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Kilroy Realty Corporation Raises San Francisco Profile with Plans to Build a …

Wed, 24 Oct 2012 13:27:47 +0000

LOS ANGELES — Kilroy Realty Corporation (NYSE: KRC) today said it plans to develop up to a 400,000 square-foot, 27-story office tower in the heart of San Francisco’s highly desirable South of Market financial district, adapting the company’s signature collaborative workspace concepts to a high-rise office environment.

The company said it has acquired a 0.43 acre, fully entitled development site at 350 Mission Street, a premier location situated at the main entrance of the City’s new transit station for approximately $52 million. KRC expects to invest an additional $200 million developing a high-image glass office tower with floor-to-ceiling windows providing abundant natural light, column-free floor plates offering open-office high-ceiling layouts, and ultra-energy-efficient operating systems—all qualities that are sought after by today’s modern office user.

The Skidmore, Owings Merrill LLP (SOM) design focuses on the creation of an urban living room that is highly engaged with the City’s urban realm animated by a café, a restaurant, and a digital canvas. It reflects state-of-the-art sustainability practices and energy-usage standards which are targeted to earn the building LEED Platinum certification—the first ground-up commercial development property in San Francisco to do so. The design utilizes numerous innovative technologies with the aim of creating a building with a carbon footprint that will be as close to zero as possible. According to Craig Hartman, FAIA, SOM’s Design Partner, this will be one of the most innovative office use towers in the U.S.

Situated at the corner of Mission and Fremont Streets and immediately across the street from the new Transbay Transit Center, the office tower will offer the convenience, high visibility and urban amenities that are attractive to the city’s technology and media companies as well as traditional space users. KRC said it will heighten the impact of the building’s prominent location with a 50-foot, open air entry lobby featuring a 75×40 foot electronic media display wall—the first of its kind in San Francisco. The new building—designed with a side-core configuration, an all-concrete structure and an under-floor air distribution system—will accommodate the high-density usage and flexible and open interiors preferred by knowledge-based, collaborative workforces. In-building amenities include electric vehicle charging stations, a fitness center with showers and lockers, and a first-class bicycle and storage center.

“It is rare that you get the opportunity to build from scratch a cutting-edge urban work environment in one of the nation’s hottest office markets at a cost-basis that makes it highly attractive relative to existing Class A properties. Also, given that there are very few large contiguous spaces available in the market, we have a great opportunity to pre-lease a substantial portion of the building,” said John Kilroy, Jr., president and chief executive officer of KRC. “We intend to make the most of it—for the City and for our tenants.”

Christopher Roeder, David Churton and Ted Davies of Jones Lang LaSalle have been engaged by the company as the listing brokers for the project. “350 Mission will be a truly iconic project and is a pivotal piece of the revolutionary TransBay area redevelopment plan,” said Christopher Roeder, managing director of Jones Lang LaSalle. “Just as the TransBay transit center, in combination with the BART and Caltrain, will forever change how San Franciscans interpret transportation, I believe 350 Mission will change how we interpret office space in this city.”

About Kilroy Realty Corporation. Kilroy Realty Corporation, a member of the SP Small Cap 600 Index, is a real estate investment trust active in the office and industrial submarkets along the West Coast. For over 60 years, KRC has owned, developed, acquired and managed real estate assets, consisting primarily of Class A real estate properties in the coastal regions of Los Angeles, Orange County, San Diego County, the San Francisco Bay Area and greater Seattle. At June 30, 2012, KRC owned approximately 12.2 million rentable square feet of commercial office space and 3.4 million rentable square feet of industrial space.

Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on the Company’s current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of the Company’s control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, among others: risks associated with investment in real estate assets, which are illiquid, and with trends in the real estate industry; significant competition, which may decrease the occupancy and rental rates of properties; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired properties; the availability of cash for distribution and debt service and exposure of risk of default under debt obligations; adverse changes to, or implementations of, applicable laws, regulations or legislation; and the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts. These factors are not exhaustive. For a discussion of additional factors that could materially adversely affect the Company’s business and financial performance, see the factors included under the caption “Risk Factors” in the Company’s annual report on Form 10-K for the year ended December 31, 2011 and its other filings with the Securities and Exchange Commission. All forward-looking statements are based on information that was available, and speak only, as of the date on which they are made. The Company assumes no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent required in connection with ongoing requirements under Federal securities laws.

Article source: http://www.heraldonline.com/2012/10/23/4359597/kilroy-realty-corporation-raises.html

BART service suspended between SF and Oakland

Thu, 14 Jun 2012 19:12:20 +0000

SAN FRANCISCO—A fire near a Bay Area Rapid Transit station shut down train service between San Francisco and Oakland on Thursday, snarling the morning commute as thousands of people scrambled to find other ways to get around.

On lines stretching for blocks, commuters waited to catch a bus or ferry boat into San Francisco. The California Highway Patrol said traffic on the San Francisco-Oakland Bay Bridge was heavier than usual as many drivers waited for more than two hours to cross the bridge.

BART officials hoped to have limited service by the early afternoon and full service in time for the evening commute. About 400,000 people take BART trains on a weekday, the transit agency said, but more commuters than usual were expected due to the opening round of the U.S. Open golf tournament and a San Francisco Giants afternoon baseball game.

“This is a major inconvenience to tens of thousands of people, and we’re working as hard as we can to get us back in service safely and as quickly as we can,” BART spokesman Jim Allison told KGO-TV.

Brian Long, of Oakland, waited on a ferry line, hoping to make it to work in San Francisco before noon.

The accountant said he needed to be in the office for an important reason: he was waiting to find out if he won a free trip to Hawaii in an in-office weight loss competition. Long said he lost 66 pounds in four months and was sure he had won, “but I have to be there in person to claim the prize.”

Karen

Hernandes from Concord said she decided to take the ferry for the first time after taking BART to downtown Oakland and passing a bus line that snaked for blocks.

“Someone told me this was the better option,” said Hernandes, an executive assistant at a San Francisco real estate company. She eventually made it to work—nearly four hours after leaving home.

Ernest Sanchez, a transportation services manager with the San Francisco Bay Ferry, said the service added extra boats throughout the day. He said the service experienced five times its normal daily traffic, leading to a temporary crash of its website.

The shutdown also fouled the commute to the East Bay. Kyle Neesan was among those stopped at a downtown station in San Francisco, where trains were backed up.

“It’s kind of annoying,” said Neesan, who takes BART to his job at a Sports Authority in Concord. “I’m not going to wait on BART because that could take forever. I guess I’ll just try to walk over to the bus.”

Rae Lyn Burke said the shutdown would keep her from making a morning meeting in Lafayette.

“I’m trying to figure out how to get there but I don’t think it’s going to work,” she said, as she searched her iPhone for alternatives in the crowded Powell St. station.

The fire broke out at a retirement home that was under construction near the West Oakland BART station around 2:15 a.m, according to BART officials. It damaged electrical equipment, but train tracks and the elevated concrete structure supporting them were not damaged, Allison said.

BART officials were concerned about power poles that were in danger of falling on the tracks.

The fire jumped to several other structures and also melted parked cars.

The cause of the fire is under investigation, but authorities consider it suspicious.

Oakland Fire Battalion Chief Robert Lipp told KGO-TV the fire grew rapidly, and there were reports of people in the area who are not normally there.

BART was running trains throughout the East Bay and between San Francisco and the Peninsula.

———

Collins reported from Oakland.

Article source: http://www.mercurynews.com/news/ci_20855928/bart-service-suspended-between-sf-and-oakland

Archstone Acquires Development Site in San Francisco

Wed, 07 Sep 2011 16:05:36 +0000

SAN FRANCISCO, Sep 07, 2011 (BUSINESS WIRE) –
Archstone, a leader in apartment investment and operations, announced
today that it has acquired a 3.15-acre development site in the Potrero
Hill neighborhood in San Francisco.

Archstone plans to build a 467-unit, well-appointed apartment community
on the parcel located at the corner of 16th and 7th
streets along Southern Embarcadero Freeway. Construction is expected to
begin by August of 2012.

“The Potrero Hill neighborhood is one of San Francisco’s most sought
after communities today,” said Neil Brown, Archstone’s chief development
officer. “It is home to a number of world-class employers, as well as
great retail and restaurant destinations. Like much of the San Francisco
Bay Area, one of our core markets, opportunities to build an apartment
community in Potrero Hill are extremely limited.”

The development site is also within a mile of dozens of high-technology
employers in the South of Market and Showplace Square neighborhoods. In
addition, the nearby Mission Bay neighborhood is anticipating the
creation of tens of thousands of employment opportunities from two new
developments — the University of California at San Francisco’s Medical
Center and Hospital and Salesforce.com’s global headquarters.

For residents working outside of the area, the San
Francisco apartments will be within one and a half miles of both a
CalTrain and a Bay Area Rapid Transit station. The public transit
systems offer easy access to a vast array of major employers in Silicon
Valley and the East Bay.

Also within a mile of the development site is an eclectic mix of popular
boutique shops, local restaurants and entertainment venues, including
Axis Cafe, the San Francisco Design Center and Bottom of the Hill.

“This is going to be an exciting place to live in an amazing
neighborhood,” said Richard Lamprecht, Archstone’s executive vice
president of development for the West Region. “We’re excited about this
acquisition and looking forward to beginning development on what will be
Archstone’s 22nd apartment community in the San Francisco Bay
Area.”

About Archstone

Archstone is a recognized leader in apartment investment and operations.
The company’s portfolio is concentrated in many of the most desirable
neighborhoods in and around Washington, D.C., Los Angeles, San Diego,
San Francisco, New York, Seattle and Boston. Archstone strives to
provide great apartment
rentals and great service to its customers–backed by service
guarantees. As of June 30, 2011, the company owned or had an ownership
position in 434 communities located in the United States and Europe,
representing 77,084 units, including units under construction. Utilizing
this tremendous amount of expertise and institutional knowledge,
Archstone now also offers comprehensive advisory services to owners and
lenders who want to maximize the value of their assets through Archstone
Real Estate Advisory Services.

SOURCE: Archstone


        Archstone
        Peter Jakel, 720-873-6392
        pjakel@archstonemail.com

Article source: http://www.marketwatch.com/story/archstone-acquires-development-site-in-san-francisco-2011-09-07