Tishman Speyer, Giants Tweak Mission Rock Plans With Market Shifts
The Tishman Speyer and San Francisco Giants' Mission Rock project is getting some tweaks to better align with demand present in the market, The Real Deal reported.
Located on a 28-acre site owned by the Port of San Francisco, the project has been a development target for 13 years. Tishman Speyer joined the project after it became entitled in 2018.
The most notable update to the project includes the transition of a more traditional office building to lab space for life sciences companies. The office component instead will be 30K SF in flexible office space, operating under Tishman’s Studio coworking brand. The change comes as a response to the Bay Area’s struggling office occupancy rates since the onset of the pandemic.
Tishman is also including what it dubbed “superloos,” in order to provide a “premium restroom experience.”
The individual bathrooms will contain a toilet, a vanity and a hand drying station and are meant to serve as a more gender-neutral, hygienic restroom, Tishman Speyer Managing Director Maggie Kadin told TRD.
The project is still slated to receive a currently unnamed apartment component, which would contain 254 units, with 97 units dedicated to affordable housing.
The future of the Bay Area office market remains in question, amid massive layoffs that occurred last week across Twitter and several other tech companies, with more on the way from Facebook’s parent company, Meta.
Silicon Valley’s office market looks to be more stable than San Francisco’s, however, with a recent $222M transaction showing evidence of demand.
CORRECTION, NOV. 8, 12:30 P.M. PT: A previous version of this story incorrectly spelled Tishman Speyer Managing Director Maggie Kadin's name. This story has been updated.
