Cornish & Carey Commercial Newmark announced today that renowned Silicon Valley landlord, The Sobrato Organization (Sobrato), selected Cornish & Carey Commercial Newmark to market the firm’s first San Francisco property for lease. The 291,000 square foot (sf) Class A waterfront building is located at 500 Terry Francois Boulevard in the Mission Bay neighborhood of San Francisco. This property represents a rare opportunity for a single tenant to lease a large block of premium space in the city. Donnette Clarens and Mike Brown of Cornish & Carey Commercial Newmark’s San Francisco office, together with Jack Troedson of the firm’s Palo Alto office comprise the 500 Terry Francois Boulevard listing team.
“We feel very fortunate to have been chosen as the listing agent for one of the most desirable properties in San Francisco,” said Cornish & Carey Commercial Newmark Senior Vice President Donnette Clarens. “500 Terry Francois Boulevard is a newly constructed building strategically located in San Francisco’s center of technology and research and development. We are confident that this property will soon house one of the Bay Area’s technology giants.”
500 Terry Francois Boulevard is one of the few properties in San Francisco that offers a large block of contiguous space for lease. Currently, only seven buildings in the city offer leasing opportunities of 250,000 sf or more. Only four of those buildings are located in the technology-centric SOMA, or South of Market area, of which Mission Bay is a submarket. The Cornish & Carey Commercial Newmark listing team plans to market the unique, full building occupancy opportunity primarily to companies in the technology sector either already located in San Francisco or Silicon Valley or those looking to re-locate from out of the area.
Construction on 500 Terry Francois Boulevard was completed in 2008. It is in warmshell condition with ground floor common areas already constructed including an impressive lobby and large executive briefing conference area. Houston-based private-equity firm Lionstone Group who owned the building finalized its sale to Sobrato on Tuesday, May 17. Sobrato finalized its $91 Million purchase with privately-held San Francisco-based real estate development company TMG Partners acting as Sobrato’s advisor.
“Sobrato has built an extremely loyal tenant base,” added Clarens. “The firm prides itself on cultivating enduring relationships with its tenants, responds nimbly to any issues, and maintains the highest of property management standards. San Francisco is lucky to have Sobrato as a local landlord.”
Since 1953, Sobrato has played a pivotal role in shaping Silicon Valley with unique facilities that provide compelling benefits to forward-thinking companies. With the acquisition of 500 Terry Francois, the respected developer and landlord has extended its business to San Francisco. The firm is currently pursing other mid-Peninsula and San Francisco property ownership opportunities as well.
“We take pride in the fact that we have become the landlord of choice for Silicon Valley-based technology companies,” said Sobrato’s Director of Commercial Real Estate Mike Field. “As the SOMA market of San Francisco continues to attract leading technology companies, Sobrato aims to service our client base there as we have done so successfully in Silicon Valley.
Sobrato owns 86 commercial properties in Silicon Valley comprising nearly 7.6 million sf. The firm also owns 30 apartment communities totaling 7,300 units along the West Coast. Sobrato’s Silicon Valley tenants include Affymetrix, Apple, Broadcom, EMC, McAfee, Netflix, NVIDIA, Box.net, Citrix and Yahoo.
About Cornish & Carey Commercial Newmark
A dominant regional real estate force since 1935, Cornish & Carey Commercial merged in 2010 with Newmark, one of the largest independent real estate service firms in the world, to become Cornish & Carey Commercial Newmark. Regionally, more than 275 agents in 13 strategically located offices throughout Northern California create a powerful combination of people and services that uphold Cornish & Carey Commercial Newmark core values of integrity and knowledge. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For more information, visit: www.ccareynkf.com.
About Newmark
Newmark is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 220 offices in established and emerging roperty markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.