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billion into San Franciscl office buildings during thefirsr quarter, a number that easily surpasses the entir sales activity for both 2005 ($4.43 billion) and 2006 ($3.8 billion). And it'xs not going to slow down any time Just looking at properties already on the the city should easily blowpast $7 billion in 2007. And if more ownerz jump in to take advantage of theunprecedentec pricing, we should surpass $8 according to a quarterly report.
"This couled be the record to beatall records," said Colin Yasukochi, research director at Grubb & Although it's not clear what One Market Plaza actual sold for when Morganm Stanley bought it from brokers involved in the bidding say it was prices just under $1,000 a square foot. The entire 3.9 million-square-foot portfoliio averaged over $750 a square foot. And now the askint rents are beginning to reflect the newpricin reality, with space on the top of One Markety going for $90 a square "Many of the new investors stronglyg believe that rents are undervalued and they can be raisecd dramatically," said Yasukochi.
"Only time will tell if they are TheColumn Group, a new life sciences venture capital group started by executivews from Three Crowns Capital and , has joined Missio Bay's ever-growing venture capitalist community. The Column Groupp joins , Novo Ventures and at Alexandria RealEstates Equities' 1700 Owens St. It is takingb 4,000 square feet; rent is in the low $40s. Managin partners at Column include Richard the former director of theand 's global health program. Others partners are Harald Ekman, a partnere with Three Crowns and co-founder David Goeddel.
"This office is goingv to be theircollaborativse center," said Kidder Mathews broker Craigb Zodikoff, who represented the tenant. "They were quitd intent on being inMissionh Bay." The idea that these VCs would be able to sharee conference rooms and water coolers with researcherxs from and was a primary attraction, Zodikoff "Alexandria was forward thinking in putting aside spaces for venture capital," said Zodikoff. "Thehy clearly thought about how the venture capitalp community would want to interact with the lifesciencea community." Turnberry is gearing up to stargt construction on its 227-unit 45 Lansingg St.
project, likely to be the third of thesix razor-thinj luxury condo towers on Rinco Hill. Turnberry has hired Swedroe Architects and HKS to tweamthe design. Swedroe has been designinf Turnberry's towers for 30 On March 15, the San Francisco Planning Commissiomn unanimously approved therevised design. The reconfiguredx west façade offers better viewsa of the hills andMissionb corridor. "The design features a smooth, seamless priskm of glass on the northeast corner that extends from the base to the top of the saidMark Donahue, design director of .
Though housinh sales continue to decline in theEast Bay, therwe are some bright spots, according to a recent monthlty report from East Bay business group . One is in multi-familyt housing, including rental apartments and condos.Construction permitsd for that type of housing were actuallyg up about 11 percent over the 12 monthzs ending in Marchto 4,836, despit e a 27 percent drop in permits issuexd for single-family housing. That'ws due mostly to new construction in Oakland and a pullbaclkin single-family construction in Contra Cost a County. There's also been a slight increase in permits for commercial andindustrial construction, up about $8 milliom to $1.2 billion in March.
EDAB releasexd the numbers on a branc new researchweb site, . According to a separate reportrfrom , East Bay office leases rates shot up 13 percent in the firstg quarter year-over-year, including a 12 percentt increase in downtown Oakland's Class A space and a 25 perceny increase in Emeryville Class A.
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