired with the foundations already in place. GVA Whitney Cressman has the leasing assignment.
The approved building has 50,000-sf floor plates, private balconies and an outdoor courtyard with water views. The ground floor of the building has 9,064 sf of retail space. Internal staircases are optional for multi-floor tenants. The building is served by an adjacent parking structure.
In 2005, when Shorenstein Co. acquired a Mission Bay parcel entitled for 450,000 sf, local sources told GlobeSt.com that entitled land there was selling for upwards of $60 per sf of entitlement. At $60 per sf, Lowe's purchase price would have been $18 million.Mission Bay is a 303-acre master-planned development that will eventually hold 5 million sf of office and commercial space, 6,000 residential units, 750,000 sf of retail, 500 hotel rooms and the 43-acre UCSF research campus. Amenities include 49 acres of parks and open space, a public school, a police and fire station, and the 155,000-sf UCSF Community Center, which is open to the public and houses a 600-seat assembly room, a conference center, a pub, a full-service kitchen, a library and a fitness and recreation facility.
In a prepared statement, Lowe Enterprises Investors managing director Bleecker Seaman explains the investment by saying the San Francisco office market is rapidly improving and there are few large blocks of space available or currently under construction. "The ability to offer occupancy in early 2008 gives us an advantage in attracting tenants as other new developments are still in the predevelopment stages," he says. "This also is one of the more desirable sites in Mission Bay as it overlooks the bay, connects to the bay-front park and is just steps away from MUNI and residential and retail developments currently underway."
Earlier this year, on behalf of Denver-based Consolidated Investment Group, Lowe Enterprises Investors of Los Angeles has acquired a 121,618-sf financial district office building in San Francisco that sits at 300 California St. The purchase price was around $30 million, local sources tell GlobeSt.com. The seller was ATC Partners. The late 1940's vintage building has 15,000-sf floor plates. It is currently 100% leased, but several leases expire in the next 18 months.
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