• News
• September 2012

by Marilyn Damon Diamond, on September 4, 2012

President Obama has  appointed two new members and reappointed one existing member to the Presidio Trust board of directors:

Paula R. Collins is chief executive officer of WEG Ventures, Inc., a Northern California real estate development company, and president of Portfolio Real Estate Consulting. Ms. Collins is a founder and director of Presidio Bank in San Francisco, a member of the national board of the Automobile Association of America, and was part of the original project development team for the Moscone
Convention Center.

Alex Mehran, a San Francisco Bay Area native, is president and CEO of Sunset Development Company, a diversified real estate organization that created Bishop Ranch in San Ramon, Calif. He also serves as a trustee of the San Francisco Ballet, is chairman of the Contra Costa Economic Partnership, and is on the executive committee of the Bay Area Council.

Nancy Hellman Bechtle was appointed to the Presidio Trust board by President George W. Bush in 2008 and reappointed this year by President Obama. She currently serves as the chair of the Presidio Trust board. She also serves on the board of directors for the Charles Schwab Corporation and is chairman of the board for the Sugar Bowl Corporation.

The remaining sitting board members include:

Charlene Harvey was a driving force behind the creation of the Presidio’s Inspiration Point Overlook in memory of her late husband.

William R. Hambrecht, founded the San Francisco-based financial services firm W.R. Hambrecht + Co.
David H. Grubb chaired the Presidio Trust board from December 2003 until July 2009 and was reappointed by President Obama in 2010. He also served on the Golden Gate National Parks Conservancy board from 1990–2000, where he was instrumental in restoring Crissy Field.

John Reynolds has been the Secretary of Interior’s designee appointment since July 2009.

Article source: http://www.marinatimes.com/2012/09/president-obama-appoints-presidio-trust-board-members/

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Riverbed Technology will relocate
to floors two through six
at 680 Folsom St. with
a 10-year lease term.

(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22^nd in Los Angeles).

SAN FRANCISCO-TMG Partners and financial partner Rockwood Capital LLC have signed a 167,788-square-foot lease to relocate Riverbed Technology to 680 Folsom St., a class A office building in San Francisco’s South of Market District near the Moscone Convention Center. Riverbed, currently at 199 Fremont St., will move into floors two through six at 680 Folsom St. with a 10-year lease term.

David Churton, headquarter practice leader and international director at Jones Lang LaSalle, represented the tenant. He points out that the Riverbed real estate team “took a very strategic approach to their future real estate requirements.” He explains that by being proactive, “they executed a headquarters strategy ahead of today’s constricted market and netted a superb block of quality space offering the flexibility to accommodate growth as well as excellent terms and prominent signage in what will be the finest redevelopment in San Francisco in the last decade.”

According to Mayor Ed Lee of San Francisco, “Riverbed’s long term commitment to keep their worldwide headquarters in San Francisco through 2024 demonstrates once again that we are the location of choice for high tech companies. With dynamic leaders like Riverbed’s Jerry Kennelly, we are making San Francisco the ‘Innovation Capitol of the World.’”

According to a recently tech report from JLL, San Francisco is the top high-tech industry growth market with the most impacted office market. Booming high-tech industry employment growth of more than 15 percent is creating strong demand for office space and has boosted rents 18.5 percent over the past 12 months. Stiff competition between tenants for the best quality space is moving market rents toward pre-recession highs in some buildings and causing high-tech firms that prefer South of Market Street to head north into the CBD. The excitement has drifted into the capital markets space and investors are snapping up properties at rates last seen in 2007. The resurgence in high-tech is electrifying not only San Francisco, but the entire Bay Area.

According to Michael Covarrubias, chairman and CEO of TMG Partners, “Riverbed is the ideal tenant not only for this space, but to complement the increasing tech growth in San Francisco’s SoMa area.” GlobeSt.com could not get further lease terms, like aggregate lease value, asking rent or taking rent by deadline. An unidentified source not involved in the deal says base rent is approximately $50 to $54 per square foot per annum.

According to Riverbed co-founder and CEO Kennelly, “we think the City is the right location to attract the best talent and provide a thriving environment for our current employees. Moving to a state of the art building in the heart of the City will be a great move for our company.”

With construction now underway, the 12-story mid-rise tower at 680 Folsom St. and adjacent three -story building at 50 Hawthorne St. will be fully renovated to Class A standards. The $87-million renovation, supported by TMG and set for completion in late 2013, calls for 680 Folsom St.’s existing 1960′s concrete exterior to be replaced with a clear glass curtain wall skin.

In addition, a two-story vertical addition and several small horizontal additions will also be added to the building, “increasing the gross building area by more than 100,000 square feet for a total of approximately 522,000 square feet,” according to a prepared statement.

All building systems will be replaced and a new public plaza will be built on the corner of Folsom and Third streets, where there eventually will be a new 15,000-square-foot retail or cultural building constructed, says the release. A new glass, steel and granite lobby will have 30-foot ceilings with floor-to-ceiling glass and a floating staircase. The property is pursuing LEED Gold certification.

Pacific Bell owned and occupied the headquarters facility until 2007. In October 2010, TMG recapitalized the development with a new equity partner in Rockwood Capital.

Categories:

West,
Office,
Leasing,
San Francisco

Natalie Dolce Natalie Dolce, editor of the West Coast region for GlobeSt.com and Real Estate Forum, is responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, Natalie was Northeast bureau chief, covering New York City for GlobeSt.com. Dolce?s background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats Arthur Frommer?s Budget Travel magazine, FashionLedge.com, Co-Ed magazine, and has also freelanced for a number of publications including MSNBC.com and Museums New York magazine. Contact Natalie Dolce.

Article source: http://www.globest.com/news/12_280/sanfrancisco/office/87M-Renovated-Building-Gets-First-167788-SF-Tenant-318417.html