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  #1  
Old Posted Jan 18, 2008, 11:08 PM
BTinSF BTinSF is offline
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SAN FRANCISCO | 350 Bush St. | 230 FT / 70 M | 19 FLOORS

As this building may be about to start construction but has no thread I can find, I figured it was time it got one. I can't find the height but office buildings typically have around 12 or 13 ft per story so, using the lower estimate, this one would be about 228 ft. (12' x 19 stories) plus crown.

Note the adaptive reuse of the Mining Exchange building:




Both renderings from http://www.hellermanus.com/portfolio...%22%24H0%24%0A

Quote:
Friday, September 21, 2007
Lincoln set to build after record buy
Shorenstein partnership sells downtown parcels for $60M
San Francisco Business Times - by J.K. Dineen


Paying a record price for land in downtown San Francisco, Lincoln Property Co. has acquired office building sites at 350 Bush St. and 500 Pine St. for more than $60 million and plans to start driving piles as soon as next spring on a speculative basis.

The seller was a partnership of Shorenstein Properties, the Swig Co., and Weiler & Arnow Management Co. The three family-owned real estate corporations had assembled the sites over the course of four decades and received approvals for the projects six years ago.

The price, more than $150 per buildable square foot, reflects both the difficulty of entitling office projects in downtown and the fact that the parcels are the only two office building sites remaining in the north financial district.

Lincoln Property Executive Vice President John Herr said his company would start construction "as soon as possible" on the two buildings, a 19-story, 350,000-square-foot tower at 350 Bush St. and a five-story, 50,000-square-foot structure at 500 Pine St. The two buildings would cost about $250 million to develop, based on current construction costs.

"We believe the San Francisco office market is and will remain one of the strongest office markets in the country," said Herr. "It has proven itself with the level of investment sales over the last 18 to 24 months. The opportunity to build institutional quality, class-A office buildings in a premier location amidst strong demand and limited competition we found to be very compelling."

Lincoln, which owns 601 California St. and Waterfront Plaza, has hired Bill Cumberlich of the CAC Group to lease the new buildings. Lincoln's financial partner on the deal is ASB Capital, a union pension fund adviser based in Bethesda, Md.

The decision to sell was motivated by the fact that the three family-owned companies are each busy on other projects and were not in a position to "co-develop," particularly on speculative basis, according to Shorenstein Executive Vice President Tom Hart and Swig CEO Jeanne Myerson.

Hart said that the unloading of 350 Bush St. should not be seen as a signal that Shorenstein is not committed to San Francisco. Shorenstein and SKS Development are building a 450,000-square-foot biotech campus for FibroGen in San Francisco's Mission Bay, and the firm is negotiating with the Port of San Francisco to build a recreation complex with office space and a ferry terminal at Piers 27-31. Shorenstein started out as a San Francisco developer and has evolved into a national real estate fund sponsor.

"Everyone's first reaction is Shorenstein is pulling out of the city," said Hart. "This was an old, longtime partnership of more than 40 years, and each of us has migrated to other platforms and business plans. It was better to sell than co-develop something."

The Swig and Shorenstein companies still jointly own the Russ Building at 235 Montgomery St., which Shorenstein is moving to from 555 California St.

Myerson said it was hard to part with the sites, which took more than three years to take through an excruciating, complex approval process. But it was important to find a developer willing to break ground without a tenant in hand.

"Lincoln is going to do a very good job, and we are thrilled they are going to move ahead on a spec basis, which is what you need to do with a property like that," she said.

HellerManus designed both buildings. The Bush Street design incorporates the historic terra cotta façade, pediment and columns of the Mining Exchange building on the site and includes outdoor balconies and a 120-car garage. The 500 Pine St. project includes a rooftop garden connected to St. Mary's Park. Under the city approvals, the two buildings must be developed simultaneously as the developers agreed to expand the green space at 500 Pine St. as mitigation for shadows 350 Bush St. will cast on St. Mary's Park.

Herr said the design would not change.

"Our intention is to build the building that was approved by the Planning Commission with no material modifications," said Herr. "We think it's a high-quality design and will be well-received in the marketplace when completed."

There is one speculative highrise under construction downtown, Tishman Speyer's 555 Mission St., scheduled for completion in late 2008. Along with Beacon Capital Partners' 535 Mission St., approved last month, 350 Bush is the lone office highrise likely to be delivered in 2009. Other major proposed office projects -- 181 Fremont St., 350 Mission St., 222 Second St., 50 First St. -- are unlikely to be completed before 2010 or 2011.

While the California Street canyon still represents the spine of San Francisco's business community, the south financial district has been gaining ground in recent years. The two most well-regarded office towers constructed in the past decade -- 560 Mission St. and 101 Second St. -- are both along South of Market's dynamic and rapidly developing Mission Street, as is Millennium Partners new condo tower and Daniel Libeskind's Jewish Contemporary Museum, with its blue metal cube popping out of an old brick power station.

The new Transbay Terminal and Tower, which could add as much as 1.5 million square feet of office space by 2012, will further solidify Mission Street as the center of the city's economic engine.

But HellerManus Principal Jeffrey Heller said the traditional northern financial district still has an allure. The Bush Street building will be next to Belden Place's outside dining and offer views of nearby Union Square and Nob Hill.

"I think 350 Bush really completes that area around the BofA and that hopefully it'll be a gemstone," said Heller.


The hole at 350 Bush--Bank of America Building in background

jkdineen@bizjournals.com / (415) 288-4971
Source: http://sanfrancisco.bizjournals.com/....html?page=2#1

Quote:
Lincoln Property Co. plans to break ground this winter on the 350,000-square-foot 350 Bush St.
Source: http://www.bizjournals.com/sanfranci...21/story2.html
     
     
  #2  
Old Posted Jan 19, 2008, 12:00 AM
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The 350,000 (approx) square feet is supposed to break down into 7,300 square feet of retail and 340,000 square feet of office. There are also supposed to be two levels of underground parking with 135 spaces.

There used to be a really cool fly-by on www.350bush.com, but that site seems to be gone.
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  #3  
Old Posted May 20, 2008, 8:02 AM
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I walked by here today half expecting to see some serious activity. I figured it was a site we have mostly ignored because none of us pass it regularly. But, to my great disappointment, it looks just like the "hole" pictures above. Nothing at all happening.

Still, the Business Times keeps insisting:

Quote:
Finalist: 350 Bush St.
San Francisco Business Times

At last, two big holes in San Francisco's financial district will be home to new development.

Lincoln Property Co. bought vacant lots at 350 Bush St. and 500 Pine St. for an estimated $70.5 million last year with plans to build office space.

The sellers were a partnership of Shorenstein Co., the Swig Investment Co. and Weiler & Arnow Management Co. The family-owned real estate firms had assembled the sites over the course of four decades and got approvals for development in 2001.

But the companies were too busy with other projects to focus on 350 Bush and 500 Pine.

For Lincoln Property, the sites were ideal, said John Herr, executive vice president. "We're very familiar with San Francisco and we believe in the fundamentals of it.... The demand will continue to be strong (for office space) on a long term basis."

Herr said Lincoln Property expects to have its space built by 2010.
Source: http://special.hemmings.com/sanfranc...1/focus32.html

All I can say is, they've got 2 1/2 years--they better start digging soon.
     
     
  #4  
Old Posted May 20, 2008, 3:14 PM
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I've been walking by every couple of weeks, but haven't posted anything because as you saw nothing is happening. Part of the project is rehabbing the old Exchange building, so I've expected to see some work on that. It's been disappointing.
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  #5  
Old Posted Aug 30, 2009, 1:10 AM
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What ever happened to this one? In any case , i stumbled upon these newer renderings of 350 bush while browsing through the heller manus website; looks good.

http://www.hellermanus.com/imagezoom...%23%24HG%22%0A

http://www.hellermanus.com/imagezoom...%23%24HG%22%0A

http://www.hellermanus.com/imagezoom...%23%24HG%22%0A
     
     
  #6  
Old Posted Aug 30, 2009, 7:11 AM
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I believe that their entitlements expired. Someday that site will be developed but it will take another boom.
     
     
  #7  
Old Posted Sep 1, 2009, 3:38 AM
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Quote:
Originally Posted by BTinSF View Post
I believe that their entitlements expired. Someday that site will be developed but it will take another boom.
Even better would be if a new developer could snag an adjacent property and could use that to have a larger/taller/better building on this site.
     
     
  #8  
Old Posted Oct 15, 2009, 11:19 PM
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More updates...

What's the official story on this project?
     
     
  #9  
Old Posted Jun 12, 2010, 6:28 PM
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Who could have guessed that of all the projects on hold in San Francisco, this one might arise, vampire like, from its coffin?

According to the SF Business Times ( http://sanfrancisco.bizjournals.com/...14/story3.html ), The Government Accountability Office (GAO) has told the General Services Administration (GSA) to go ahead and pick from among the 3 bids it got for a west coast HQ for the Environmental Protection Agency (EPA)--one of which was a build-to-suit structure at 350 Bush.

Furthermore "The original solicitation had determined that 350 Bush St., the new structure designed by HellerManus, 'represented the best value for the government,' according to the GAO ruling."

However, while GSA was in process of negotiating and finalizing a lease, which would have caused the building to be constructed, the recession hit and GSA determined that “an updated market survey indicated that there was substantial new vacant inventory on the market” which might be cheaper than the 350 Bush bid. So they halted the leasing process.

GAO is now telling them to reanalyze all bids--350 Bush, 370 Third and 1355 Market (at 9th). And if they determine all 3 are too high (and GAO lets them start a new bidding process), guess who is also likely to be in the running: 535 Mission.
     
     
  #10  
Old Posted Jun 13, 2010, 4:30 PM
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Either one would be great. I like the design for 535 Mission a lot more, but this would fill a really glaring hole in the heart of the financial district.
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  #11  
Old Posted Jun 12, 2011, 10:28 AM
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Did 350 Bush ever get built?
     
     
  #12  
Old Posted Jun 12, 2011, 4:44 PM
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No it didn't, and there's no real news on any of the other threads you asked about. A lot of them are still working through the approval process. But most won't be built until the housing or commercial markets get a little stronger, which will hopefully loosen up the financing required to build them. Trust me, if there's a shred of news out there one of us will post it.
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  #13  
Old Posted Jun 12, 2011, 5:48 PM
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I'm pulling for you guys to get out of this mess. But it looks far more structural than any political or financial remedy will quick fix. The American consumer needs to regroup pay down debt (as well as the government) before there is the confidence and credit to build all these proposals in SF and other US cities.
     
     
  #14  
Old Posted Nov 19, 2013, 8:44 AM
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I think we talked about this in the run-down thread, but might as well bring its own thread up to speed

new render...



... and Curbed said
Quote:
Though there's no word on any exact timeline for completion, rather optimistic projections of a 2015/2016 delivery are floating around the web.

Last edited by timbad; Nov 19, 2013 at 8:54 AM.
     
     
  #15  
Old Posted Apr 25, 2014, 5:52 AM
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Things have gotten so hot that even this one is back in the news -- with a new rendering. From SocketSite:



A joint venture has been formed to finally develop this site.
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  #16  
Old Posted Apr 25, 2014, 6:09 AM
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I'm nervous about this. I nickname this building "The Raven" because every time it is about to begin construction, the economy collapses.
     
     
  #17  
Old Posted Apr 25, 2014, 7:29 PM
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^No kidding. I'm not expecting this to actually get started this cycle, but who knows? There is also a new rendering of the related property across the intersection that Lincoln also owns:


Source: SocketSite.

Part of the deal in getting 350 Bush entitled way back when was building out this corner, incorporating the roof as part of St. Mary's Square. Thus, it's only 4 stories.
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  #18  
Old Posted Apr 25, 2014, 7:52 PM
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^Amother urban fatality thanks to the lunacy of Prop K.
     
     
  #19  
Old Posted Apr 25, 2014, 8:37 PM
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actually, it's not all bad that it's going low rise on the corner of kearny and pine - in a decade or two, when the attitudes toward development in sf have changed radically, it'll be a great site to redevelop.
     
     
  #20  
Old Posted Apr 26, 2014, 9:42 PM
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Quote:
Originally Posted by wakamesalad View Post
^Amother urban fatality thanks to the lunacy of Prop K.
Not really--the square will be greatly enhanced and it already provides cool views. Overall, I'm happy with this project in all aspects since it will be a great improvement at both sites and bring renewed vitality to the Kearny Street area of the Financial District. Remember that Kearny does not have any highrises along it for blocks as it is.
     
     
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