The Â tale of a city that loved its ball park
If you thought success stories for underdogs were limited to The World Series Champions; The San Francisco Giants you have no further to look than the area immediately surrounding the ballpark: SoMa, South Beach and Mission Bay.Â A team of misfit commercial real estate lease ups and land sales will champion the otherÂ Giant underdog in San Francisco; Residential Real Estate.
In the past month, TMG partners, a development company focused on office and retail space ranked #1 Real Estate Developer by the San Francisco Business Times, has taken control of nearly 1 million square feet of SoMa Real Estate.Â Here are their home runs:
1. Â Â TMG has signed a 270,000 square-foot- lease at 650 Townsend (@ 8th street)for social gaming company Zynga (think Farmville on Facebook).Â
2. Â Â TMG has taken ownership stakes inÂ in 680 Folsom at third street (405000 sq ft) .
3. Â Â 155 5th st.Â between Howard and Mission (400,000 sq ft).Â
4. Â Â 260 5th street X Folsom ; Residential
5. Â Â 900 Folsom x 5th; Residential
6. Â Â 208 Utah (cross street 15th) purchased for 7.5M
Tenants looking for new headquarter in TMGâ€™a dug out include both rookies and veterans Twitter, Dolby, and Dugoni School of Dentristy.Â Michael Covarrubia, TMG CEO reveals â€œThe activity is tremendous.Â There are a bunch of large users out there which is causing a tidal wave of activity.â€ Â
The largest land deal since 2005, Salesforce.comÂ paid 278 Million dollars for 14 acres of undeveloped land Â by the ballpark in Mission Bay.Â This purchase is more than double the space it currently occupies in the financial district. CEO Marc BenioffÂ said the company looked at buying in Silicon Valley and in OaklandÂ but decided to remain in San Francisco because of the cityâ€™s growing status as a technology hub.Â
â€œSan Francisco really has become the home of the next generation Internet Companiesâ€ and made reference to the tremendous labor pool available here.Â Salesforce.com has already broken ground and is slated to move in by 2013. Right behind them , theirÂ neighborÂ UCSF Medical CenterÂ will be complete in 2014 at a cost of 1.5 Billion dollars.Â This is precisely when the existing pipeline for new residential units will be utterly dry.Â There is Giant diversity of business digging into San Francisco which promises a stable employment future.Â
If you have any doubt that this city has a splendid future, please remember that San Francisco is whereÂ Â Tim Lincecum showed up as a rookie and rented a 1 bedroom apartment.Â That was only three years ago.Â If you have any uncertainty that this glorious city will make it out of this torturous recession Â remember our Giants who took us on the most amazing ride these last weeks. Â They have taken our leftover hearts, united us in celebration and reminded us:Â Donâ€™t Stop Believing.Â To subscribe to this blog ; http://www.sfhomeforsale.com/Blog
Update Feb 20 2011: According to CB Richard Ellis SF to be first in nation in office-rent growth this year by a 9% increase; NYC was secondÂ expected to increase byÂ 7%.Â