1125 Market St, San Francisco


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1125 Market Street represents a unique opportunity to acquire a residential development project in the heart of the Mid Market and Civic Center/Van Ness
Corridor districts of San Francisco. The property benefits from its proximity to all that San Francisco has to offer with major freeway and mass transit access points to North Bay and the Peninsula.

1125 Market Street is being offered without an asking price.

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1125 Market St, San Francisco

  1. 1. 1125 Market1125 MARKET STREET Street San Francisco, CA Ma rke tS t Confidential Offering Memorandum St h 8t PRESENTED David Wientjes Clayton Jew BY 415.229.8969 415.229.8920 davidw@kiddermathews.com cjew@kiddermathews.com LIC #00869637 LIC #00834308
  2. 2. t St rke Ma1125 MARKET STREET ter St McAllis Golden Gate Ave
  4. 4. 1125 Market Street | San Francisco, CAContents1. Executive Summary • Offering Overview • Project Description • Investment Highlights • Location Map2. Project Description • Assumptions • Site Plan3. Density Analysis4. Location • San Francisco Area • Notable Mid Market Projects5. Market Overview • Apartment Market Snapshot • Downtown San Francisco Residential Pipeline • Entitled ProjectsThis information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee,expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification Page 4of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney,accountant, or other professional advisor.
  5. 5. 1125 Market Street | San Francisco, CAExecutive Summary Page 5
  6. 6. 1125 Market Street | San Francisco, CAExecutive SummaryOFFERING OVERVIEW1125 Market Street represents a unique opportunity to acquire a residentialdevelopment project in the heart of the Mid Market and Civic Center/Van NessCorridor districts of San Francisco. The property benefits from its proximity toall that San Francisco has to offer with major freeway and mass transit accesspoints to North Bay and the Peninsula.Price1125 Market Street is being offered without an asking price.Offering ProcessAll Offers should be delivered to the offices of the Advisor, Kidder Mathews,attention David Wientjes or Clayton Jew, by fax at 415-229-8987 or e-mailat davidw@kiddermathews or cjew@kiddermathews.com. We request thatinterested parties submit a formal Letter of Intent (“LOI”) on the Offer Dateoutlining their company background along with the salient terms by whichthey intend to purchase the Property, including purchase price, deposits, duediligence period, and closing period. Page 6
  7. 7. 1125 Market Street | San Francisco, CAPROJECT DESCRIPTION • Approved payroll tax incentives on new jobs, luring employers to immediate area• Established and highly desirable location • Lack of developable land and strict land use controls hindering new• Outstanding demographics developmentINVESTMENT HIGHLIGHTS • In proximity to a number of colleges including the Academy of Art University, California Art Institute, Hastings College, and Dugoni School of• 2 blocks from Market Square, headquarters for Twitter Dentistry• Existing 12,401 square foot site (no demolition required)• Within the emerging Central Market Corridor, home of Twitter and notable residential projects such as Crescent Heights, Avalon Bay and Trinity Plaza• Immediately adjacent to the Strand Theater recently purchased by ACT theater• Located next to Hayes Valley - noted for outstanding urban living, world class restaurants and nightlife, urban agriculture and community ethic• Bordering Civic Center and Van Ness Corridor, the cultural heart of San Francisco• BART and Muni entry in front of property• Economic recovery in full swing 1355 Market Street | Home of Twitter and Yammer• Easy access to 101 and 280 freeways Page 7
  8. 8. 1125 Market Street | San Francisco, CALOCATION MAP CA Art Residential Development Proposed SF PUC 50 UN Institute California PUC Headquarters Asian Plaza (Federal) 1 1 1 Polk - The Argenta r S tr e e t Art Museum 1125 MARKET STREET 179 Units M c A ll is te 2 10th & Market - Crescent Heights ACT Civic Theatre 2 750 Units ld l B era Center Plaza 16,000 SF retail g Herbst ce d ffi Fe Theater (845 Parking O w SF Spaces) 3 Trinity Developments e N City Hall SF Main Public Library 1,900 Units 60,000 SF retail t ree 7 3 4 1390 Market - Fox Plaza li n S t War Memorial Opera House S tr e e t 3 230 Units G ro v e ue 5 77 Van Ness Frank Bill Graham Aven Civic 4 48 Units 8t Auditorium 1275 Market h Divco West 6 55 Page Street - The Hayes S Davies ess tr Symphony 128 Units ee Hall t Va n N Academy 7 SoMa Grand of Art 4 5 University et 8 246 Units S tr e e t e Hayes Emerald tr 9t 8 55 9th Street - Avalon Bay S Fund 1 et h S 6 260 Units Development k 400+ Units ar tr ee M Market Square t (Twitter) eet F e ll S tr 5 1.1M SF 7 2 8 on San Francisco 1455 Market Conservatory i ss of Music Hudson Pacific i tr e e t M Oak S 11 th City of SF S Muni tr Headquarters ee t tr e e t Page S 6 Page 8
  9. 9. 1125 Market Street | San Francisco, CAProject Description Page 9
  10. 10. 1125 Market Street | San Francisco, CAProject Description122 UNIT DENSITY STUDY Page 10
  11. 11. 1125 Market Street | San Francisco, CAASSUMPTIONSMunicipal Address 1125 Market Street, San Francisco, CA (Northside, between 7th and 8th Streets)Zoning (Market Octavia Area Plan) C3G (Downtown General Commercial District)Parcel Number Block 3702 - Lot 047Height and Bulk Limit 120-X (No Bulk)Dwelling Unit Density 1 dwelling unit for each 125 SF of lot area is a permitted use. A greater density, limited by the discretion of the Planning Commission, is a conditional use. A greater density, limited by the discretion of the Planning Commission, is a conditional use.FAR 6.0 to 1 (without TDR’s), 9.0 to 1 (with TDR’s)Maximum FAR 1.5 x basic FAR = 1.5 x 6.0 = 9.0 The gross area of the lot in the C-3-R, C-3-S % C-3-G Distircits may not exceed a floor area that is 1 1/2 times the basic area limit for the district. Therefore it may only reach a maximum of 9.0 to 1.Parking Off-Street Parking: Residential - Not required in any C-3 district, Non-Residential - Not required in any C-3 district Maximum Parking Allowed: Permitted up to one car for each four dwelling units; up to 0.75 cars for each dwelling unit, subject to the criteria and procedures of Section 151.1(f); not permitted above 0.75 cars for each dwelling unit. Bicycle Parking: For projects up to 50 dwelling units, one Class 1 space for every 2 dwelling units. For projects over 50 dwelling units, 25 Class 1 spaces plus one Class 1 space for every 4 dwelling units over 50.Site Size (Per Realquest) 165 feet x 75.167 feet = 12,402.56Allowable Conditional Uses Residential, Retail, Entertainment, WholesaleHighest and Best Use Residential Apartments/CondosStreet Frontage Market Street - 75.167’ Page 11
  12. 12. 1125 Market Street | San Francisco, CASITE PLAN1125 Market Street is located on the block bounded by 7th and 8th Streets and Stevenson Street. The Property is located and referred to by Assesor’s Numbers3207-047. The site is a rectangular shape containing ±12,401 square feet (.28 acres) of land. Page 12
  13. 13. 1125 Market Street | San Francisco, CADensity Analysis Page 13
  14. 14. 1125 Market Street | San Francisco, CADensity Analysis1125 MARKET STREETSan Francisco, CAAstoria Properties LLCHeller Manus ArchitectsMarch 27, 2012AREA SUMMARY PARKING OPEN SPACE UNIT MIX Resid. Unit Resid. Unit Resid. Residential Residential Level NSF GSF Common GSF Retail GSF Parking GSF Mech. GSF Total GSF Parking Stalls Bicycle Stalls Common Private Retail JR 1 BR 1 BR 2 BR # Units Level R 560 560 5,856 R 12 6,830 10,045 10,045 7 3 1 11 12 11 6,830 10,045 10,045 7 3 1 11 11 10 6,830 10,045 10,045 7 3 1 11 10 9 6,830 10,045 10,045 7 3 1 11 9 8 6,830 10,045 10,045 7 3 1 11 8 7 6,830 10,045 10,045 7 3 1 11 7 6 6,830 10,045 10,045 7 3 1 11 6 5 6,830 10,045 10,045 7 3 1 11 5 4 6,830 10,045 10,045 7 3 1 11 4 3 6,830 10,045 10,045 7 3 1 11 3 2 6,790 10,045 10,045 10 2 0 12 2 1 3,500 8,365 11,865 1 B 11,940 11,940 19 43 BTOTAL 75,090 110,495 3,500 8,365 11,940 560 134,860 19 43 5,856 0 0 80 32 10 122 UNIT TYPES JR 1 BR 1 BR 2 BR Total UNIT RATIOS 65.6% 26.2% 8.2% 100.0%FAR CALCULATIONS: OPEN SPACE CALCULATIONS:Building GFA = 110,495 GFA (excludes retail, parking and mech. penthouse) Residential:Site Area = 12,401 SF Total Units = 122 unitsFAR = 8.91 Common Open Space Required = 122 units x 48 sf =5,856 sf Common Open Space Provided = 5,856 sfTDR CALCULATIONS: Retail:Base FAR = 6 Open Space Required = 8,365 sf / 50 = 168 sfBase FAR + TDR = 8.91 Open Space Provided = 0 sfTDRs Required = 36,089 SF (This is assumed being covered by paying an in-lieu open space fee)Assumptions:1. Residential Unit NSF areas are taken from paint-to-paint within each of the units.2. The rear yard (sec. 134) and dwelling unit facing an open area (sec. 140) requirements will require asking for exceptions to the Planning Code. Page 14
  15. 15. 1125 Market Street | San Francisco, CALocation Page 15
  16. 16. 1125 Market Street | San Francisco, CALocationSAN FRANCISCO AREA or Western Addition rrid Fillmore Co Financial ss Union Ne Square District Civic Van Hayes Center Valley Yerba Octavia/ Buena Market 1125 MARKET STREET SoMa Castro Mission Page 16
  17. 17. 1125 Market Street | San Francisco, CAThe vibrant and dynamic San Francisco Bay Area is equidistant to Europeand Asia, making it a strategic location for global businesses and one ofthe leading centers for international commerce. The city of San Francisco issituated on a 46.6 square mile peninsula bordered by the Pacific Ocean to thewest, Marin county to the north, and San Francisco Bay’s vast deep-waterharbors to the east. The Bay Area’s long standing cultural and commercialties with Asia provide a unique competitive advantage for sustaining SanFrancisco’s status as the gateway to the Pacific Rim.San Francisco is the commercial center of the nine-county Bay Area regionand is the 24th largest economic market in the world. With over seven millionresidents, the San Francisco Bay Area is the 5th largest metropolitan area inthe United States and world famous for its scenic beauty, 24-hour “live/work/play” environment and unparalleled amenity base downtown.Forbes magazine indicates that San Francisco and the Bay Area remainamong the top areas in the country for growth in jobs, income and output. boasts great diversity, with substantial financial services, professionalBecause of these and other factors, San Francisco emerged from the services, technology, real estate, entertainment, consumer goods, advertising,recession of the early 1990’s and 2008 as one of the most dynamic and biotechnology, tourism, education and engineering sectors. San Franciscodesirable places to visit, live and work in the world. It is not surprising that boasts one of the most highly educated and diverse work forces in the worldPrice Waterhouse Cooper’ “Emerging Trends in Real Estate,” a survey of over and the San Francisco Bay Area owes much of its economic success to its150 investors, owners and other experts in the U.S. has repeatedly named extraordinary human capital.San Francisco as one of the most desirable targets for investment. Hometo nearly 800,000 residents (projected to grow to 957,000 residents by the Local companies have access to a large pool of creative, motivated, andyear 2035), San Francisco is the Bay Area’s most densely populated city with highly educated candidates: 42 percent are college graduates and 78 percentnumerous major publicly traded and private companies and is among the have high school diplomas. The depth and quality of the labor pool are duemost popular cities in the world to live, work and visit. The City’s economy Page 17
  18. 18. 1125 Market Street | San Francisco, CAin part to the fine colleges and universities located in the region, including the • Firms such as Apple, Oracle, Cisco and Intel make the San Francisco Bayworld-class University of California at Berkeley, the University of California Area the nation’s leading producer of computer hardware and software. Inat San Francisco and Stanford University. The work force earns a per capita addition, leading internet companies including Google, eBay and Yahoo!income 12 percent higher than the statewide average and 37 percent higher maintain their headquarters in the Bay Area.than the national average. Recognizing local academic talent, Bay Area • Leading Bay Area universities such as UCSF, UC Berkeley and Stanforduniversities receive many corporate research grants , which typically flow to are attracting to the Bay Area the world’s greatest concentrationstop-tier universities. Ten Bay Area universities invest a combined $650 million of biotechnology and life science companies. The majority of theseannually on bioscience research alone. companies are located along the San Francisco Peninsula, from Mission• The Wall Street Journal declared San Francisco as the number one Bay in San Francisco to San Jose. desired location for recent graduates from the nation’s top business schools.• In San Francisco, job growth averages 10,000 new jobs a year with unemployment well below the state and national figures.Economic Highlights• The Bay Area has long been recognized as one of the most important innovative and rapidly growing high-technology sectors such as computer and biotechnology, unparalleled access to capital markets including the most active venture capital market in the world.• Twenty-eight Fortune 500 and fifty-three Fortune 1,000 firms have their corporate headquarters in the Bay Area. Major international corporations, banks, financial services companies and venture capital firms are located in the region that collectively provides the necessary capital to fund the region’s economic strength. Page 18
  19. 19. 1125 Market Street | San Francisco, CASan Francisco Premier Tourist DestinationSan Francisco is consistently viewed as one of the world’s premier touristdestinations and receives over 17 million visitors a year. Visitor and conventionspending generates over $8.5 billion annually. The Moscone Center andMoscone Center West host conventions throughout the year drawing in peoplefrom around the globe. About 60 percent of San Francisco’s visitors attendconventions.The San Francisco lodging market has performed exceptionally well inthe past twelve months, and according to Smith Travel Research, the SanFrancisco-San Mateo lodging market ranked third among the top 25 marketsnationwide in overall market RevPAR only behind New York and Honolulu.Comprised of a total of approximately 51,900 guestrooms in 398 properties,the San Francisco area’s numerous tourist attractions, expansive meeting andconvention facilities, and a diverse economy makes the region one of the toplodging destinations in the country. Moscone Center Page 19
  20. 20. 1125 Market Street | San Francisco, CALocation Overview1125 Market Street is located within the Mid Market District and borders theVan Ness/Civic center neighborhood in the center of the city, where MarketStreet and Van Ness Avenue intersect. It is also in proximity to Hayes Valley,SoMa, San Francisco’s downtown area, Union Square and Moscone Center.The Renaissance of Central MarketCentral Market, an area bounded by Van Ness Avenue, is undergoing anextraordinary renaissance due to it’s proximity to a vital transportation corridoralong Market Street, the increased demand for housing and commercial officespace due to the technology boom and the city of San Francisco’s focus to Trinity Plazarevitalize Central Market Street.The San Francisco Board of Supervisors passed a payroll tax exemption inApril 2011 which provides a six-year tax break for new employees hired atcompanies that move to an office location in the Central Market corridor.The tax break has attracted the world headquarter offices of Twitter to lease215,000 square feet at Shorenstein’s 1 million square feet at 10th and MarketStreets. Other growing technology and creative companies are following suchas Zoosk, Yammer, ZenDesk, Burning Man, CallSocket and One King’s Lane.The revitalization of Central Market are motivating major institutional investorsto invest substantial capital into existing buildings such as Hudson Pacific,Shorenstein, Behringer Harvard, and TMG/Divcowest. Crescent Heights Avalon BayMajor residential projects are either in construction or breaking groundincluding Trinity Plaza, Crescent Heights and Avalon Bay. Page 20
  21. 21. 1125 Market Street | San Francisco, CACivic Center1125 Market Street is located in proximity to the Civic Center neighborhoodwhich contains many of the City’s largest government and cultural institutions.The area has a total of 6.5 million square feet of office space. Civic Centercomplex is seen as the cultural heart of San Francisco and the City hasinvested heavily in the area over the recent years including a new SymphonyHall, a renovated Opera House, a new Asian Arts Museum, a new libraryand a renovated City Hall. The private sector has supplemented this withdevelopment of luxury housing, a commercial office space and amenities.Performance venues such as Bill Graham Civic Auditorium and the Orpheumadd to the excitement of this district. Civic Center still remains the heart ofSan Francisco as witnessed by the numerous political events, annual festivals,and massive parades such as the San Francisco Giants World Championshipcelebration. Argenta Page 21
  22. 22. 1125 Market Street | San Francisco, CANOTABLE CENTRAL MARKET PROJECTS STATUS/ PROCESS USE UNITS/SIZE DEVELOPER COMPLETION1 100-150 Van Office ±600,000 SF to Emerald Fund In Planning 1125 MARKET STREET Ness be redeveloped Advisor 101 Hayes into residential2 150 Hayes Office ±130,000 SF Academy of Arts In Planning 11 12 University3 The Argenta Residential 179 apartments Behringer Harvard Completed 94 Archstone Fox Residential 443 apartments Archstone In Planning 2 Plaza 1 4 105 1455 Market Office +1 million SF Hudson Pacific Leased 3 Bank of Properties 8 America Data 6 Center 5 76 1401 Market Residential 754 apartments Crescent Heights Under construction7 Mercy Housing Residential 136 apartments Mercy Housing Completed Developments plus 107 apartments for senior housing8 Market Square Office +1 million SF of Shorenstein Twitter 215,000 1355 Market office space to Properties One King’s Lane be redeveloped 50,000 CallSocket 32,0009 1275 Market Office 346,202 SF Divcowest/TMG In planning Partners10 55 9th Street Residential 260 apartments Avalon Bay Construction11 The SoMa Residential 246 condos AIG Capital Completed Grand TMG Partners12 Trinity Plaza Residential 1,900 Trinity Properties Building 1 completed apartments Building 2 under construction Page 22
  23. 23. 1125 Market Street | San Francisco, CAMarket Overview Page 23
  24. 24. 1125 Market Street | San Francisco, CAMarket OverviewAPARTMENT MARKET SNAPSHOT professional and business services and other technology companies was gobbling up apartments on site.• Overall San Francisco Vacancy Rate: 4% “We’re seeing a new demographic entering the housing – Generation Y”,• Vacancy Rate in Comparable New Projects: 1% according to Sarah Bridge of RealFacts. “Their preference is to live in the• Average Rent in Comparable Projects: $4.18 PSF heart of vital, thriving community like San Francisco. They want to be where the action is, and they don’t mind being in a small studio apartment as long as• Rent Growth in Past 12 Months: 10% it’s well located.”The San Francisco Apartment Market The San Francisco apartment market is the strongest in California, it has always been a city of renters as only about a third it residents are homeownersOver the past several years, San Francisco has continued to outperform other which is about half the national ownership rate.major multifamily markets in the United States and is positioned to continuethis performance due to strong fundamentals in the marketplace. Thereputable multifamily market in San Francisco has benefited from populationand job growth, stable income and strict land use controls hindering newdevelopment, and lack of home ownership affordability in key districts andlocations.Supply and DemandBeginning in 2010, San Francisco witnessed a turnaround from the deepnational recession where 1,391 units of net absorption were realized. Thevibrant local economy was responsible for driving demand for apartments,a new wave of tech workers hired by rapidly growing social media, gaming, Page 24
  25. 25. 1125 Market Street | San Francisco, CAVacancy and Rents Q4 2011 vs. Q4 2010 Change in Rental Rates• Average apartment rental rates in San Francisco increased by 15.6% • Studio: 18.8% during the fourth quarter of 2011 compared to the same quarter one year • 1 Bedroom / 1 Bath: 17.2% ago, marking the fourth consecutive quarter of positive rental growth. • 2 Bedroom / 1 Bath: 15.1%• The vacancy rate for San Francisco apartments remained low at 3.7% during the fourth quarter of 2011. • 2 Bedroom / 2 Bath: 17.6%• Studio apartment rents continued to outperform the market as a whole, • 3 Bedroom / 2 Bath: -0.4% posting an increase of 18.8% during the fourth quarter compared to the same quarter one year ago. • All Unit Types: 15.6% $3,000 12% $2,500 10%Average Rental Rate $2,000 8% Vacancy Rate $1,500 6% $1,000 4% Average Rental Rate: $2,590 $500 2% Vacancy Rate: 3.7% $0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 Page 25
  26. 26. 1125 Market Street | San Francisco, CARENTAL MARKET COMPARABLES 2000 Broadway ARGENTA 1 Polk Street No. of Units 220 No. of Units 179 Year Built 1974 Year Built 2008 Unit Mix SF Rental Rate $/SF Unit Mix SF Rental Rate $/SF Studio 500 $2,349-$3,024 $5.15 1BR/1BA, 609-1,374 $$2,712-$4,400 $3.93 Jr. 1 600 $2,649-$3,129 $4.68 2BR/2BA 2BR/2BA 1,100 $4,244-$4,644 $3.98 Averages 799 $3,140 $3.93 Averages 613 $2,894 $4.72 2000 Post Street Avalon at Mission Bay North No. of Units 304 No. of Units 823 Year Built 1986 Year Built 2002 and 2009 Unit Mix SF Rental Rate $/SF Unit Mix SF Rental Rate $/SF Studio 500 $1,998 $4.00 Studio 572 $2,405-$2,830 $4.45 1BR/1BA 630 $2,660 $4.22 1BR/1BA 814 $2,645-$3,375 $3.55 2BR/2BA* 930 $3,409 $3.67 1BR TH 967 $2,805 $2.90 Averages 625 $2,491 $3.98 2BR/2BA 1,234 $3,985-$5,065 $3.52 * The rental rate for 2BR/2BA units shown above is out of date since there 2BR TH 1,431-1,528 $3,080-$3,255 $2.14 has not been a 2BR/2BA unit available recently. If one becomes available, 3BR/2BA 1,380 $4,450 $3.22 asking rent is likely to be approximately $3,800 per month ($4.09/SF) or Averages 613 $2,894 $3.62 higher. Page 26
  27. 27. 1125 Market Street | San Francisco, CARENTAL MARKET COMPARABLES Geary Courtyard - 639 Geary No. of Units 164 Year Built 1990 Unit Mix SF Rental Rate $/SF Studio 485 $2,040-$2,205 $4.32 1BR/1BA 690 $2,640-$2,655 $3.83 Averages 648 $2,534 $3.91 The Paramount - 680 Mission Street No. of Units 486 Year Built 2001 Unit Mix SF Rental Rate $/SF Studio 500 $2,500-$2,900 $5.27 1BR/1BA 700 $3,000-$3,895 $4.71 2BR/2BA 1,100 $4,000-$7,000 $5.00 Averages 705 $3,393 $4.81 Page 27
  28. 28. 1125 Market Street | San Francisco, CADOWNTOWN SAN FRANCISCO RESIDENTIAL PIPELINE ESTIMATED DEVELOPMENT DEVELOPER/OWNER # UNITS TYPE SUBMARKET COMPLETION UNDER CONSTRUCTION 1844 Market Street MacFarlane Partners 113 Rental 2012 Hayes Valley Potrero Launch - 2235 3rd Street Martin Building Company 196 Rental 2012 Central Waterfront Madrone - 435 China Basin Way Bosa Development 329 Condo 2012 Mission Bay 10th & Market Site Crescent Heights 754 Rental 2013 Mid-Market Trinity Plaza - Phase II Trinity Properties 440 Rental 2013 Mid-Market TOTAL 1,832 FUTURE APPROVED PROJECTS 401 Grove Street Pocket Development 61 Rental TBD Hayes Valley 1450 Franklin Street Pacific Heights Franklin Partners 69 Condo TBD Lower Pacific Heights 277 Golden Gate Avenue PANCO Development 88 Rental TBD Mid-Market 1390 Market Street - Fox Plaza Presidio Development Partners 230 Condo TBD Mid-Market 55 9th Street Avalon Bay 260 Rental TBD Mid-Market Trinity Plaza Phase III Trinity Properties 1,020 Rental TBD Mid-Market Block 3 West - Mission Bay Urban Housing Group 147 Rental TBD Mission Bay Block 11 - Mission Bay BRE Properties 171 Condo TBD Mission Bay Block 5 - Mission Bay BRE Properties 198 Condo TBD Mission Bay Block 12 East - Mission Bay Bosa Development 273 Condo TBD Mission Bay Page 28
  29. 29. 1125 Market Street | San Francisco, CAFUTURE APPROVED PROJECTS (CONTINUED)Block 2 - Mission Bay United Dominion Realty 315 Rental TBD Mission Bay1960-1998 Market Street Brian Spiers 115 Condo TBD Mission Dolores1800 Van Ness Avenue Oyster Development 62 Condo TBD Nob HillOne Rincon Hill - Phase II Urban West Associates 312 Condo TBD Rincon Hill340-360 Fremont Street Archstone 384 Condo TBD Rincon Hill375-399 Fremont Street Fifield Companies 432 TBD TBD Rincon HillThe Infinity - Phase II Tishman Speyer 806 Condo TBD Rincon Hill45 Lansing Street Crescent Heights 330 Condo TBD Rincon Hill325 Fremont Street 325 Fremont St, LLC 70 Condo TBD Rincon Hill430 Main Street Portland-Pacific, LLC 113 Rental TBD Rincon Hill900 Folsom Street Avant Housing 300 Condo TBD SOMA240-260 5th Street Avant Housing 150 Condo TBD SOMA178 Townsend Street Martin Building Company 94 Rental 2012 South Beach1285 Sutter Street Gerding Edlen 107 Rental TBD Van Ness/Civic CenterTOTAL 6,107 Page B
  30. 30. 1125 Market Street | San Francisco, CALAND SALES SALE PRICE PROPOSED SITE SALE DATE SELLER BUYER $/UNIT (APPROX.) UNITS 1 Block 11 Mission Bay Apr-11 Farallon Capital Management BRE Properties $19.2 M 171 $112,281 2 Block 12E Mission Bay Apr-11 Farallon Capital Management BOSA $30 M 273 $109,890 3 Block 5 Mission Bay Apr-11 BOSA BRE Properties $22.2 M 198 $112,121 4 1285 Sutter St. Nov-10 Rockpoint Capital Gerding Edlen $9.15 M 106 $86,321 5 Block 2 Mission Bay Sep-10 Farallon Capital Management United Dominion Realty $23.6 M 315 $74,921 6 Block 3W Mission Bay Nov-10 Farallon Capital Management Urban Housing Group $11.8 M 147 $80,000 7 400 Grove St., Parcel H Nov-10 City of San Francisco DM Development $3.012 M 31 $97,177 8 450 Hayes St., Parcel J Nov-10 City of San Francisco DM Development $5.025 M 50 $100,500 9 401 Grove St. Sep-10 Cathay Bank Pocket Development $4.4 M 61 $72,131 10 325 Fremont St. Dec-11 - Crescent Heights $4.75 M 70 $67,857 11 399 Fremont St. Jan-12 - - $33.75 M 450 $75,000 12 101 Hayes (unentitled) Dec-11 Rescalvo Trust Emerald Fund/NREA $3.8 M Est. 65 $58,846 13 1415 Mission St. In contract R&K Investments Not disclosed $8.5 M 117 $73,000 TOTAL AVERAGE $86,157 Page 30
  31. 31. 1125 MarketStreetSan Francisco, CAPRESENTED David Wientjes Clayton JewBY 415.229.8969 415.229.8920 davidw@kiddermathews.com cjew@kiddermathews.com LIC #00869637 LIC #00834308