San Francisco approves another 750K sq. ft. of office space for Park Tower

San Francisco approves another 750K sq. ft. of office space for Park Tower

The San Francisco Planning Commission recently approved another 750,000 square feet of office space for the Park Tower project, which is proposed to erected at the corner of Beale and Howard Streets.

Park Tower, a 43-floor building, will open in 2018, and add to the nearly 1.1 million sq. ft. of office space that already exists on three blocks around the upcoming Transbay Transit Center. Those two buildings, viz. 181 Fremont and Salesforce Tower, are scheduled to open in 2016 and 2017, respectively.

The three towers will try to lure big tenants like technology companies who would prefer low-rise South of Market structures to South Financial District high buildings. Salesforce has already pre-leased 714,000 sq. ft. in its now- namesake tower.

Chris Roeder, who is responsible for Park Tower's leasing efforts for brokerage JLL, said the building would probably begin speculative construction by November this year. The brokerage has already made several presentations to a number of companies that are searching for office space and traded lease offers with at least two of them.

Speaking on the topic, Roeder said, "The way San Francisco leasing is going, it's just going to happen. (Companies) are going to pick their building and cut their deal - that's what LinkedIn, Dropbox, Salesforce did. They don't want their competitors to know what they're doing. When it happens, it happens."

Designed in the past six months, Park Tower will be developed by Chicago-based John Buck Co. and Golub Real Estate Development. Its first twelve floors will span around 27,000 sq. ft., which will appeal to technology companies that prefer big spaces for fostering collaboration. Its upper floors will offer more than 25,000 sq. ft. of landscaped decks.

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