This Week's Bay Area Deal Sheet
Despite the glut of Bay Area life sciences space, a Peninsula-based developer is interested in building more.
Woodstock Development filed plans with the city of Berkeley to develop a roughly 248K SF research and development building in West Berkeley at 600 Bancroft Way, according to the San Francisco Business Times.
Burlingame-based Woodstock is reportedly working with HGA and landscape architect Groundworks on the project.
A 48K SF, three-building office and research and development campus is on the site and would be demolished if the plans are approved.
DEVELOPMENT
Development of the first phase of The Landing in Burlingame is nearly complete and ready for leasing to life sciences tenants. Boston-based King Street Properties is the developer of 1699 Bayshore Ave., a seven-story, 300K SF building anchoring the 4.5-acre campus.
The Landing’s second building, 1701 Bayshore Ave., is under construction and will include six stories and 204K SF. Both buildings will have hospitality-style amenities and parking.
JLL will handle leasing for the 504K SF Landing. Perkins & Will is the architect, while the landscape architect is SWA Group and the general contractor is Hathaway Dinwiddie.
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San Francisco-based Forge Development Partners and the city on Sept. 30 will kick off one of the city’s few office-to-residential conversion projects, the 19-story Humboldt Bank Building on Market Street.
Constructed in 1907, the tower at 785 Market St. will be replaced with 120 units of workforce housing designed by Gensler.
In January, SF YIMBY reported that the project will bring about 90K SF of new housing to San Francisco, as well as 8,700 SF of ground-level retail.
Construction on the $70M project is expected to be complete by the end of next year.
SALES
Beverly Hills-based Hawkins Way Capital purchased its fifth Bay Area asset, the Varsity Berkeley multifamily complex, for $46.3M.
North Carolina-based Barings shed the 79-unit complex at 2024 Durant Ave., near the University of California, Berkeley. Barings bought the asset in 2015 for $51M, or nearly $646K per unit.
Marcus & Millichap’s Institutional Property Advisors brokered the sale of the project, which includes studio, two- and three-bedroom units, as well as a rooftop terrace and sun deck, a resident lounge, a ground-floor courtyard and electric vehicle charging.
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In Burlingame, Marcus & Millichap also represented Peninsula Income Property Investments in its sale of a 76-unit apartment complex for about $26.3M, according to The Real Deal.
The buyer was Oak Grove Floribunda LLC, which paid about $346K per unit.
