SAN FRANCISCO—National investment/management firm Jamestown recently acquired 731 Market St., a 92,023-square-foot, historic creative office property with ground-floor retail, in downtown San Francisco. In an update to that story, GlobeSt.com exclusively chatted with New York City-based Jamestown president Michael Phillips on what companies are looking for today and about submarkets outside of San Francisco.
GlobeSt.com: Jamestown's portfolio of properties has been attractive to technology and other creative companies. What amenities—beyond the obvious—are these companies looking for today?
Michael Phillips: Technology and creative tenants continue to aspire to collaboration versus isolation. Some of the best ways to bring people together is through food and creating shared workspaces. We focus on the food amenity at many of our properties, whether it's a lobby café, food truck programming or adding a full-fledged restaurant. It's also important for a landlord to be committed to supporting the tenant's efforts to attract and retain employees. We've found success by creating workspaces that are both dog and bike friendly as well as making sure that property management is open and flexible to working with a tenant's changing needs.
GlobeSt.com: Do you see any other submarkets drawing increased activity in 2015?
Phillips: The North Waterfront submarket will be an interesting one to watch as it offers alternative spaces to the traditional high-rises found in the adjacent Financial District, as well retail amenities and waterfront access. In 2014, we purchased an office complex here.
GlobeSt.com: What about activity outside of SF proper? There's been a lot of talk about tenants being priced out of the city, with Oakland and other East Bay communities being the beneficiaries.
Phillips: Tech tenants still want to be in San Francisco and there are some relatively less expensive submarkets in the city that will attract these users. At the same time, I do think Oakland—the Sears building is one example—will be a viable option for pioneering and price-sensitive companies.
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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.
