Jay Paul Company and Cornish & Carey Commercial Newmark Knight Frank (C&CCNKF) announced today that Jay Paul Company has acquired 181 Fremont Street, a Transbay development site, from SKS Investments. The San Francisco-based developer plans to immediately commence construction of the fully entitled, 54-story, 684,000-square-foot office and residential condominium tower. Upon completion, projected for the second quarter of 2015, 181 Fremont Street will be the second-tallest tower in San Francisco’s South of Market/Transbay neighborhood.
“We are extremely excited about this opportunity to develop a landmark property that will transform San Francisco’s skyline as well as provide the City with additional high quality office space and luxury residential condos,” said Jay Paul, principal and founder of Jay Paul Company. “As the South of Market/Transbay neighborhood further expands and populates, we envision 181 Fremont as a pivotal point of integration, where business and community meet and thrive.”
Karl Baldauf, a C&CCNKF senior vice president, was selected to market the office portion of the Fremont Street tower for lease. Level 10 Construction has been engaged to build the tower.
The proposed development at 181 Fremont Street is part of the Transbay Transit Center District Plan, which includes 145-acres surrounding the new Transbay Transit Center currently under construction. The new transportation hub will ultimately house twelve transit systems including Caltrain and the future high-speed rail network, significantly increasing San Francisco’s accessibility and further shifting the city’s business district to the South of Market (SOMA) area.
Jay Paul Company’s 800-foot tower will feature breathtaking views of the San Francisco Bay and be one of only two buildings that connects to the future City Park atop the Transbay Transit Center via a sky-bridge. The 5.4-acre public outdoor park will be elevated five floors above street level and is destined to become a new cultural center for the already-rich downtown area.
Heller Manus Architects designed 181 Fremont Street to demonstrate modernism in design, sustainability, and neighborhood integration. The tower will include 420,000-square-feet of office space, 74 residential units on 14 floors and a boutique retail space on the fifth floor adjacent to the City Park.
“181 Fremont Street will be a very iconic building,” continued Paul. “The unobstructed views and exoskeleton structural system that allows for column free layouts and floor-to-ceiling windows will be optimal for tech tenants. We think there are a lot of elements in the design that make 181 Fremont Street unique.” Jay Paul Company will pursue LEED Gold certification for the tower.
“Smart, sustainable design and artfully integrated landscaping are signatures of every Jay Paul Company development and 181 Fremont Street will seamlessly incorporate these hallmarks,” added Baldauf. “Jay Paul’s reputation for developing buildings designed to optimize the tenant experience for forward-looking companies is legendary. 181 Fremont Street will be the occupancy opportunity San Francisco has been waiting for.”
Jay Paul Company most recently developed Silicon Valley’s Moffett Towers, 2 million square feet of Class A office space with such notable tenants as Microsoft Corp, Motorola Mobility, Hewlett-Packard Company, Rambus and Amazon.
About Cornish & Carey Commercial Newmark Knight Frank
A dominant regional real estate force since 1935, Cornish & Carey Commercial Newmark Knight Frank has an expansive reach as part of one of the largest commercial real estate service firms in the U.S. Regionally, Cornish & Carey Commercial Newmark Knight Frank has more than 310 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.ccareynkf.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, Newmark Grubb Knight Frank’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Grubb Knight Frank is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.
About Jay Paul Company
Jay Paul Company is a privately held, opportunity-driven real estate firm based in San Francisco, CA. Founded in 1975, the Company concentrates on the acquisition, development, and management of prime commercial properties throughout California. By blending the skills and expertise of our talented management team, Jay Paul Company has successfully developed over eight million square feet of institutional quality real estate while consistently generating attractive returns and enhancing value for our investment and development partners. For more information visit: www.jaypaul.com.