The development site fronts Highway 101 between Downtown San Francisco and San Francisco International Airport. The 12-story South Tower will be built first and have 301,000 sf for office use, 11,000 sf of retail space, a 200-seat performing arts center and a 100-person childcare facility. The 21-story North Tower will have 338,000 sf net rentable for office use and 12,000 sf of retail space.
Completion of the first tower is scheduled for the end of 2008. No time frame was provided for the North Tower, which will take approximately 21 months to complete. The project also includes a 2,000-slip parking structure that will be constructed behind the office buildings and 50 surface parking spots.
Skidmore, Owings & Merrill LLP designed the towers. Hathaway Dinwiddie Construction Co. is the general contractor. Phil Tippet, James Lees and Tim Grant of CB Richard Ellis have the office leasing assignment but were not immediately available Wednesday for comment. Kazuko Morgan and Courtney Griffen of Cushman & Wakefield will manage retail leasing.
While no asking lease rate has been published for the development, the best office space in the city is renting at a full-service rate that is right around $40 per sf per year, local industry sources tell GlobeSt.com. Expected tenants given the submarket would be the executive offices of biotech companies along with service and technology tenants.
As for the retail, Morgan tells GlobeSt.com asking rates have not been determined but that the expected retail mix includes two restaurants, one more high-end and the other more casual, a coffee shop and various other service-oriented retail. "The whole area [around where the development will occur] has nothing [in the way of retail] at the moment," she says.
Myers Development develops office buildings, multifamily, hotel, golf course and industrial properties. The firm's most recent projects include Peninsula Mandalay, a 112-unit condominium in South San Francisco; 55 Second St., a 375,000-sf office building; and 101 Second St., a 390,000-sf office building in San Francisco's SOMA district.
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