This Week's Bay Area Deal Sheet
As part of what could be one of the tallest mass timber buildings in the world when completed, the developer of 1523 Harrison St. in downtown Oakland hopes to add more density to a 25-story multifamily tower.
Oakland-based developer oWow Development applied last week to add three more stories to its planned tower, boosting its proposed height to 290 feet and 28 stories. If approved, it would include a total of 500 rental units.
OWow said it filed the permit to boost its yields and returns in the current economic environment, the San Francisco Business Times reported.
Ascent in Milwaukee is the tallest mass timber building in the world, but 1523 Harrison St. would eclipse that height by about 6 feet, according to YIMBY.
Another Milwaukee skyscraper, The Edison, which is slated for completion at 362 feet in 2027, is likely to steal the crown from the oWow building and Ascent.
LEASING
Venture capital giant Andreessen Horowitz, also known as A16z, has leased 34K SF of newly developed office space at 2400-2450 Sand Hill Road in Menlo Park from owner DivcoWest. The company plans to move into a pair of two-story buildings in 2026 after tenant improvements are completed.
According to a Divco press release, the design “seamlessly integrates indoor and outdoor spaces, connected by a spacious private courtyard and featuring lush outdoor patios.” The redesigned interiors have natural light and collaboration areas.
In April, Bisnow reported that Sand Hill Road is the most expensive street in the U.S., with average asking rents of approximately $168 per SF.
PERSONNEL
Jay Booth has joined Newmark’s valuation and advisory team as senior managing director of its retail and regional malls specialty practice. He will lead a team that specializes in malls, lifestyle centers and community shopping centers in Northern California, Alaska, Oregon, Washington and Hawaii.
Booth will also provide valuation services to commercial banks, developers, corporations, individual property owners, public agencies, insurance companies and law firms.
FINANCING
Marcus & Millichap Capital Corp. brokered a $3.2M acquisition financing deal for a 15-unit multifamily asset at 280 Howland St. in Redwood City. The firm's Chad O’Connor secured the financing with a private family-office bridge lender.
