SAN FRANCISCO—Los Angeles-based Alexandria Real Estate Equities Inc. recently revealed a partnership with Uber Technologies Inc., including the acquisition of two key parcels in the Mission Bay submarket of San Francisco, located at 1455 and 1515 Third St., as well as approximately 425 existing parking spaces, plans, permits and piles, in the heart of this world-class science and technology cluster.
The parcels, which Alexandria had previously sold to salesforce.com in 2010, will support a total of approximately 422,980-rentable-square-feet of new, ground-up, class A facilities. Alexandria and Uber's partnership will be owned 51% by Alexandria and 49% by Uber. The partnership will develop the approximately area for Uber as it expands its corporate headquarters in San Francisco in conjunction with a 15-year lease for the entire project.
The acquisition of the 1455 and 1515 Third St. parcels reinforces Alexandria's strong emphasis on capital allocation in the epicenter of the world's most desirable urban real estate markets, according to the firm.
With proximity to SoMa, Mission Bay is home to the University of California, San Francisco campus. The area was also recently selected to house the future Golden State Warriors stadium, which will feature a 18,000-seat sports and entertainment arena, as well as a 5 ½-acre waterfront park.
“In 2005, when we commenced the commercial development of Mission Bay, UCSF's Genentech Hall was our only neighbor,” says Joel S. Marcus, chairman, CEO and founder of Alexandria. “Since then, the cluster has experienced tremendous growth and has become a remarkable urban innovation center featuring significant and meaningful investments in UCSF hospitals and over 2.5 million RSF of research and related facilities, thousands of residential units, high-quality retail, and the new Warriors' stadium. With the announcement of our strategic partnership with Uber at our campus, Mission Bay will continue to be one of the dominant clusters worldwide and a model for all to follow.”
Steve Berkman, a real estate partner at Paul Hastings, represented Salesforce.com in connection with the sale of its Mission bay land to the Uber-venture. Paul Hastings could not comment on the deal at this time.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
