SAN FRANCISCO | 555 Mission Street | 482 FT / 147 M | 33 FLOORS

[SFView]

BTinSF has brought up some good points. Finding potential shooting locations depends on one's imagination, and time, ability and willingness to get there. Downtown Dave may continue to shoot the great close-ups we still like, but I agree that we should also see some more distant skyline setting shots of each of the SF skyscraper projects more often than we have recently. We need a better sense of scale and relationship to neighboring buildings as these buildings grow taller. This can come from any forumer who is able, including Downtown Dave at his own descretion. Sorry, I am just too busy to photograph new skyscrapers as often as I would like these days.

[BTinSF]

Friday, January 18, 2008
Tishman tower bags DLA Piper
Law firm set to go first
San Francisco Business Times - by J.K. Dineen

International law firm DLA Piper has tentatively agreed to be the anchor tenant at 555 Mission St., the speculative office tower Tishman Speyer is developing in downtown San Francisco.

DLA Piper signed a letter of intent to take 85,000 square feet in the 550,000-square-foot building. Under the deal, expected to close by the end of the quarter, DLA Piper would occupy floors 22-26 of the 33-story glass tower, which will be ready for occupancy by late 2008.

Leasing rates on a 10-year deal are approximately $75 a square foot, with the landlord providing about a $65-a-square-foot tenant improvement allowance, according to sources familiar with negotiations.

Neither Tishman Speyer nor DLA Piper would comment on the preliminary agreement. Brokers from Jones Lang LaSalle, which represents the tenant, also declined to comment.

The greenish glass-curtain tower rising at 555 Mission St. is San Francisco's first speculative office tower built since 2002, when Myers Development completed 101 Second St.

Since Tishman Speyer quietly began construction on the $357 million tower in spring of 2006, a number of other developers have jumped into the speculative office game. No fewer than three spec projects are going up in Mission Bay: 500 Terry Francois Blvd., 1500 Owens St., and a 175,000-square-foot addition at 185 Berry St.

In addition, Lincoln Property Co. plans to break ground this winter on the 350,000-square-foot 350 Bush St., and Beacon Capital reportedly will start construction in May on a 290,000-square-foot tower at 535 Mission St.

In breaking ground without fanfare more than 18 months ago, Tishman Speyer made an expensive gamble -- the building will cost at least $350 million to build -- that the city's vacancy rates would continue to drop while rents inch up. They have been mostly right. Since the beginning of 2006, vacancy rates in the central business district have dropped from 11.8 percent to 7.9 percent, while average rents have jumped from $33 to $50 a square foot.

DLA Piper leases 56,000 square feet at 153 Townsend St., space that would be subleased until 2012 when the firm's lease expires. The law firm has 3,600 lawyers in 64 offices in 25 countries and revenue of more than $1.5 billion.

The new building was designed by Kohn Pedersen Fox and Heller Manus Architects. Its exterior is glass curtain walls which incorporate a glass-and-metal fin into the vertical mullion. The building will feature an 11,000-square-foot plaza at street level. Tishman Speyer has registered the building for silver designation under the Leadership in Energy and Environmental Design criteria.

"The Tishman guys are very smart and professional -- they saw the market improving and committed early," said Jeffrey Heller of Heller Manus Architects. He said together with 560 Mission St. and 101 Second St., 555 Mission creates a "checkerboard" of distinctive office towers and street level open spaces.

"If you're going to have a lot of big buildings, you need to have open space to relieve it," he said. "This is going to be a really great sunny plaza."

Managing Partner Paul Stein of SKS Investments, which has completed a number of speculative development over the past decade, said "building spec is not for the faint of heart."

"The first deal is always the hardest," he said. "It's cold and there has to be somebody willing to jump in first."

Cornish & Carey Commercial Senior Vice President Nick Slonek said he has two tenants looking carefully at 555 Mission St., which he called "one of the nicest buildings in town."

"There are a lot of people waiting for the first deal to occur," he said. "Instead of Lewis and Clarking it, it's easier to listen to what Lewis and Clark have to say and go in after that."

With the tight credit markets and the economy possibly heading into a recession, Slonek doesn't see a flood of new speculative projects.

"I don't think anyone is going to build spec again anytime soon," he said.

jkdineen@bizjournals.com / (415) 288-4971

Source: http://www.bizjournals.com/sanfranci...ml?t=printable

This is very good news from so many perspectives. If this building can get leased, it will encourage other spec buildings to break ground. And then there's the mention of some of those buildings.

[peanut gallery]

Great news all the way around. I think I'm most excited about 535 Mission. If they're starting in May, we should see a notice posted in the next couple of months. At 290,000 sq ft, it's much smaller than I imagined. Still it will go a long way toward blocking out the pink hulk next to it. Speaking of which, I have to hand it to Heller for highlighting the actually nice buildings in the area and not dropping one of his buildings' names in there.

[BTinSF]

Originally Posted by peanut gallery

I'm most excited about 535 Mission. If they're starting in May, we should see a notice posted in the next couple of months. At 290,000 sq ft, it's much smaller than I imagined.

It's a pretty small footprint, really. I just wish I could find a new rendering. Maybe I'll work a bit on that.

[peanut gallery]

That's true. I realized that today walking past the lot. It's much thinner than 555 Mission -- perhaps half as wide along Mission -- so it will have much smaller floorplates.

[peanut gallery]

At lunchtime today:


With Millennium in the background:








Within the Mission streetwall:


Progress on the glass:


And how much further they have to go:




I was wrong about the brick wall; they are not quite done yet. They are continuing it right up to the first set-back on that side. I thought they might do glass at the very top of that section as it is visible from the east. Although, I suppose they might cover the brick with glass, at least at the very top here:

[Reminiscence]

Great update. This one is looking good as always. Regarding the wall, according to the virtual tour of Tishman Speyer's own, it looks like the wall will cover that last floor as well, up to the setback.

[BTinSF]

Very helpful. Thank you. I'm liking 555 more and more, but I thought 301 would have more or the glazing done and actually it doesn't look as tall as I hoped (it's just fatter than ORH).

[Downtown Dave]

Wide angle:

Note the distinct difference in the glass on the side of the building caused by reflections from its next door neighbor. I wonder if 535 Mission will take into consideration how it will look reflected in 555 and vice versa.









An army of cement trucks on the scene today:

[BTinSF]

^^^Oooooh! Cemex. Carlos Slim adds to his billions.

Were they pouring the plaza (open space)?

Anyway, thanks again for the new shots.

[Downtown Dave]

There is a concrete pumper behind them; I presume it was for something inside the building.

[ltsmotorsport]

Elevator shafts maybe?

[viewguysf]

Originally Posted by BTinSF

Very helpful. Thank you. I'm liking 555 more and more, but I thought 301 would have more or the glazing done and actually it doesn't look as tall as I hoped (it's just fatter than ORH).

It will be interesting to hear what you think when you view everything in person after having been away for so long. Personally, I think that the Milleneum Tower looks amazingly tall and slim from many angles and find it to be a great addition to the skyline. My view down Mission Street is certainly enhanced by it and it looks awesome at night from Castro Street and on down Market with all of its construction lights blazing.

I'm also really liking 555 and The Infinity; all three of these make ORH look a little on the boring side to me. I hope that the current economic downturn doesn't delay construction of its mate, which should add interest to that complex.

[northbay]

Originally Posted by Downtown Dave

Wide angle:

the sculpture in the plaza always puzzled me (i like how it moves). im LOVIN the bamboo against the building tho.

Originally Posted by Downtown Dave

this is absolutely stunning (picture-wise and architecturally).

[Downtown Dave]

Views from yesterday. Horrible lighting, but at least it wasn't pouring.

The wall above the small building next door is fugly. I certainly hope something is done with it.







Views down the street:

[Downtown Dave]

I hate this wall. Jamie, if you are still out there, can you find out if they intend to hide this somehow?











They seem to be installing the same sort of window washing system as One Rincon:

[Downtown Dave]

Jamie's husband was kind enough to explain to me via PM what the deal is with this wall. In this cropped photo you can see that there are a bunch of grey panels staged up there. These will cover up the exposed brickwork we see at present:

[SFView]

The mounting clips for the facade panels are visible along the top line of the concrete block wall.

[CityKid]

Taken by me today.

Here's that canyon we keep talking about:


Canyon from 3rd & Mission:


From Pine & Front:


From Presidio Ave & Geary:

[JAC6]

Hello. I've been lurking as an interested layperson for a while, but have never posted. I live in SF and work downtown and these pictures were taken from about the 30th floor of a nearby building. They are from Sunday (1/27/08) during our recent stormy weather. So the photos are a bit dark and, of course, they were taken out a window. But I think they provide a slightly different perspective than some of what we've seen lately.