The San Francisco-based investor, advisor, manager and developer says it isn't currently planning to develop the 320,000-sf building on a speculative basis due to the uncertain nature of the economy at the moment. Until conditions change for the better, SKS has said it will wait for an anchor tenant before moving forward.
Tasked with securing that anchor tenant is Ken Meyersieck of Colliers International. Neither Meyersieck nor SKS vice president Steve Wolmark could be reached Tuesday afternoon for comment.
Shorenstein and Brandywine Trust, meanwhile, are speculating. Shorenstein is in the early stages of construction for a 23-story, 500,000-sf building at 601 City Center, and Brandywine is completing a nine-story, 215,000-sf building at 2100 Franklin St. that will be connected to 2101 Webster St. by an atrium. Neither developer has announced any tenants for the buildings.
The direct vacancy rate for class A office buildings in the Oakland CBD was 6.8% (674,000 sf) at the end of 2007and the average full service asking rent was $32, according to Colliers fourth quarter report. Total class A leasing activity in the fourth quarter was more than 400,000 sf, but net absorption was negligible.
When it does get built, SKS says it will seek LEED Gold certification from the US Green Building Council. The project's planned green components include solar power and rainwater recycling. The building architect is David Hobstetter, a principal with KMD.
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