(EDITOR’S NOTE: According to two sources with direct knowledge of the sale, the price for the development site could reach $100 million. The developer assembled the five parcels that have been entitled for the project in 2014 and 2015 for a combined price of $63.59 million, according to public records.)
SAN FRANCISCO, May 30, 2018 – JLL’s Capital Markets experts announced the firm has been engaged to market One Oak, a site in the desirable Hayes Valley neighborhood that is fully-entitled for a 40-story, 318-unit luxury condominium tower.
Rob Hielscher, John Manning, Michel Seifer and Erik Hanson are leading the JLL Capital Markets team marketing One Oak, which was designed by world renowned architects Snøhetta and Solomon Cordwell Buenz, in collaboration with local developer BUILD and investment firm GTIS Partners LP.
“One Oak presents a rare opportunity to acquire and develop the only fully-entitled, zoned high-rise site in the fashionable Hayes Valley neighborhood, which will offer residents incredible, largely unobstructed city and Bay views in every direction. The building’s elegant design with its curved façade and floor-to-ceiling glass will complement the neighborhood and include numerous amenities designed for convenience and refined city living,” said Lou Vasquez of San Francisco-based BUILD.
San Francisco’s housing market continues to experience a housing shortage, with insufficient supply in the face of intense and growing demand. Since 2010, only 20,000 new housing units have been added in the city while 140,000 new jobs have been created. Residential demand pushed median housing prices up 23 percent year-over-year in April, with population growth in San Francisco continuing its upward trajectory, spurred largely by the sustained growth of technology companies and ancillary businesses in the city. At the upper end of the market, where luxury high-rise condominium projects can take years to gain entitlements, the demand-supply imbalance is particularly tight.
“One Oak will fill a void in the market at a central, transit-friendly and amenity-rich location, allowing its developer to deliver a unique residential experience that will redefine San Francisco living in one of the city’s most desirable neighborhoods at a time when no other comparable projects will be delivered to the market,” said JLL’s Rob Hielscher.
One Oak will provide residents with a true 24/7 live-work-play environment, featuring a state-of-the-art fitness center, a wellness center with plunge pools, sauna, a yoga-meditation room and spa services as well as a resident lounge and game room, expansive terraces, co-working space and more. The building will offer 24/7 valet parking for 136 vehicles and 318 bikes. One Oak’s well-conceived unit mix will appeal to buyers of various generations and price points, including studios, one- and two-bedroom units and several three-bedroom penthouses.
One Oak will rise prominently to 400 feet at the intersection of Market Street, Van Ness Avenue and Oak Street, and provide easy access to the five-star dining and high-end boutique shopping of Hayes Valley, and the numerous cultural attractions of the Civic Center Arts District, including the San Francisco Opera and Ballet, SF Symphony, SF Jazz and the Conservatory of Music. The site is served by light rail and the new Bus Rapid Transit along Van Ness giving residents easy access to downtown, the Mission District, and the resurgent Mid-Market office district.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers best-in-class solutions for clients – whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading, global professional services and investment management firm specializing in real estate. Our expert teams provide integrated services to clients seeking increased value by owning, occupying, developing or investing in real estate. Our vision is to reimagine the world of real estate and build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For more information, visit ir.jll.com.