270 Brannan to attract area’s leading technology companies
New York, NY – January 7, 2014 – Mitsui Fudosan America, Inc. (MFA), the U.S. operations of Japan’s largest real estate company announced today that it has formed a joint venture with SKS Partners to develop a premier Class A office building at 270 Brannan Street in San Francisco. The joint venture will pursue LEED Platinum status for a 202,000 gross square foot building located near Second Street in SOMA’s historic South Beach district. Brannan Street serves as the main thoroughfare in the SOMA area, which is considered the center of San Francisco’s technology industry and many of the Silicon Valley’s leading technology companies.
“The irreplaceable location, SKS’ superior experience delivering buildings for this tenant type for over twenty years, the significant depth of technology-driven tenant demand, and our desire to make long-term investments in 24x7 cities like San Francisco make this a compelling opportunity for us,” said Yukio Yoshida, President and CEO of MFA.
The joint venture plans to commence construction in the second quarter of 2014 regardless of the preleasing status. 270 Brannan is anticipated to be available in the second quarter of 2015.
The building will feature a landscaped atrium with an architecturally stunning glass canopy and a living green wall. Each tenant space will have direct views into the atrium, where natural light will penetrate deep into the core of the building. The upper floors and rooftop deck will offer panoramic views of the city skyline and the Bay Bridge beyond. The building is situated in an area that has attracted some of the world’s leading technology companies such as Google, eBay, Microsoft, and Splunk.
MFA has a long history of investments in San Francisco dating back to the development of 505 Montgomery Street in 1988 and the Clock Tower project, located on 2nd Street, in 1992. In 2007 MFA acquired 180 Montgomery Street a 303,000 square foot office building in the North Financial District.
Mitsui Fudosan Group is undergoing a global expansion under its “Innovation 2017” plan that aims to diversify the company’s nearly $45 billion portfolio by increasing the allocation of international holdings relative to the company’s domestic holdings in Japan. 270 Brannan is the first of several investments that MFA is evaluating in the Bay Area.
In addition to its commercial office development and acquisition activities, MFA is also actively seeking residential development opportunities in New York, Washington D.C., San Francisco, Seattle, Boston, and Los Angeles.
About Mitsui Fudosan America
Mitsui Fudosan America, Inc. (MFA) is a real estate investment and development company headquartered in New York, NY. MFA is the U.S. subsidiary of Mitsui Fudosan Co., Ltd. Japan’s largest publicly quoted real estate company. MFA’s history in the U.S. markets dates back to the early 1970’s and includes its acquisition and redevelopment of the renowned Halekulani Hotel in Waikiki, Hawaii, with additional investments in San Francisco, Los Angeles, San Diego, Washington, D.C., Chicago and New York. MFA’s flagship commercial property is located in Rockefeller Center at 1251 Avenue of the Americas in New York, one of the city’s most prestigious business addresses.
About SKS Partners
SKS is a San Francisco based investor, advisor, manager and developer of commercial real estate properties. SKS has acquired, developed and/or repositioned over 5 million square feet of existing or planned office, life science, and medical space and over 500 residential units in nineteen projects since it was founded in 1992. SKS has experience spanning multiple market cycles in real estate development, marketing, asset management, leasing and finance.
Montieth & Company