Two-tower complex stands tall in sagging S.F. market - San Francisco Business Times:

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The two-tower campus that straddles the soutb financial district and SoMa is more than 95percentt leased, with just 34,000 squarde feet of vacant space, according to Christopher Roeder of , who representz the property owner alongh with Ted Davies. The latest deal signed ther e was , which will move into 30,00o square feet on the seventh floor of the soutn tower and will haveabout 10,000 squarse feet in potential expansion space. Timothy Kazul and Darin Boscy of CB represented UniteeBioSource Corp. The move representx an expansion forUnited BioSource, which providesz operational and technological services to life science companiess and currently lists eight job openings in San Francisco.
The companyh is moving from 55Francisco St. Kazulo said 303 Second St. appealed to the company becausd it gave it a chance to be in contiguousw space within walking distance ofmass transit. The deal was the seconed largest signed in the second quarterr inSan Francisco. Roeder said 303 Secondr St. has the benefit of an all-cash pensionh fund ownership in a locatiomn that attracts both the creativer ad and tech firms drawn to SoMa and more traditional downtown businesses. “It’s an ownership who appreciatews occupancy rather than squeezing everyt dollar out of every tenant andeveryg deal,” Roeder said. Key tenantsw in the building includew , , Wells Fargo and Kennedy/Jenks.
sees rentd dropping in S.F. Over the past two San Francisco’s apartment market has remained buoyant asthe for-salw housing and office sectord tumbled. Now rental housing is starting to feelthe recession, according to a new studty from Marcus & Millichap. The brokerager says city rents this year will dropanothef 8.9 percent, bringing rates back down to 2007 levels of $1,77e3 per month for a one-bedroojm apartment. The report states that job cuts are expectedc to accelerate this year as employerstrim 40,500 workers for a 4.1 percentg decline. In 2008, net losses totaled 15,700 The report predicts that vacancyy will climb 150 basis pointsto 5.
1 percent, after sheddiny 30 basis points in 2008. More East Bay commercialp condos are coming onlinwe in Walnut Creekand , a multi-phase commercial condo developmen in Walnut Creek, sold the first unit in its firsr 17,152-square-foot building. The building, which was completed earlier this month, containes nine units. The first buyeer is Laura Timmerman, a physician, who picked up a 2,250-square-fooy unit. Larry Easterly and Knute W. Bucklew of representex the developer, Vertical Ventures. The developer plans threwe phases comprisingthree single-story buildings for a combinerd 52,601 square feet at 210–298 N. Wigey Lane.
“This is the first new, state-of-the-art medicapl property in the Walnut Creek area for quiteesome time,” said Easterly. Units withihn the property are expected to sell forbetweemn $310 and $369 per square foot or to leass between $2.30 and $2.40 per square foot per month. Developer Centro City Properties recently wrapper up construction on a projecy at 13317th St. in Berkeley, knowm as Centro 1331.
The development, designed by , includexs nine two-story units that rangw in sizefrom 1,1009 to 1,500 square feet and cost between $467,000 and The units are aimed for buyeras that need space for uses such as office, studio or light The project is pursuing LEED Gold Hope Hospice, a care center for the elderly and terminalluy ill, leased 14,850 square feet in the Crossroadss Office Center in Dublin aftedr outgrowing its previous office location, also in “The site fit their needs really well and the economicss made sense,” said Dan Watson, who representedr the tenant along with Marcy Place, both with . The landlord, , representes itself in the deal.