News
LA REITS (HEART) SAN FRANCISCO
September 21, 2011
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| At a recent Allen Matkins event down in Beverly Hills, Kilroy Realty CIO Eli Khouri said Kilroy is here in San Fran in a major way. Eli says the REIT has done six deals in Fog City—all but one in SOMA—detailing in particular the renovation of 303 Second St. “It doesn’t look too pretty the way that we bought it,” but it had great bones: good window line bringing in natural light, right-size floor plates, and high-volume ceilings. People are more capable of abstract and free thinking in a place with higher ceilings. (Especially if you’re wearing a tinfoil hat.) “There’s a reason for this stuff.” |
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| Not to be outdone, Hudson Pacific CEO Victor Coleman noted his LA-based REIT has acquired “pretty aggressively” in NorCal in the past 10 months, with such purchases as Rincon Center, 1455 Market, 625 Second St, and 275 Brannan. SoCal and NorCal are more alike than people think. (We both like mass transit, but in LA only when others are using it.) According to Victor, a lot of trends in San Fran, specifically SOMA, also are common in submarkets from LA to Hollywood. Tech and social media companies founded by young entrepreneurs “are growing in our marketplaces beyond our wildest expectations.” |
