JLL to provide leasing expertise for the city’s newest global landmark
SAN FRANCISCO, February 11, 2015 – JLL announced today that it will lead a major effort to market and lease Park Tower at Transbay, San Francisco’s newest skyline-changing development. The announcement follows news that the tower will eventually rise on the landmark property formerly known as Block 5.
Park Tower at Transbay, a 50/50 joint venture between The John Buck Company and Golub & Company, will be a $690 million development strategically located in the heart of the Transbay neighborhood. Closer to the waterfront than any other ground-up office development in San Francisco, 70% of office space will enjoy striking water views and 14 floors will feature exclusive sky decks. Measuring over 700,000 square feet, the tower’s 2018 delivery date coincides with the projected completion of the adjacent Transbay Transit Center.
“Park Tower at Transbay is going to be a game-changing addition for companies looking for a world class headquarters building in San Francisco. The design is spectacular and the development concept is sustainable and imaginative. The project is representative of the two highly experienced development firms that are determined to provide an exponentially more powerful vision for workplace and community. They will drive the success of this key Transbay asset with financial muscle and a globally proven track record,” says Christopher T. Roeder, International Director for JLL.
Wes Powell points out that Park Tower at Transbay was designed to balance practical considerations such as efficiency with state-of-the-art building systems and iconic architecture. Powell notes it’s that harmony that distinguishes it from every other office building in San Francisco. “This development will undoubtedly take its place on the international stage next to other ground-breaking developments from across the globe,” explains Powell. Park Tower, he says, will feature a dramatic two-story lobby, 14 sky decks and floor-to-ceiling glass that offers unobstructed views of the San Francisco Bay, the city skyline and City Park – all built around an efficient superstructure system that combines both concrete and steel framing.
Roeder adds that the demand for this premium Class A space continues to be strong. “The San Francisco office market has experienced a dramatic increase in tenant demand from a variety of business sectors,” he says. That demand has driven almost five million square feet of net absorption and rental rate growth of almost 90 percent since 2010, and, he adds, that is the highest growth rate in the United States. “The South Financial District is the strongest office submarket in the United States, if not the world,” says Roeder, “and it needs a cutting-edge, state-of-the-art tower like this.”
Park Tower at Transbay will rise to a height of 605 feet and feature 43 floors. Located one block south of Market Street, and three blocks west of the San Francisco Bay, the building’s Transbay neighborhood location offers convenient access to every mode of transportation San Francisco has to offer. The property is also within walking distance of Moscone Convention Center, popular regional shopping destinations such as Union Square and Westfield Centre, as well as entertainment venues including AT&T Park, home of the San Francisco Giants.
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JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
Headquartered in Chicago, Golub has been providing commercial and residential real estate services throughout the United States and across Central and Eastern Europe for 50 years. The company has developed, owned or managed more than 45 million square feet of commercial space and 50,000 multifamily units within the United States and abroad, with total value exceeding 8 billion dollars. Golub’s business focus is on ground-up development, mixed-use environments and the acquisition of existing income-producing assets including office, residential, retail, hotel, industrial and undeveloped land. Over the past 10 years, Golub or its affiliates have developed or acquired properties in key markets all over the US. http://www.golubandcompany.com
About The John Buck Company
The John Buck Company was established by John Buck in 1981 and has since expanded into a vertically integrated real estate services firm that focus on high-density, urban commercial real estate. The firm has completed over $11 billion of real estate transactions and acquired, developed, or redeveloped over 40 million square feet of commercial property including office, residential, retail, mixed-use, and hotels. Over JBC’s history, the company has established a proven track record in evaluating real estate opportunities from a variety of perspectives including: investor, developer, and asset manager. www.tjbc.com