DOCSLIB.ORG

302061723.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

HinkinsREA analyzes market data obtained from third party sources and the accuracy thereof has not been independently verified. References and quotes are taken from online sources, San Francisco Business Times, CoStar, LoopNet, Company websites & Press Releases, and other third party sources. Reproduction of this report prohibited. Copyright HinkinsREA. September 2013. 2012, A year which exceeded expectations. Leasing Market Recap 50% of the 61 largest blocks of space where Historic Sales Volume absorbed towards the end of 2012 including 2007 - $8.5 billion traded hands making it the 305,000 square foot at 500 Terry Street Francois highest sales volume year in the history of San Blvd where Maraki leased 110,000 SF; 264,000 SF Francisco. at 360 Third Street where Square Trade took 55,000 SF and two other tenants took 125,000 2012 – Sale Volume & Investor Demand SF; 1155 Market Street where the City of San Building sales blasted towards $6.1 billion due to Francisco took 110,000 SF; 760 Market Street foreign investors and pension funds activity where Obvious took 75,000 SF and 101 Spear marking the second time in history that the sales Street where Salesforce took 100,000 SF. volume topped $6.0 billion. The opportunistic The year-end decision by Salesforce to prelease buyers of 2010 and 2011 were replaced by the entire 444,000 square foot tower planned for institutional investors looking for stable, income 350 Mission Street (developer, Kilroy Realty Corp) producing properties, seeking well-leased core spurred the stage for fast-growing tenants to assets. The real estate cycle moved from buying begin grabbing space early in other large leased buildings to rehabs to ground up downtown buildings coming out of the ground in development. 2013. The rent was agreed at $65 per square foot Stabilized core office buildings sold for an average fully-serviced for the entire $275 million tower of $640 per square foot with cap rates around 4%. making it the largest lease in 2012 and set the In 2009, in the wake of the economic downturn, stage for the City’s first new office high-rise in the average price was below $400 per square foot five years. Salesforce was set to become the and cap rates had spiked to over 8%. City’s second largest tenant after Wells Fargo. A Low interest rates, strong rent growth and tenant chart of average class A office rents is included on demand fueled the market in 2012. Investors page 4 of this report. seeking safe locations for their money gravitated to core gateway markets like San Francisco. Sale Facts Recap Active Investors & Developers 2013 The largest sale transaction of 2012 was the Acron 92.5% interest sale of 101 California St by Nippon Beacon Capital Life Insurance to an Asian partnership led by Boston Properties Singapore’s sovereign wealth fund for $910 Broadway Partners million. The highest price paid was $802 per square foot Cornerstone Real Estate Advisers ($445 million) for 555 Mission Street. At prices Cannae Partners north of $800 per square foot, approximately Group 1 $150 per square foot more than its costs to Hudson Pacific construct a new tower, the market would turn in Jay Paul Corp 2013 to ground-up new high-rise development. Kilroy Realty Corp (Future fact - In 2013 the ‘median sales price’ Lincoln Property Company settled around $500 per square foot by 3Q13 with MacFarlane Partners cap rates sub 6%). Principal Real Estate Investors The traditional north financial market displayed Prudential Real Estate Company of America higher vacancies and lower rents than SoMa Sansome Street Advisors (Future fact - 2013 would see the start of non- SKS Partners/Vantage Property Investors profits being pushed out of SoMa and Up-Market and heading across the bay to Oakland due to Shorenstein their inability to pay the higher San Francisco Tishman Speyer rents). TMG Partners Westport Capital Partners LLC 2013, Mid-Market Sizzles, Downtown Spec the current buildings and will deliver the City’s Office Developments begin to rise. second tallest office and residential tower in 4Q15 topping out at 54-stories and 684,000 About 3 million square feet of new or fully square feet. renovated office space enters the development Kilroy Development Corp with its 4.7 million pipeline. While downtown witnesses ground-up square foot northern California portfolio shifts development, Mid-Market sees investors from value-add properties to ground-up office snapping up buildings as technology giants lease building developer, cementing the shift to new large blocks of space. development in San Francisco’s downtown office market. Sale Volume Starting the year with expectations built on a Mid-Market Sizzles successful prior year, investors continue their While downtown witnesses ground-up commitment to San Francisco; but indications are development, Mid-Market sees investors 2013 will see year end sales total around half of snapping up buildings in the wake of technology that done in 2012, i.e. approx. $3.0 billion in 2013 giants leasing large blocks of space between Fifth versus $6 billion in 2012. In 2013 the spotlight will Street and Van Ness. go to developers who began adding more ground- up office development to the pipeline than Leasing Market anytime since the 1980’s. Sales rebound in the Rents increase, climbing 60% since 2010 and now fall as half-a-dozen buildings hit the market in average $52 per square foot, fully serviced, are time for a projected year end close. The list the primary driver behind the turn towards new includes 114 Sansome Street, 201 Spear Street, ground-up development. Rents for premium 703 Market Street, 888 Brannan Street, 655 space reached $55 and $60 per square foot, only Montgomery Street, 350 Rhode Island Street, 795 10% to 15% less than the $65 per square foot Folsom Street, 685 Market Street, and 10 Union developers need to make new construction Nations Plaza. viable. Technology giants, Twitter, Square, Yammer, and The ‘median sales price’ settled out around $500 Dolby, lease large blocks of space on Market per square foot by 3Q13 with cap rates sub 6%. Street in the Mid-Market submarket. Other tenant’s attracted to the burgeoning mid-market Sale Activity included Benchmark Capital, Zendesk, and Zoosk. Boston Properties emerges as a key downtown developer lining up $1.4 billion in new projects Notable Office Sales 2012/2013 which will add more than 2 million square feet of Property Size (SF) office space to the city. Ground-up development 101 California 1,251,454 takes over the downtown area with Tishman 50 Beale Street 662,060 Speyer and JP Morgan Chase Asset Management’s 333 Market Street 657,114 spec 300,000 square foot office building at 505 555 Mission Street 557,000 Howard St under construction and expectations 680 Folsom Street 521,598 that they will break ground at 222 Second Street 650 California Street 489,373 with a new 450,000 square foot tower. Boston 600 California Street 358,590 Properties take on 535 Mission Street for a new 475 Sansome Street 353,269 27-story office building and Kilroy Realty Corp gets 343 Sansome Street 256,985 ready to begin development of 350 Mission Street, a new 30-story tower which is 100 percent 901 Market Street 210,976 preleased to Salesforce. 100 Spear Street 203,071 Jay Paul Co puts 181 Fremont Street into the new 255 California Street development pipeline commencing demolition on 1000 Van Ness 199 Fremont Street Largest Ground-Up Office High Rise Development Projects 2013 -2016 Property Developer Type Size (SF) Delivery Year Transbay Tower Boston Properties Spec 1,600,000 2016 101 Mission Street (50% stake with Hines) 181 Fremont Street Jay Paul Corp Spec 54 story 684,000 4Q, 2015 office and residential tower 222 Second Street Tishman Speyer Spec 450,000 2015 350 Bush Street Lincoln Properties Spec 435,000 2015 350 Mission St Kilroy Realty Corp Preleased to 400,000 2015 (LEED Platinum (Paid $52m for the Salesforce tower) entitled site) Foundry Square III Tishman Speyer Spec 355,000 2013/14 (505 Howard Street) 535 Mission Street Boston Properties Spec 354,000 2014 Notable Rehabilitation Projects Property Developer Size (SF) Year Started Anchor 50 United Nations GSA 350,000 2012 GSA Plaza 1019 Market Street Cannae Partners/ 75,000 2013 Leasing Westport Capital Partners LLC Warfield Office Group 1 42,000 2012 Benchmark Capital, Building Spotify, Google Bay Area Average Fully Serviced Class A Annual Office Asking Rents, 2Q2013 Concord Oakland CBD Palo Alto Pleasanton Redwood City San Francisco CBD North San Francisco CBD South San Francisco SOMA Santa Clara San Mateo San Jose Walnut Creek CBD Hinkins Real Estate Analytics is a contemporary real estate analytics and real estate brokerage firm specializing in commercial property investment in the San Francisco Bay area. We assist investors and the users of commercial real estate with the evaluation of their investment objectives and investment performance, and provide full service acquisition and disposition services for NNN, office, retail, industrial and medical office buildings. HinkinsREA engages the latest research capabilities and investment analysis technology. With our best of class analysis and brokerage services we provide an unparalleled insight into commercial real estate decisions. 1966 Tice Valley Blvd; #187 Mark D. Hinkins, CCIM, FRICS Walnut Creek, CA 94595 President NCal CCIM, 2014 Tel: (925) 627-6027 www.hinkinsREA.com Licensed Real Estate Broker CA #0132084 HinkinsREA analyzes market data obtained from third party sources and the accuracy thereof has not been independently verified. References and quotes are taken from online sources, San Francisco Business Times, CoStar, LoopNet, Company websites & Press Releases, and other third party sources. Reproduction of this report prohibited.
Recommended publications
  • Sedgwick, Detert, Moran & Arnold

    Sedgwick, Detert, Moran & Arnold

    SEDGWICK, DETERT, MORAN & ARNOLD NICHOLAS W. HELDT (Bar No. 083601) 2 DIANE T. GORCZYCA (Bar No. 201203) One Embarcadero Center, 16th Floor 3 San Francisco, CA 94111-3628 Telephone: (415) 781-7900 4 Facsimile: (415) 781-2635 5 Attorneys for Defendant RSR WHOLESALE GUNS, INC. 6 7 8 SUPERIOR COURT OF THE STATE OF CALIFORNIA 9 FOR THE CITY AND COUNTY OF SAN FRANCISCO 10 11 THE PEOPLE OF THE STATE OF ) CASE NO. 303753 CALIFORNIA, et aI., ) 12 ) RSR WHOLESALE GUNS, INC.'S Plaintiffs, ) RESPONSES TO PLAINTIFFS' FIRST 13 ) SET OF FORM INTERROGATORIES vs. ) 14 ) ARCADIA MACHINE & TOOL, et aI., ) 15 ) Defendants. ) 16 ) 17 18 PROPOUNDING PARTY: Plaintiffs PEOPLE OF THE STATE OF CALIFORNIA 19 RESPONDING PARTY: Defendant RSR WHOLESALE GUNS, INC. 20 SET NUMBER: ONE (1) 21 Defendant RSR WHOLESALE GUNS, INC. (hereinafter "RSR" or 22 "Defendant") responds to Plaintiffs' First Set of Form Interrogatories as follows: 23 FORM INTERROGATORY NO. 1.1: 24 State the name, ADDRESS, telephone number, and relationship to you of each 25 PERSON who prepared or assisted in the preparation of the responses to these interrogatories. 26 (Do not identify anyone who simply typed or reproduced the response.) SEDGWICK. 27 RESPONSE TO INTERROGATORY NO. 1.1: DETERT. MORAN & ARNOLD 28 The responses to these interrogatories were prepared by outside counsel to One Embarcadero Center Sixteenth Floor San F..... ci.sco, California 94111.,'!628 - 1 - TeL 415. 781 . 7900 PRO-SF/51086 RSR WHOLESALE GUNS, INC.'S RESPONSES TO PLAINTIFFS' FIRST SET OF FORM INTERROGATORiES RSR, Nicholas W. Heldt and Diane T. Gorczyca of Sedgwick, Detert, Moran & Arnold, based 2 on infonnation provided by RSR's Senior Vice President and in-house legal counsel, Michael 3 Saporito.
  • March 2020 Report Corporations Code Section 301.3 Report Methodology

    March 2020 Report Corporations Code Section 301.3 Report Methodology

    ALEX PADILLA SECRETARY OF STATE OFFICE March 2020 Report Corporations Code Section 301.3 Report Methodology The July 2019 Report and March 2020 Report have been created by using publicly available information provided in annual California and annual federal filings by corporations, as well as information provided by the New York Stock Exchange (NYSE), NYSE American (formerly known as the American Stock Exchange or AMEX and more recently as NYSE MKT), National Association of Securities Dealers Automated Quotations (NASDAQ), and other sources available on the internet, including company websites. The Secretary of State posted a benchmark report on July 1, 2019, listing all publicly held corporations that stated a principal executive office in California on the annual report filed with the United States Securities and Exchange Commission (SEC) pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (Form 10-K) during the 6-month period of January 1, 2019 through June 30, 2019. The July 2019 Report also listed all publicly traded corporations identified through the Publicly Traded Disclosure Search on the Secretary of State’s website that reported having at least one female director on their annual Corporate Disclosure Statement filings with the Secretary of State. The March 2020 Report has been created by combining information in the July 2019 Report with data for the additional 6-month period of July 1, 2019 through December 31, 2019. The information and statistics provided in the reports were generated by a search of the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (EDGAR) for corporations listing a principal executive office in California on their SEC Form 10-K filing.
  • SAN FRANCISCO 2Nd Quarter 2014 Office Market Report

    SAN FRANCISCO 2Nd Quarter 2014 Office Market Report

    SAN FRANCISCO 2nd Quarter 2014 Office Market Report Historical Asking Rental Rates (Direct, FSG) SF MARKET OVERVIEW $60.00 $57.00 $55.00 $53.50 $52.50 $53.00 $52.00 $50.50 $52.00 Prepared by Kathryn Driver, Market Researcher $49.00 $49.00 $50.00 $50.00 $47.50 $48.50 $48.50 $47.00 $46.00 $44.50 $43.00 Approaching the second half of 2014, the job market in San Francisco is $40.00 continuing to grow. With over 465,000 city residents employed, the San $30.00 Francisco unemployment rate dropped to 4.4%, the lowest the county has witnessed since 2008 and the third-lowest in California. The two counties with $20.00 lower unemployment rates are neighboring San Mateo and Marin counties, $10.00 a mark of the success of the region. The technology sector has been and continues to be a large contributor to this success, accounting for 30% of job $0.00 growth since 2010 and accounting for over 1.5 million sf of leased office space Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2012 2012 2012 2013 2013 2013 2013 2014 2014 this quarter. Class A Class B Pre-leasing large blocks of space remains a prime option for large tech Historical Vacancy Rates companies looking to grow within the city. Three of the top 5 deals involved 16.0% pre-leasing, including Salesforce who took over half of the Transbay Tower 14.0% (delivering Q1 2017) with a 713,727 sf lease. Other pre-leases included two 12.0% full buildings: LinkedIn signed a deal for all 450,000 sf at 222 2nd Street as well 10.0% as Splunk, who grabbed all 182,000 sf at 270 Brannan Street.
  • Strong Office Investment Sale Activity

    Strong Office Investment Sale Activity

    Research & Forecast Report SAN FRANCISCO | OFFICE MARKET Q2 | 2019 > VACANCY Overall vacancy rate grew during the second quarter by a Strong Office percentage point to 7.0 percent. This increase in vacancy is primarily attributed to new construction being delivered to the market as well as some tenants moving out of spaces that have already been leased. There are a number of Investment Sale Activity large occupancies expected during the second half of 2019 such as Facebook, Google, Dropbox, Twilio and Slack to name a few that will drive the vacancy rate Sony PlayStation down in San Francisco. secured 130,000 square feet at 303 > LEASING VOLUME The City experienced another strong quarter of 2nd Street leasing activity, which reflected approximately 2.3 million square feet of closed transactions. Demand remains very strong in the market with technology REDCO Development purchased 1 Montgomery companies leading the demand for space which translates in for 42 percent Street for $82 million, of the requirements. The second largest demand comes from coworking ($1,081 psf) companies which account for 12.4 percent of the requirements. Demand for space in the market shows no signs of declining. Four deals closed over 100,000 square feet this quarter and two of these deals were companies locking in expansion space. First Republic Bank leased 265,000 square feet at One Front Street, Sony PlayStation secured 130,000 square feet at 303 2nd Street COLUMBUS Segment.io renewed for over 88,000 and Autodesk leased nearly 118,000 square feet at 50 Beale Street. Year-to-date square feet at 100 ten leases over 100,000 square feet have been signed in San Francisco.
  • San Francisco Ethics Commission Disclosure Report for Permit

    San Francisco Ethics Commission Disclosure Report for Permit

    DocuSign Envelope ID: 22F915A2-4A57-4DCD-ABD1-3562213B15D9 San Francisco Ethics Commission 25 Van Ness Avenue, Suite 220, San Francisco, CA 94102 Received on: Phone: 415.252.3100 . Fax: 415.252.3112 04-14-2020\DateSigned | 16:28:46\ PDT [email protected] . www.sfethics.org \DateSigned\ Disclosure Report for Permit Consultants SFEC Form 3410B (S.F. Campaign and Governmental Conduct Code § 3.400A et seq.) A Public Document 1. FILING INFORMATION TYPE OF FILING DATE OF ORIGINAL FILING (for amendment only) \OriginalFilingType\ \OriginalFilingDate\ PERIOD COVERED \PeriodMonths\ \PeriodYear\ January 1 to March 31 2020 2. PERMIT CONSULTANT AND EMPLOYER INFORMATION NAME OF PERMIT CONSULTANT NAME OF EMPLOYER Kyle Thompson \PermitConsultantName\ A.R.\PermitConsultantEmployer Sanchez-Corea & \Associates, Inc. BUSINESS ADDRESS 301 Junipero Serra Blvd., Suite 270, San Francisco, CA 94127 \PermitConsultantAddress\ BUSINESS TELEPHONE BUSINESS EMAIL ADDRESS 415-333-8080 [email protected] \PermitConsultantTelephone\ \PermitConsultantEmail\ 3. CLIENT INFORMATION Enter the name, business address, contact person (if applicable), e-mail address, and business telephone number of each client for whom you performed permit consulting services during the reporting period. Also enter the amount of compensation you or your employer received or expected to receive from each client for permit consulting services during the reporting period. # CLIENT INFORMATION NAME OF CLIENT One De Haro, LLC c/o SKS Investments \ClientName1\ BUSINESS ADDRESS OF CLIENT 601
  • SAN FRANCISCO) Z

    SAN FRANCISCO) Z

    1 Irving Sulmeyer (CA Bar No. 22910) Victor A. Sahn (CA Bar No. 97299) 2 Frank V. Zerunyan (CA Bar No. 140191) SULMEYER, KUPETZ, BAUMANN & ROTHMAN 3 A Professional Corporation 300 South Grand Avenue, 14th Floor 4 Los Angeles, California 90071 Telephone: (213) 626-2311 5 Facsimile: (213) 629-4520 6 Attorneys for Certain California Counties with Claims against Pacific Gas & Electric Co. 7 8 9 UNITED STATES BANKRUPTCY COURT 10 NORTHERN DISTRICT OF CALIFORNIA (SAN FRANCISCO) z 04 11 00 U') 12 In re CASE NO. 01-30923 DM 11 z 13 Pacific Gas & Electric Co., Chapter (LLI Z oN >-I u ,,-NCD< 14 Debtor. M W CD 15 Federal I.D. No. 94-0742640 16 0UCOC' >- C -LJ l J 17 C', 18 19 20 21 22 PROOF OF SERVICE BY MAIL RE 23 (1) RULE 2019 STATEMENT AND (2) REQUEST FOR SPECIAL NOTICE 24 25 I am employed in the City and County of Los Angeles, State of California. I am over the 26 age of eighteen (18) years and not a party to the within action; my business address is 300 South 27 Grand Avenue, 14 th Floor, Los Angeles, California 90071. 28 [IS\AP1 D\41117R 1 5/141401 (3:07 PMVI--611~~1~, ~ Jr PROOF OF SERVICE of documents for 1 I am readily familiar with the practice for collection and processing & Rothman, a 2 mailing with the United States Postal Service of Sulmeyer, Kupetz, Baumann with the United 3 Professional Corporation, and that practice is that the documents are deposited in the 4 States Postal Service with postage fully prepaid the same day as the day of collection 5 ordinary course of business.
  • The Evolution of the Financial Services Industry and Its Impact on U.S

    The Evolution of the Financial Services Industry and Its Impact on U.S

    THOUGHT LEADERSHIP SERIES THE EVOLUTION OF THE FINANCIAL SERVICES INDUSTRY AND ITS IMPACT ON U.S. OFFICE SPACE June 2017 TABLE OF CONTENTS OVERVIEW OF U.S. FINANCIAL SERVICES INDUSTRY I PAGE: 4 OVERVIEW OF OFFICE MARKET CONDITIONS IN 11 MAJOR FINANCIAL CENTERS PAGE: 8 A. ATLANTA, GA PAGE: 8 B. BOSTON, MA PAGE: 10 C. CHARLOTTE, NC PAGE: 12 D. CHICAGO, IL PAGE: 14 E. DALLAS-FORT WORTH, TX II PAGE: 16 F. DENVER, CO PAGE: 18 G. MANHATTAN, NY PAGE: 20 H. ORANGE COUNTY, CA PAGE: 22 I. SAN FRANCISCO, CA PAGE: 24 J. WASHINGTON, DC PAGE: 26 K. WILMINGTON, DE PAGE: 28 MARKET SUMMARY AND ACTION STEPS III PAGE: 30 KEY FINDINGS The financial services sector has adapted its office-space usage in ways that are consistent with many office-using industries. However, its relationship to real estate has changed as a result of its role within the broader economy. In particular, four major causes have spurred a reduction in gross leasing activity by financial services firms: increased government regulation following the Great Recession of 2007-2009, cost reduction, efficient space utilization, and the emergence of the financial technology (fintech) sector. While demand for office space among financial services tenants has edged down recently overall, industry demand is inconsistent among major metros. For example, leasing increased for financial services tenants in San Francisco from 10% of all leasing activity in 2015 to 20% in 2016, while leasing among tenants in New York City declined from 32% to 20% over the same time period. Leasing trends within the financial services industry correlate with: the types of institutions involved, environments with policies and incentives that are conducive to doing business, the scale of operations and access to a highly-skilled talent pool, a shift from some urban to suburban locations, and a desire for new construction.
  • Ronald Hamburger

    Ronald Hamburger

    The Millennium Tower Settlement, Tilting and Upgrade University of Kansas Ronald O. Hamburger, S.E., SECB March 5, 2020 • Constructed 2005-2009 • 58 stories, 645 ft (197m) tall • Tallest & most expensive residential tower in San Francisco • Views from the Sierra to the Cascades to the Farallon Islands • Most expensive unit sold in 2013 for $13.5 million • Construction Cost - $600 Million Sales Cost - $750 Million 2 301 Mission The Site 350 Mission Transbay terminal and track tube 2012 2009 200 Beale 2017 Salesforce Tower 3 2014 History of the Problem • Ground breaking – 2005 – Settlement predicted 4”-6” • Construction completed 2009 – Settlement reached 10” – Transbay Terminal excavation starts • Last unit sold in 2013 – Settlement 13” • SGH retained in 2014 – Settlement 15” • Litigation initiated in 2016 – Settlement 17” • Adjacent construction complete 2017 – Settlement 18”, Tilt 17” to northwest 4 Some Homeowners Joe Montana Hall of Fame Quarterback Hunter Pence San Francisco Giants Superstar Steph Curry Golden State Warriors Icon 5 Some Homeowners Laurence Kornfield Retired Chief Deputy Building Inspector, City of SF Jerry Dodson Personal Injury Attorney 6 Why did this happen? San Francisco Downtown Area of “infirm” soils based on SF General Plan Subsurface profile (from Treadwell & Rollo) 8 10’ thick mat Subsurface conditions 75’ piles deep into Colma Sand 20’ (6m) – fill & rubble loose sand, brick, concrete, gravel 30’ (10m) – Young Bay Clay marine deposits – last 12,000 years 35’ (12m) – Colma Sand cemented sands with clay binder
  • DATE: July 11, 2013 TO: Historic Preservation Commissioners FROM: Daniel A

    DATE: July 11, 2013 TO: Historic Preservation Commissioners FROM: Daniel A

    DATE: July 11, 2013 TO: Historic Preservation Commissioners FROM: Daniel A. Sider, Planning Department Staff RE: Market Analysis of the Sale of Publicly Owned TDR In May 2012, Planning Department (“Department”) Staff provided the Historic Preservation Commission (“HPC”) an informational presentation on the City’s Transferable Development Rights (“TDR”) program. In February 2013, the Department retained Seifel Consulting, Inc. and C.H. Elliott & Associates (jointly, “Consultants”) to perform a market analysis informing a possible sale of TDR from City-owned properties. The resulting work product (“Report”) was delivered to the Department in late June. This memo and the attached Report are intended to provide the HPC with relevant follow-up information from the May 2012 hearing. The City’s TDR Program Since the mid-1980’s, the Planning Department has administered a TDR program (“Program”) through which certain historic properties can sell their unused development rights to certain non- historic properties. The program emerged from the 1985 Downtown Plan in response to unprecedented office growth, housing impacts, transportation impacts and the loss of historic buildings. The key goal of the Program is to maintain Downtown’s development potential while protecting historic resources. The metric that underpins the Program is Floor Area Ratio ("FAR"), which is the ratio of a building’s gross square footage to that of the parcel on which it sits. Under the Program, a Landmark, Significant, or Contributory building can sell un-built FAR capacity to a non-historic property which can then use it to supplement its base FAR allowance. TDRs can only be used to increase FAR within applicable height and bulk controls.
  • Class Action Settlement Agreement

    Class Action Settlement Agreement

    CLASS ACTION SETTLEMENT AGREEMENT This Class Action Settlement Agreement (“Agreement”) is entered into as of March 9, 2020 (the “Execution Date”) by and among the Class Action Settling Parties as defined below. Capitalized terms used herein are defined in Section II of this Agreement or indicated in parentheses elsewhere in this Agreement. I. FACTUAL REPRESENTATIONS 1.1 On or about July 21, 2017, Maui Peaks Corporation filed the Class Action against Transbay Joint Powers Authority (“TJPA”), Mission Street Development LLC (“MSD”), and Mission Street Holding LLC (“MSH”) on behalf of themselves and other owners of residential units in the Millennium Tower alleging causes of action relating to Plaintiffs’ allegations concerning, inter alia, the movement and tilt of Millennium Tower; 1.2 On September 14, 2017 Maui Peaks Corporation and NGMII LLC filed a First Amended Class Action Complaint in the Class Action against MSD, MSH and TJPA; 1.3 On or about January 5, 2018, Maui Peaks Corporation and NGMII LLC filed a Second Amended Class Action Complaint in the Class Action against MSD, MSH and TJPA; 1.4 On or about July 17, 2019, NGMII LLC and Ian Kao filed a Third Amended Class Action Complaint in the Class Action alleging causes of action for failure to disclose and for deceptive business practices against MSD and MSH, and causes of action for, inter alia, express indemnity, specific performance, and declaratory relief against TJPA, and Maui Peaks Corporation asserted those same causes of action against the same defendants on its own behalf;
  • 2020-008009Oth

    2020-008009Oth

    MEMO TO THE PLANNING COMMISSION HEARING DATE: October 1, 2020 September 24, 2020 Record No.: 2020-008009OTH Subject: Planning Commission Policy: Implementing Proposition E Staff Contact: Corey Teague, Zoning Administrator – (628) 652-7328 [email protected] Recommendation: Adopt the Proposed Resolution Office Development Annual Limit Program San Francisco’s Office Development Annual Limit Program (“Program”) was initially created in 1985 as part of the Downtown Plan. It limited the amount of large office development (projects containing at least 50,000 square feet of office space) that could be permitted each year in the City (the “Large Cap”). The passage of Proposition M the following year amended the Program in various ways, including the addition of a new and separate annual limit for smaller office development (projects containing between 25,000 square feet to 49,999 square feet), which is commonly known as the “Small Cap.” Each October 17th the Program receives an allotment of 875,000 square feet for the Large Cap, and allotment of 75,000 square feet for the Small Cap. Under the original Program, the Planning Commission could not allocate office space to any development in excess of what was available in the relevant cap at that time. Additionally, unallocated office space in one year rolls over to the next year, and unused office space may be revoked and returned to the relevant cap. A net total of more than 12 Million square feet of office was allocated from the Large Cap in the last 10 years, with the most recent allocations for projects within Central SoMa.
  • 181 Fremont Street

    181 Fremont Street

    SAN FRANCISCO PLANNING DEPARTMENT Certificate of Determination 1650 Mission St. Suite 400 EXEMPTION FROM ENVIRONMENTAL REVIEW San Francisco, CA 94103-2479 Case No.: 2007.0456E Reception: Project Title: 181 Fremont Street 415.558.6378 Zoning/Plan Area: C-3-0 (SD) Downtown Office Special Development District; Transit Center Commercial Special Use District; 415.558.6409 700-S Height and Bulk District; Transit Center District Plan Block/Lot: Planning 3719/10 & 11 Information: Lot Size: 15,312.5 square feet 415.558.6377 Project Sponsor: Daniel R. Kingsley, SKS Fremont, LLC, (415) 421-8200 Staff Contact: Michael Jacinto (415) 575-9033 [email protected] PROJECT DESCRIPTION: The project sponsor, SKS Fremont, LLC, proposes to demolish two existing structures and develop one 700-foot-tall tower (745 feet to the top of the parapet/mechanical screen) on two lots located at the east side of Fremont Street immediately south of the new Transhay Transit Center that is currently under construction. The project site, as shown in Figure 1, comprises two parcels, is approximately 15,310 square feet in size, and is located within the approved Transit Center District Plan (TCDP or Plan) area. The proposed tower would include a mix of office, residential, and retail, along with five levels of below grade parking, off-street loading spaces, residential and office lobbies and amenities for the project residents (continued on next page). EXEMPT STATUS: Exempt per Section 15183 of the California Environmental Quality Act (CEQA) Guidelines California. REMARKS: (see page 18, below) DETERMINATION: I do hereby certify that the above determination has been made pursuant to State and Local requirements.