When Harvest Properties Inc. teamed up with Prudential Real Estate Investors to buy 555 City Center in Oakland in 2013, the developer saw opportunity. The 20-story, nearly 500,000-square-foot Class A office tower was in a prime location – just two blocks from Oakland’s 12th Street BART Station. (more…)
San Francisco—Harvest Properties and LaSalle Investment Management have acquired 1149 Chess Drive in Foster City from Whitney Investments and Woodstock Development for about $35.3 million, or $280 per square foot. Mike Moran, managing principal of Cushman & Wakefield, represented Harvest and LaSalle. (more…)
In one sense, downtown Oakland’s office market is a busy place: Developers are eagerly snapping up old, historic buildings and renovating them into creative space. Rents continue to rise sharply, and an influx of tenants, many from San Francisco, have driven vacancy rates down to a microscopic 3.2 percent. In another sense, there’s very little happening at all. No developer sitting on a site for a ground-up office project is ready to pull the trigger on a new building — and none expect to be ready anytime soon. (more…)
There’s no question that Bay Area contractors and developers are feeling the crunch of the overheated construction market – to the point that some developments have been put on hold. The biggest problem, they say, is that demand for subcontractors far outweighs supply, which is driving costs to unsustainable levels. (more…)
New York City-based TH Real Estate, a division of TIAA Global Asset Management is planning on acquiring the 85,011 square foot 400 Montgomery office building in San Francisco for approximately $50 million, according to sources familiar with the transaction. The property is under contract to the buyer with a closing projected to happen very soon. TH declined to comment when contacted for this story. The real estate investor will make the investment on behalf of its general account. There is a local firm that will be involved in the asset going forward. This is Emeryville-based Harvest Properties. (more…)
It’s Wednesday afternoon and the sixth floor at 75 East Santa Clara St. in downtown San Jose is bustling with workers of every trade: People are installing furniture, finishing up electrical systems, painting walls, installing floors. This is WeWork’s first location in Silicon Valley and the construction workers and WeWork’s crew has a mission: Get it all picture perfect in time for a grand opening ceremony in just six days. (more…)
When LaSalle Investment Properties and Harvest Properties snapped up 60 S. Market St. at the end of 2013, the 14-story tower was 63 percent leased and downtown’s office vacancy rate was still well over 20 percent. Fast forward to today. The 232,500-square-foot tower is sitting at 90 percent full, and downtown’s vacancy is hovering around 15 percent, according to Cushman & Wakefield research.
Burlingame, traditionally a sleepy office destination, is getting more attention as office owners and developers bet that tenants will add the Peninsula city to their shopping list as other submarkets fill up. That’s part of the investment thesis behind New York Life Real Estate Investors and Harvest Properties’ acquisition this week of One Bay Plaza, a 195,739-square-foot office building on the edge of the San Francisco Bay.
Principal Financial Group, a global investment firm with over $547 billion assets under management, is in contract to buy one of Oakland’s largest office buildings, becoming the latest institutional investor to make a splash in the city. Des Moines, Iowa-based Principal Financial (NYSE: PFG) is buying 555 12th St., a 490,000-square-foot tower, from Harvest Properties and equity partner Prudential Real Estate Investors.