While the 12th floor resident's lounge is up and running in addition to the lobby, the fitness center and board room are not targeted to open until sometime in 2008. A source with Ritz-Carlton tells GlobeSt.com that 90% of the 57 full-ownership units have been sold at an average price of $1,350 per sf or about $1.5 million per unit, generating over $100-million in sales.

Specific sales data on the remaining 44 units being sold as fractional housing was not provided. Each of those units can be sold 12 times over for a total of 528 sales, and the source intimated there is a significant amount of selling left to do as only a portion of the fractional units have been released for sale. The asking price for a 1/12th (21-day) interest in a fully furnished one-bedroom unit starts at $232,000, which means such a unit could generate nearly $2.8 million in sales revenue.

The project was a joint venture of the building's owner, developer Jim Hunter, and the Ritz-Carlton Development Co. LLC (an affiliate of the Ritz-Carlton Hotel Co. LLC). Under his Alameda, CA-based Hunter Group, he began seeking approval of the project back in 2004, when vacancy in the city's office market was around 16 million sf, or about 22%.