Posted Apr 8, 2012, 4:39 AM
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Registered User
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Join Date: Jul 2011
Location: San Francisco
Posts: 613
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No new information, but Bloomberg has a statement from Tishman Speyer on Foundry III:
Tishman Plans San Francisco Offices as Tech Demand Surges
By Dan Levy - Apr 6, 2012 9:01 PM PT
Quote:
Tishman Speyer Properties LP plans to build a San Francisco office building without having a signed tenant, the city’s first speculative project since 2006, as demand for space surges amid growth at technology companies.
Tishman bought a parcel known as Foundry Square III in the South of Market district and will “move ahead immediately” with development, Jerry Speyer and Rob Speyer, co-chief executive officers of the New York-based firm, said in a statement. Tishman paid $37 million in cash for the land and $4 million for architectural drawings, and won’t need a loan to finance construction, said a person familiar with the plans who asked not to be named because the terms of the deal are private.
“Office-space demand and rent growth have been extremely strong in San Francisco,” the Speyers said in the statement to Bloomberg News. “In a very supply-constrained market, this creates an extraordinary opportunity for a developer with a prime site and the ability to build without delay.”
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The story also reiterates that 222 Second St. may be ready for construction in Q1 2013.
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