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-   -   SAN FRANCISCO | 222 Second | 370 FT | 26 FLOORS (http://forum.skyscraperpage.com/showthread.php?t=178017)

simms3_redux Apr 22, 2014 11:58 PM

^^^Well, there is the whole planning/environmental review/entitlement/approval process that takes a few centuries in SF. :) Tishman Speyer has some other land working its way through entitlements, I believe (worth somewhere between 900,000-1,000,000 SF). There's also TMG's proposal at First, and that land on Townsend just traded hands yesterday, pre-entitled and zoned for around 300,000 SF. There's also the question of rent growth...I wouldn't be surprised if we're getting to a point where land valuations have to come down on office entitled parcels in order for office developers to make something pencil out if they plan for anything less than "build to core" 10+ year holds. As far into this cycle as we are, you can't underwrite 5%+ rent growths for that much longer going forward, LoL.

The city also has that RFP out for the latest TB block to go on the market, and it has gone down the office route instead of multifamily. I think developers/lenders should be wary of Prop M coming up...we're pretty fast approaching it.

minesweeper Apr 23, 2014 2:12 AM

Here's the official press release:

Quote:

Tishman Speyer Signs LinkedIn to a 450,000 SF Lease

San Francisco, CA— April 22, 2014 — Mayor Edwin M. Lee and leading global property developer Tishman Speyer today announced that LinkedIn, the world’s largest professional network on the Internet, has signed a lease for the entire 26-story building under construction at 222 Second Street. The City’s Office of Economic and Workforce Development estimates that the nearly 450,000 square feet of office space can accommodate approximately 2,500 jobs in San Francisco.

“As a national leader in job creation, San Francisco is the perfect home for a company that is connecting people to jobs, and I am pleased that LinkedIn is significantly expanding their presence here,” said Mayor Lee. LinkedIn’s decision to grow in the Innovation Capital of the World demonstrates, once again, investor confidence in our City.”

“We’re pleased to welcome LinkedIn to our roster of world-class tenants,” said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer. “Our objective is to build the very best, sustainable office properties in the best cities around the globe, meeting the high quality space needs of leading organizations. We have had great results in San Francisco, successfully delivering signature office and residential properties to the market in the past several years, with more on the way.”

Headquartered in Mountain View, LinkedIn has been steadily increasing its presence in San Francisco. LinkedIn currently has 135,000 square feet at One Montgomery Tower and soon will be occupying 87,000 square feet at 505 Howard Street.

“With this new building, LinkedIn is committed to expanding in San Francisco, giving us even more access to some of the most talented professionals in the world across a variety of functions, including technology, sales, and operations,” said LinkedIn Head of Workplace Jim Morgensen. “We look forward to San Francisco becoming a larger part of our growing Bay Area presence.”

The new 222 Second Street was designed and is being constructed for LEED Gold certification, and will be ready for occupancy in early 2016. Along with other on-site and area amenities it will feature 8,500 square feet of public space.

“Today’s San Francisco office market is thriving, with companies recognizing the many advantages of a state-of-the-art building in a downtown location,” said Tishman Speyer Senior Managing Director Carl Shannon. “This building was planned and designed accordingly, and we think LinkedIn is a perfect fit.”

fflint Apr 23, 2014 2:22 AM

Quote:

Originally Posted by simms3_redux (Post 6549665)
^^^Well, there is the whole planning/environmental review/entitlement/approval process that takes a few centuries in SF. :) Tishman Speyer has some other land working its way through entitlements, I believe (worth somewhere between 900,000-1,000,000 SF). There's also TMG's proposal at First, and that land on Townsend just traded hands yesterday, pre-entitled and zoned for around 300,000 SF. There's also the question of rent growth...I wouldn't be surprised if we're getting to a point where land valuations have to come down on office entitled parcels in order for office developers to make something pencil out if they plan for anything less than "build to core" 10+ year holds. As far into this cycle as we are, you can't underwrite 5%+ rent growths for that much longer going forward, LoL.

The city also has that RFP out for the latest TB block to go on the market, and it has gone down the office route instead of multifamily. I think developers/lenders should be wary of Prop M coming up...we're pretty fast approaching it.

Aren't there a few fully-entitled office projects lying around? 350 Bush?

simms3_redux Apr 23, 2014 3:21 AM

350 Bush (which is small in the grand scheme of things...) and 500 Townsend (also small at 300,000 SF). Maybe a couple others. But entitlements expire and even fully entitled sites need all of the stars to align to actually see development. An entitled site like 350 Bush likely won't be developed before an as of yet entitled site south of Market. Why would anyone want to move to that section of the North FiDi before moving to something in the hot new transit-connected mixed-use district that is Transbay or something in SoMa?

simms3_redux Apr 26, 2014 7:54 PM

I rode by yesterday, there is structural steel above ground level...ALREADY, and the crane job is just massive. I will go by today to grab pics because this thing is going to shoot up so fast we will miss it if we don't pay attention.

timbad Apr 28, 2014 7:14 AM

Quote:

Originally Posted by simms3_redux (Post 6554886)
I rode by yesterday, there is structural steel above ground level....

I happened to be by today:

https://farm3.staticflickr.com/2921/...72f9fc0f_b.jpg

simms3_redux Apr 28, 2014 3:11 PM

Damn, beat me to it! :) I've been traveling, so I'll eventually get around to uploading lol

Thanks!

minesweeper Apr 29, 2014 2:19 AM

SFHog has some new photos showing the below-grade steel as well:

http://www.sfhog.com/linkedin-towers...-street-level/

peanut gallery Apr 29, 2014 4:27 AM

Funny how this was waiting for a crane for so long, then--bam--steel! Were they dragging their feet a little to hedge their bet until a tenant was signed on? Or perhaps other circumstances played a part.

simms3_redux May 9, 2014 6:21 AM

This one is FAST:

http://i916.photobucket.com/albums/a...psde1d2aa8.jpg

Huge jib on that crane!

http://i916.photobucket.com/albums/a...ps5a05ccf1.jpg

http://i916.photobucket.com/albums/a...psa67bc5db.jpg

timbad May 20, 2014 7:31 AM

still flying... from Sunday

https://farm3.staticflickr.com/2940/...0eab2ea4_b.jpg

simms3_redux Jun 3, 2014 4:31 PM

Sunday evening (June 1):

http://i916.photobucket.com/albums/a...pse9a794e0.jpg

timbad Jul 10, 2014 4:53 AM

south up Second

https://farm3.staticflickr.com/2901/...7be1081d_b.jpg

west up Howard

https://farm6.staticflickr.com/5561/...c804a9f7_b.jpg

minesweeper Jul 10, 2014 3:37 PM

Wow, this one is hauling ass. It looks like they added about 8 floors in 5 weeks. Even though this one started about six months after 350 Mission, it's essentially caught up with it in height. With only about 12 (smaller) floors left to go, this could be topped out by the end of August. Thanks for the photos, timbad!

Here's some new info about the $1 million worth of public art to be displayed in the public lobby:

http://commissions.sfplanning.org/cp...d%20Street.pdf

minesweeper Jul 15, 2014 5:25 AM

It's not a very good photo, but the top of this building is now visible from Market & Montgomery:

http://i.imgur.com/xUmmMU7.jpg

mt_climber13 Jul 16, 2014 8:45 AM

Taken July 15
 
http://i.imgur.com/3I6dB9n.jpg

peanut gallery Jul 16, 2014 10:51 PM

One thing I've been looking forward to with the completion of this tower is that it will cover the ugly side of One Hawthorne when looking west. Mission accomplished:
Quote:

Originally Posted by timbad (Post 6648552)


1977 Jul 17, 2014 1:18 AM

Quote:

Originally Posted by peanut gallery (Post 6657644)
One thing I've been looking forward to with the completion of this tower is that it will cover the ugly side of One Hawthorne when looking west. Mission accomplished:

Couldn't agree more!

rriojas71 Jul 17, 2014 11:23 PM

Quote:

Originally Posted by peanut gallery (Post 6657644)
One thing I've been looking forward to with the completion of this tower is that it will cover the ugly side of One Hawthorne when looking west. Mission accomplished:

I thought the same thing myself. 👍

simms3_redux Jul 18, 2014 8:12 AM

Fireproofing on lower floors, so we'll likely see its skin soon, too; up to floor 16:

http://i916.photobucket.com/albums/a...ps859901b1.jpg


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