This Week's Bay Area Deal Sheet
Leasing has commenced at Portico, a 378-unit multifamily opportunity zone project in the 65-acre Brooklyn Basin master-planned community. More than 80% of the studio, one-, two- and three-bedroom apartments and townhomes at 37 Eighth Ave. on the Oakland Estuary overlook the San Francisco Bay.
Los Angeles-based developer Cityview partnered with general contractors James E. Roberts Obayashi and Webcor, architecture firm AC Martin and interior design firm Nadia Geller Designs. According to a press release issued by Cityview, the Portico project generated more than 2,000 jobs for the community.
FINANCING
Gantry secured $10.5M in financing to recapitalize the land site and preconstruction costs for the Icon/Echo, a mixed-use redevelopment planned for downtown San Jose.
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A private real estate company has refinanced the 120K SF grocery-anchored Oak Hills Shopping Center for $8.6M in a deal brokered by Gantry. The 12-year, fixed-rate note was secured from one of Gantry’s correspondent life company lenders and features a 20-year amortization rate.
LEASING
Yahoo opened its new office at 680 Folsom St., the San Francisco Business Times reported, taking over 35K SF in a sublease from Asana. The company signed the deal in Q3 2023 after vacating its office at 110 Fifth St. Company officials stressed Yahoo's commitment to the Bay Area as many other tech companies are pulling back on their footprints there.
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TikTok has struck a deal with Roku to sublease a 162K SF office building in north San Jose. Terms of the deal for the five-story building at 1143 Coleman Ave. were not disclosed. According to The Real Deal, space in the building was expected to command $48 per SF. TikTok and its parent company Bytedance now occupy 821K SF in the Coleman Highline development in San Jose.
