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Creative Office Projects

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Creative Office Projects CREATIVE OFFICE PROJECTS ADAPTIVE REUSE GENERATES STAGGERING RETURNS FOR INVESTORS Creative office properties generally have the Not all creative office properties adhere to a strict common characteristics of newer workplace profile; some are single-tenant buildings, some design: open floorplans, natural lighting, exposed are multi-tenant campuses and some are mixed- CREATIVE OFFICE PROJECTS interiors such as brick walls and bow truss use projects with major retail, residential or even ceilings, informal common spaces for closer hotel components. Usually the composition is ADAPTIVE REUSE GENERATES collaboration, amenities such as cafes and rec determined by whatever mix of uses appeals STAGGERING RETURNS FOR INVESTORS rooms and increased focus on sustainability. to the developer financially. No matter the mix, in many cases, the renovation/conversion of March 2017 a major creative office project helps kick off increased property and business investment in “What is new this cycle is the neighborhoods in which they are located and attract hundreds or thousands of high-paid The term “creative office” is a subset of value-add adaptive reuse which typically encompasses the workers to the area. This is the case with Twitter conversion of a property from non-office (e.g., industrial or retail use) to office use. It has become an the sheer volume of creative in San Francisco’s Market Square/Tenderloin increasingly popular value-add strategy due to two primary drivers: neighborhood and Google in Chicago’s Fulton office exits nationally Market/River West submarket. One, TAMI (technology, advertising, media and Two, compared to the previous cycle which was Based on staggering exit pricing of some major information) sector companies and coworking primarily driven by suburban growth, office at core/core plus pricing.” creative office projects around the country, this operators have led the charge on office leasing leasing and absorption has mostly returned type of value-add strategy – on this large scale – and net absorption this cycle, compared to FIRE to cities where tenants can take advantage of is now being considered by many local/regional/ (financial services, insurance and real estate) live/work/play environments. With the decline Although they’ve received a lot of attention national developers, either via direct investment companies a decade ago. TAMI sector companies of manufacturing nationally, many functionally recently, creative office conversions are not new; or joint-venture partnerships with equity partners. are increasingly millennial-focused and look obsolete industrial properties have been targets take for example, Chelsea Market in New York Conversely, stabilized creative office properties at differentiated office product for branding, for creative office conversion due to their City or the Ferry Building in San Francisco, both are now on the radar of many national and recruiting, employee retention and perceived urban location. That said, suburban properties delivered more than a decade ago with high- international institutional buyers who are paying authenticity. And while TAMI companies have have seen creative office conversions, as well, profile office components. What is new this traditional trophy Class A pricing for these types of led this demand, traditional office users in the assuming the right mix of tenant demand, cycle is the sheer volume of creative office exits assets, usually based on the credit-worthiness of professional and business services sectors are project cost and local business incentives exist. nationally at core/core plus pricing. the tenant, as well as the location of the project. beginning to take notice, as well. This is a TRANSWESTERN interactive document NOTEWORTHY CREATIVE OFFICE PROJECTS SAN FRANCISCO BAY AREA SEATTLE PORTLAND DENVER CHICAGO BOSTON Market Square Maritime Building Meier & Frank Building INDUSTRY RiNo Station 1K Fulton One Lovejoy Wharf 888 Brannan Hillshire Brands Headquarters New GE Headquarters Uptown Station Innovation & Design building (IDB) SE NEW JERSEY Bell Works PDX BOS NEW YORK NYC Falchi Building CHI Twitter NYC NJ 77 Flushing Ave. SF DEN Watchtower Building LA PHX ATLANTA ATL Atlanta Dairies DAL Ponce City Market LOS ANGELES PHOENIX AUSTIN AUS Playa Jefferson The HUB Seaholm Power Plant The Reserve Saint Elmo Market District The Ford Building SA HOU Columbia Square SAN ANTONIO HOUSTON DALLAS The Press Pearl Imperial Market The Brewery Building Factory Six03 EXITS ($50M+) & PROJECTS UNDER DEVELOPMENT (100,000+ SF) COMPLETE UNDER DEVELOPMENT TRANSWESTERN MARCH 2017 3 COMPLETED PROJECTS Seaholm Power Plant One Lovejoy Wharf 1K Fulton Hillshire Brands Headquarters Playa Jefferson $124M $150M $303.6M $97.5M $165M AUSTIN BOSTON CHICAGO CHICAGO LOS ANGELES 800 Cesar Chavez Street 160 N. Washington Street 1000 W. Fulton Street 400 S. Jefferson Street 12777 W. Jefferson Boulevard SEAHOLM DISTRICT NORTH STATION RIVER WEST/FULTON MARKET WEST LOOP PLAYA VISTA Size: 209,176 square feet Size: 232,000 square feet Size: 531,190 square feet Size: 233,869 square feet Size: 195,668 square feet Year built: 1950-1955 Year built: 1900 Year built: 1923 Year built: 1946 Year built: 1978 Development rights awarded: 2008 Original sale date: December 2012 Original sale date: November 2012 Original sale date: January 2012 Original sale date: August 2011 Original sale price: N/A Original sale price: $22.5M, $54/sf Original sale price: $12M, $27/sf Original sale price: $10M, $47/sf Original sale price: $33M, $169/sf Year renovated: 2015 Year renovated: 2015 Year renovated: 2015 Year renovated: 2013 Year renovated: 2013 Exit sale price: $124M, $592/sf (ground lease) Exit sale price: $150M, $647/sf Exit sale price: $303.6M, $572/sf Exit sale price: $97.5M, $417/sf Exit sale price: $165M, $843/sf Exit sale date: September 2016 Exit sale date: March 2016 Exit sale date: June 2016 Exit sale date: May 2013 Exit sale date: July 2016 Buyer: Clarion Partners Buyer: Union Investment Real Estate GmbH Buyer: American Realty Advisors Buyer: Cole Corporate Income Trust Buyer: Rockwood Capital Seller: Southwest Strategies and CIM Group Seller: The Beal Companies and The Related Seller: Sterling Bay Company Seller: Sterling Bay Companies Seller: Vantage Property Investors Companies This decommissioned power plant was This former Fulton Market cold storage This vacant manufacturing facility was This former back-office flex call center for converted to a mixed-use project, comprising This former Hoffman building warehouse was warehouse was renovated to creative office renovated to creative office spare. It is leased Citibank was renovated to creative office. 152,834 square feet of creative office and renovated to creative office and now serves as space and leased to Google for the company’s to Hillshire Brands (formerly known as The Sara Current tenants include Facebook and Onicom 56,342 square feet of retail/restaurant space. the corporate headquarters for Converse, Inc. Midwest headquarters. Other tenants include Lee Corporation). Media. Approximately 112,000 square feet is leased SRAM International and Sandbox. to athenahealth, Inc., while the retail space is anchored by Trader Joe’s and Under Armour. TRANSWESTERN MARCH 2017 4 : NOTEWORTHYCOM PCLREATIVEETED PROJE OFFICCTSE PROJECTS The Reserve Falchi Building Twitter NYC Market Square 888 Brannan $316M $255M $335M $917.4M $185.9M LOS ANGELES NEW YORK NEW YORK SAN FRANCISCO SAN FRANCISCO 13031 W. Jefferson Boulevard 31-00 47th Avenue, Long Island City 245-249 W. 17th Street 1355 Market Street 888 Brannan Street PLAYA VISTA NORTHWEST QUEENS CHELSEA MID-MARKET SOMA (SOUTH OF MARKET) Size: 399,373 square feet Size: 711,194 square feet Size: 281,294 square feet Size: 1.1 million square feet Size: 444,000 square feet Year built: 1971 Year built: 1920 Year built: 1909 Year built: 1937 Year built: 1920 Original sale date: July 2011 Original sale date: May 2012 Original sale date: November 2012 Original sale date: March 2011 Original sale date: May 2011 Original sale price: $43.9M, $116/sf Original sale price: $81.2M, $114/sf Original sale price: $75.8M, $269/sf Original sale price: $120M, $112/sf Original sale price: $36.5M $82/sf Year renovated: 2013 Year renovated: 2016 Year renovated: 2014 Year renovated: 2013 Year renovated: 2013 Exit sale price: $316M, $791/sf Exit sale price: $255M, $359/sf Exist sale price: $335M, $1,191/sf Exit sale price: $917.4M, $859/sf Exit sale price: $185.9M, $419/sf Exit sale date: January 2015 Exit sale date: December 2016 Exit sale date: August 2014 Exit sale date: August 2015 Exit sale date: May 2014 Buyer: Invesco Buyer: Savanna Buyer: New York REIT Buyer: JP Morgan Asset Management Buyer: Beacon Capital Partners Seller: Shorenstein Properties and Worthe Real Seller: Jamestown Properties Seller: Atlas Capital Group Seller: Shorenstein Properties Seller: Vantage Property Investors Estate Group This former storage and distribution facility This former vacant warehouse was originally This former wholesale furniture mart was The former San Francisco Gift Center & This former U.S. Postal Service sorting facility for Gimbels Brothers department store was built for Siegel Cooper department store. It was renovated to creative office and now serves as Jewelry Mart was renovated to creative office was renovated to creative office space. It is converted to offices in the 1980s, and then renovated to creative office space and is now the corporate headquarters for Twitter. and is leased to AirBNB for its corporate leased to Microsoft,
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