SKS Partners and Mitsui Fudosan America, the U.S. operations of Japan’s largest real estate company, today announced that they have formed a new joint venture to develop a premier Class A office building at 270 Brannan Street in San Francisco. The project’s current owner, South Beach Partners, will also remain in the partnership.
270 Brannan will be a 202,000 gross square foot, Class A office building located on Brannan near Second Street in SOMA’s historic South Beach district — long considered the preeminent neighborhood for San Francisco’s technology companies. In the center of the building will be a landscaped atrium featuring an architecturally stunning glass canopy and living green wall. The atrium will provide a focal point for all of the building’s circulation and tenant spaces and will allow natural light to penetrate deep into the core of the building. The building will step up from five floors along Brannan to seven floors on the north side of the site, following the contours of Rincon Hill. The upper floors and rooftop deck will offer panoramic views of the city skyline and the Bay Bridge beyond. The joint venture is pursuing LEED Platinum certification for 270 Brannan, and plans to commence construction in the second quarter of 2014 regardless of the preleasing status. 270 Brannan is anticipated to be available in the second quarter of 2015.
For SKS, 270 Brannan represents the latest in a series of successful development and redevelopment projects in SOMA, including market leading buildings such as 888 Brannan and 475 Brannan. SKS has assembled a team with deep “creative office” expertise to execute the 270 Brannan development, including Pfau Long Architects, Pankow as the project’s general contractor, and Colliers International as the project’s leasing team. 270 Brannan marks the fifth development project in SOMA that Pfau Long has designed for SKS.
According to Mike McCarthy, Senior Vice President of Colliers International, “Demand from the technology sector remains robust as tenants in all phases of the growth cycle desire a San Francisco location in response to where their creative and engineering talent prefer to work. SOMA continues to be the most vibrant sub-market in San Francisco and well-located, first class office projects such as 270 Brannan are the most coveted product within that sub-market.”
“The irreplaceable location, SKS’ superior experience delivering buildings for this tenant type for over twenty years, the significant depth of technology-driven tenant demand, and our desire to make long-term investments in 24x7 cities like San Francisco make this a compelling opportunity for us,” added Mitsui Fudosan America President and CEO, Yukio Yoshida.
“Mitsui Fudosan shares our long-term vision for the development of sustainable, high quality real estate projects in key markets such as San Francisco. We are very pleased to establish this partnership, intended to be the first of many with them,” said SKS Managing Partner, Daniel Kingsley.