DALLAS (July 20, 2012) – Global alternative asset manager The Carlyle Group (Carlyle) and real estate developer Cypress Equities companies* (Cypress) today announced they will develop a 250,000-square-foot, multi-level retail center at 935 to 965 Market Street in the acclaimed shopping district of San Francisco. The 1-acre site, formerly known as CityPlace, will be rebranded Market Street Place. The project is fully entitled, groundbreaking is slated for the fall of 2012 and the grand opening is scheduled for the first quarter of 2015.
The six-level urban redevelopment project, located on the south side of Market Street between 5th and 6th, will feature an exterior facade of translucent glass that captures fragmented images of the streetscape while providing a peek into the shopping experience inside. The building will offer retailers exceptional street presence with up to 270 feet of frontage, as well as ceiling heights up to 18 feet and large floor plates of up to 45,000 square feet.
“Cypress is proud to have the opportunity to develop another vibrant retail destination that will surely attract more shoppers to the Mid-Market Street corridor,” said Chris Maguire, CEO of Cypress Equities. “With the development of Market Street Place, we look forward to further enhancing the appearance of the neighborhood and the streetscape west of Fifth Street.”
Cypress will develop the project and Carlyle is the lead equity partner. In the past, Cypress and Carlyle have partnered on 24 different real estate deals as well as mixed-use and large-scale retail projects within the United States — most recently, West 7th in Fort Worth, Texas, and Village at Leesburg in Leesburg, Virginia.
“This desirable location just steps from public transportation provides destination retail options for shoppers in the heart of San Francisco. We are pleased to again team with Cypress Equities, which has a successful track record in retail development and project management,” said Paul Brady, Managing Director at The Carlyle Group.
SRS Real Estate Partners will serve as the retail leasing representative for Market Street Place.
About The Carlyle Group
The Carlyle Group is a global alternative asset manager with $159 billion of assets under management in 94 active funds and 63 fund of funds vehicles as of March 31, 2012. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has developed expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,300 people in 32 offices across six continents. www.carlyle.com.
About Cypress Equities
The Cypress Equities brand was first conceived in 1995 and launched as a suite of companies serving as development affiliates of The Staubach Company. The portfolio grew quickly, and the Cypress Equities brand established its own national reputation synonymous with the premier development, operation and management of destination-class retail and mixed-use properties throughout the U.S. Its portfolio of projects primarily consists of commercial development, investment and sale-leaseback transactions, including more than 10 million square feet of retail, office, residential and automotive real estate. Today, there are six Cypress Equities offices throughout the U.S., including Dallas (headquarters), New York, San Francisco, Chicago, Atlanta and Fort Lauderdale. Visit www.cypressequities.com for more information.