This Week's San Francisco Deal Sheet
The weekly compilation of the San Francisco Bay Area metro’s biggest leases, sales, financing deals, construction updates, and personnel moves. Have news you’d like to submit?
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JJ&W last week purchased Montague Crossing, a set of three office and R&D buildings, for $94.65M. The buildings are at 2520 and 2540-2560 Junction Ave. and 541-555 East Trimble Road in San Jose. They span 12.39 acres and just over 209K SF.
Four Corners Properties and Rockwood Capital sold the property, which was fully leased at the time of the transaction to three R&D tenants. JJ&W was represented by Jack DePuy, Joe Moriarty and Scott Prosser of the CBRE Capital Markets team in Silicon Valley.
“Adding a blue-chip asset like Montague Crossing to our existing portfolio is an exciting milestone for JJ&W and reaffirms our commitment to continued investment and growth in the South Bay,” JJ&W Chief Financial Officer Bob Raybuck said in a press release.
DEVELOPMENT
Brookfield Properties last week released renderings for its $2B redevelopment plan for the surface parking of the Stonestown Galleria Mall in San Francisco, SF YIMBY reported.
The proposal would span 40.9 acres if approved, including 11 acres in the Stonestown Galleria itself, and 26.9 acres of surface parking. The existing mall would be retained, along with the addition of just under 3,000 homes, 150K SF in retail space and a 200-key hotel. Parking for just under 4,000 vehicles would be added, along with space for over 1,100 bicycles.
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Trammell Crow Co. broke ground on the Cochrane Technology Center, a 500K SF business park located in Morgan Hill, California. The development is part of a JV between Trammell Crow and CBRE Investment Management, Connect CRE reported.
“We are excited to begin construction on the Cochrane Technology Center, a development that we have worked closely with Morgan Hill residents, city leaders and planners to bring to life. The final project will meet the needs of the community and its economic development goals,” TCC principal Will Parker told Connect CRE.
The property will include five buildings on 30 acres. The buildings will range from 73K SF to 138K SF. HPA is serving as the architect on the property while Millie & Severson is the general contractor.
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A theater development called 24R was approved at 100 24th St. in Sacramento last week. SKK Developments is the owner of the property, SF YIMBY reported.
Spanning 42K SF across two levels on a 0.59-acre site, the project will require the demolition of a 25K SF warehouse on the site. CAW Architects and Ellis Architects are working together on the design of the theater. Atlas Labs is serving as the landscape architect, while BKF is the civil engineer.
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The construction of a new pedestrian bridge in San Jose began last week, linking Adobe's Borth Tower with its original three-building headquarters in Downtown San Jose, crossing over the nearby West San Fernando Street.
Adobe plans to relocate into this new office tower sometime early next year, SiliconValley.com reported. Adobe plans to expand its headcount to over 6,800 following the completion of the bridge, a 79% increase in employment.
PEOPLE
Lendlease expanded its company roster within the Bay Area last week, promoting John Beccaria to principal-in-charge, and bringing in two new employees, Robert Smith and Spencer Reiner, to the same position.
Beccaria will oversee construction operations for Silicon Valley clients, while Reiner will be responsible for overall construction operations, with Smith focusing on integrated development projects.
The company also added two design operations managers to its Northern California team, Rob Gardner and Kris Kyle. Gardner relocated from North Carolina to San Francisco, where he previously worked for Lendlease on a national basis, and will focus on Silicon Valley projects, while Kyle will focus on MEP scope and integrated developments in Silicon Valley.
THIS & THAT
Northern California-based RGM Kramer Inc., joined Cumming Group as part of a merger last week. The merger will allow Cumming Group to expand its Northern California presence and resources.
The merger brings 75 employees to Cumming Group. RGM Kramer focuses primarily on consultation for the oversight, planning and design on the construction of public schools, public facilities and community colleges.
“We could not be more excited to welcome RGMK as their unmatched reputation and expertise will allow us to provide even greater client support to our educational clients,” Cumming Group President and CEO Derek Hutchison said in a statement.
"Cumming is focused on continuing our diversification strategy by growing our K-12 portfolio and expanding our geographic footprint of sector advisors.”
