Though Barclays still lists its headquarters address as 45 Fremont St., sooner or later it will switch to 400 Howard St., home of Foundry Square I, the third building to open as part of the planned four-building, 1.2 million sf Foundry Square complex at First and Howard streets in the South Financial District.
Foundry Square's location adjacent to Transbay Terminal offers easy access to BART transit, the Central Business District, the waterfront and highways 80, 280 and 101. Amenities at Foundry Square I include under-floor air distribution and rooftop gardens. The building was designed by Studio Architectures and executed by Webcor Builders.
Glenborough is a former REIT that was taken private by a private equity fund of Morgan Stanley in 2006. In early 2007, Morgan Stanley acquired 10 San Francisco properties from EOP for approximately $2.5 billion.
Some of the assets—including One Post (421,000 sf), 201 California St. (250,000 sf), 188 Embarcadero (aka Bayside Plaza, 88,000 sf), and the Foundry Square I development—went into a fund of Glenborough (Fund 16), Batinovich says, while the remainder of the assets—including One Market (1.4 million sf), One Maritime Plaza (534,000 sf), 150 California St. (201,000 sf), and 60 Spear St.—ended up in Morgan Stanley's Prime Property Fund.
When asked if Foundry Square I would be put up for sale soon, Batinovich said that Glenborough will be holding onto the asset for the time being. In addition to the previously mentioned assets, Glenborough's portfolio also includes 33 New Montgomery in San Francisco and 400 South Camino Real in San Mateo.
Foundry Square II and IV were completed in 2003. The site for Foundry Square III, 525 Howard, is controlled by Wilson Meany Sullivan, which in March filed an application to expand the building by 75,000 sf, from 178,000 sf to 252,000 sf. The extra space would be had by widening the building by 50 feet and adding one additional story.
The expansion would make it the same size as the three other Foundry Square buildings, 400, 405 and 500 Howard, which in addition to Barclays Global Investors are occupied by Gymboree and the law firm Orrick, Herrington & Sutcliffe.
The proposed expansion was made possible when Wilson Meany Sullivan last year acquired a single-story, 10,000-sf building that abuts the site. The building operates as Goat Hill Pizza during the day and a dance club at night.
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