Two Biotechs Take Meaty Amounts of Space in Big South S.F. Froject

A high-profile, one-million-square-foot development along Highway 101 in South San Francisco has landed two up-and-coming biotech companies, Five Prime Therapeutics, Inc., and Global Blood Therapeutics, Inc., that, together, will take roughly a fifth of the project. Located at the epicenter of the life science and technology industries, The Cove at Oyster Point is an 875,000-square-foot, life science/tech campus featuring 20,000 square feet of on-site retail, a planned upscale hotel, green space, bay-front walking trails, an outdoor amphitheater, and other amenities. The campus consists of seven buildings ranging in size from just over 115,000 to 182,000 sq. ft., and can accommodate users from 30,000 sq. ft. to 847,000 sq. ft.

In December 2016, Five Prime Therapeutics Inc. (NASDAQ: FPRX) signed a lease for 115,466 square feet of the HCP Inc.-developed campus. The lease is for an initial five years, with a one-time option to extend it for an additional five years. Prices start at about $60 per square foot, and ramp up over a decade to more than $80.

Five Prime Therapeutics is a leader in the discovery and development of innovative protein therapeutics. It library of more than 5,700 human extracellular proteins substantially represents all of the body’s medically important targets for protein therapeutics. The clinical-stage biopharmaceutical company was founded in 2001, by Lewis T. “Rusty” Williams, M.D., Ph.D., who serves as its President and Chief Executive Officer. The company will fully occupy a proposed four-story, 115,466-square-foot office and laboratory facility at 111 Oyster Point Drive, and is expected to take occupancy upon the building’s completion in the fourth quarter of 2017.

On March 17, 2017, Global Blood Therapeutics, Inc. (NASDAQ:GBT) entered into a lease with HCP Oyster Point III LLC, for approximately 67,185 square feet of space in a building located at 171 Oyster Point Boulevard. The term of the lease will commence on the later of December 15, 2017, or the date that the premises are ready for occupancy, and will expire on the day prior to the tenth anniversary of the commencement. The Company has an option right to extend the lease term for a period of ten years.

Global Blood Therapeutics, Inc. is a clinical-stage biopharmaceutical company engaged in discovering, developing, and commercializing therapeutics to treat blood-based disorders. It is developing its initial product candidate, GBT440, as an oral, once-daily therapy for sickle cell disease (SCD) and is evaluating GBT440 in SCD subjects in an ongoing Phase I/II clinical trial. SCD is a genetic disease marked by red blood cell destruction and occluded blood flow and hypoxia, leading to anemia, stroke, multi-organ failure, severe pain crises, and shortened patient life span.

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Investor Drops $185 Million on Prime San Francisco Office Building

The Walnut Hill Group is a San Francisco-based real estate investment company committed to investing, owning, and operating a real estate portfolio composed of various asset types in strong primary markets. The company focuses on target markets including San Francisco, New York, Washington DC, Boston, and Los Angeles.

Recently, in partnership with a Taiwanese family, Walnut Hill bought 150 Spear St., an 18-story, 264,492 square-foot office tower, located in San Francisco’s South Financial District. The price paid to Principal Real Estate Investors, which bought the tower in 2007 for $142.5 million, was $185 million, or about $700 per square foot. Principal sold the property through the San Francisco office of Cushman & Wakefield. The listing agents were Seth Siegel and George Eckard.

The Class-A, LEED certified building was originally constructed in 1981. When it was first acquired, the property was 72 percent occupied. At the time of the sale, the asset was 91 percent full. Some of its commercial tenants include: ICR, Vox Media, Castlight Health, Freeland Cooper & Foremand, Brigherion, Roper, Majeski, Kohn & Bentley, Lululemon, Athletica, OneLogin, Forrester Research, Specialty’s, Gartner, Krauter Group, Inside Track, Nasdaq Stock Market, Spring Studio, Confirmit, Phoenix Age, and TMP Worldwide Advertising.

Walnut Hill was founded in 2011 by its managing principals, Albert C. Hwang and Jimmy G. Park. Prior to joining Walnut Hill, Mr. Hwang was a partner at the law firm of Troutman Sanders LLP, where his primary practice areas included Commercial Development & Real Estate Investments and International Law. Prior to Walnut Hill, Mr. Park was a Vice President of Acquisitions at Beacon Capital Partners, LLC where he primarily focused on west coast acquisitions and dispositions.

Oakland Prices Rise as Attention Turns to S.F.’s Sister City

Despite its persistently high crime rates and political turmoil, Oakland is attracting residents and companies for its relative affordability, vibrant cultural scene, diverse population, and urban environment within commuting distance to San Francisco. And housing prices and rents are going up accordingly.

Oakland home values soared 16 percent this past June from a year earlier to a median of $616,300, the biggest increase of California’s major cities. And while the escalation has been dramatic, the East Bay is still a bargain compared with San Francisco, where the median three-bedroom single-family home goes for $1.47 million and the median price for all residential units is $1.1 million.

Houses in Oakland are selling fast, as well, and far above their list prices. The average home in Oakland sold for 17 percent more than its asking price in the second quarter, this year. That compared with 9 percent for San Francisco and 5 percent in Silicon Valley’s Santa Clara and San Mateo counties. Oakland homes were on the market an average of 20 days, fewer than the 34 days in San Francisco.

The median monthly rent jumped 15 percent in Oakland, the most in the U.S., to $2,846 in the same period. That’s almost triple the 5.5 percent growth in San Francisco and more than five times the nationwide increase. The rate for top-quality office space in the city has grown 43 percent in the second quarter of 2016, compared to two years earlier – the fastest pace in the world.

And the complexion of the city is changing, too. In the past, most people buying homes in the easternmost reaches of Oakland were working-class and professional African-Americans and Latinos. Today, there is a more diverse pool that increasingly includes whites and Asians. And many newcomers to Oakland are coming from across the Bay.

The most recent statistics available from the Internal Revenue Service support the impression that San Franciscans are moving east in record numbers. Between 2006 and 2012, there was a 42 percent increase in households moving from San Francisco to Alameda or Contra Costa counties, jumping from about 5,800 to more than 8,200. The total number of households that moved into the two East Bay counties increased by 29 percent over that time period, from 56,400 to 72,600. And the city’s lower prices suggest that more middle and lower-income San Franciscans will continue to leave the city in 2016, and onward. Some have even begun calling Oakland “the next Brooklyn,” comparing the flight eastward to those Manhattanites who leave downtown, NYC for their neighboring borough, in search of more affordable digs.

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Los Angeles Plastic Surgery Meeting

The Los Angeles Plastic Surgery Meeting was a great success.  We here at The Click Experts are always very happy to meet our clients’ needs for software development and online marketing.  We look forward to working with each and every new and existing client to facilitate the software development and internet marketing process, increasing their bottom-lines.

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The Click Experts Los Angeles Team.

 

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Take A Spin on the MONEY WHEEL!!!

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