Lauren Herstik

3 days ago | bisnow.com | Lauren Herstik

Flynn Properties and DRA Advisors acquired Market Center, a two-tower complex with 770K SF of Class-A office space in the Financial District. Market Center in San Francisco sold for $177M, a significant discount to its last purchase price. The purchase of 555 and 575 Market St. represents the city’s largest office deal since 2022 and could signal a turning point for the beleaguered downtown office market.

1 week ago | bisnow.com | Lauren Herstik

Circle outgrew its previous home at Lilly Gateway Labs, and its lease was nearing its expiration. The incubator space there was intended for companies of 20 or fewer employees. Circle Pharma Inc. had expanded to 60 employees. The transaction is notable in an unstable time for the life sciences real estate sector. A glut of new supply is up against demand challenges recently fueled by major cuts to federal research and development funding, along with layoffs and other economic challenges.

2 weeks ago | bisnow.com | Lauren Herstik

A site once poised for a massive development near the San Jose Convention Center is for sale. The outlook for downtown San Jose became a little less certain as the site of BXP’s proposed tech and office campus went up for sale, according to The Mercury News. The project, Platform 16, would have totaled 1.6M SF and spanned a full city block. The company never broke ground and pressed pause on it in 2023, citing unfavorable market conditions.

2 weeks ago | bisnow.com | Lauren Herstik

Douglas Wilson Cos. has taken control of Parkmerced, the massive San Francisco apartment complex, with plans to pump $70M into repairs. A San Francisco Superior Court judge granted lenders Barclays and Citigroup’s request to put San Francisco’s largest apartment complex into a receivership on March 6 after its owner, Maximus Real Estate Partners, defaulted on $1.8B in loans. The 3,221-unit property is 80% leased.

3 weeks ago | bisnow.com | Lauren Herstik

Renewable energy company Intersect Power set up headquarters in the historic former Pacific Telephone and Telegraph Co. building in Downtown San Francisco, the San Francisco Examiner reported. The Pacific Telephone and Telegraph Co. building at 140 New Montgomery St.The company, which employs 280 people and raised billions of dollars in capital, had been operating virtually since 2016.