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Page 1: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

680 Folsom Street

Page 2: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

SOUTH FINANCIAL

DISTRICT

SOUTH

BEACH

MISSION

BAY

WESTERN SOMA NORTH FINANCIAL

DISTRICT

UNION SQUARE

Central SOMA: heart of the City

CENTRAL SOMA

Page 3: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

Circa 1974

Page 4: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

2010

Page 5: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

680 Folsom – Fall 2010

Page 6: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

Overview – Fall 2010

• Asset:

– Vacant gutted dated building in prime location.

– 408,500 sf existing office space entitled expansion to 522,000 sf

– 2 acre site

• Capital Stack

– Loan Maturity

– Capital Partner Unable to Fund Loan Payoff or Go Forward Costs

• Business Plan

– Multiple long term business plans being considered.

• Office Renovation

• Convert to Residential

• Moscone Center Expansion and Upzone

Page 7: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

• Existing 425,000sf gutted office building

• Located in the heart of SOMA, adjacent to Moscone Center

• Entitled for office rehabilitation and expansion

• Large Floorplate - 34,700 sq ft - 2x current code

• 15’ deck-to-deck (11’0” finished ceiling/10’6” Vision Glass)

• Unobstructed Views

• Parking in excess of Code Allowed

680 Folsom Building Features

Page 8: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

Gutted Interior - 15’ Deck to Deck

Page 9: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

680 Folsom Amenities

BEST ACCESS TO:

• RESTAURANTS

• FITNESS

• SHOPPING

• ENTERTAINMENT AND CULTURAL

ATTRACTIONS

• HOTELS

• TRANSIT, PARKING AND FREEWAYS

Page 10: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

WITCHCRAFT

METREON

CHAVO’S

BUCCA DE BEPPO

NEW FILIPINAS

COFFEE BEAN & TEA LEAF YOGURT BAR

ROY’S

MEHFIL INDIAN

WESTFIELD

BISTRO BURGER

GODIVA CHOCOLATIER

OUT THE DOOR

CHAT CAFE

OOLA

CHEZ

PAPA

MAYA

PEETS COFFEE

CALIFORNIA PIZZA KITCHEN TACO DEL MAR

CAFÉ MADELEINE

JAMBA JUICE

FIREWOOD

CAFE

JUST DESSERTS

CHARLES CHOCOLATES

PANDA EXPRESS

CAFÉ BELLINI

STRAITS

LULU

PAZZIA

DUCCA

MILLION THAI

MEL’S DINER VITRINE

LE CHARM FRENCH BISTRO

LA BRICIOLA

THIRSTY BEAR

TOWN HALL

CHIPOTLE

PENGUINO’S

BLUE BOTTLE COFFEE

SORABOL

JODY MARONI’S

COCOA BELLA CHOCOLATES

CHEVY’S

EPICENTER CAFE

LITTLE JOE’S

CANTON DIM SUM THE CRAVERY

TIN VIETNAMESE

PAPA BEARDS

ROADHOUSE PIZZA

HENRY’S HUNAN

PRANA

SANRAKU

JILLIAN’S

WITCHCRAFT

AMOURA

ANDALE

LARKCREEKSTEAK

CAFÉ BISTRO

AME

OSHA THAI

SPECIALTIES

FLY TRAP

COFFEE CHOICE

BUCKHORN GRILL

THERMIDOR

CORIANDER

MELT GELATO & CREPE

LUCE

MO’Z CAFE

XYZ

ZERO ZERO

GO GO SUSHI

ESCAPE FROM NY

YOCUP

TROPISUENO

TARA

FANG

CHA AM

LUNA AZUL

54 MINT

KICHI GRILL

CATCH ISLE

MRS. FIELDS

HAAGEN DAZS

COCOLA BAKERY

WHOLE FOODS

AG FERRARI

BRISTOL FARMS

CAFÉ TRIESTE

SHIKI

STARBUCKS

100+ restaurants within 10 minute walk

Page 11: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

All major retail within 10-minute walk

Page 12: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

SPORTS CLUB/ LA

Six gyms within five minute walk

FEDERAL

FITNESS

Page 13: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

Yerba Buena Gardens

Entertainment & cultural hub of the City

Page 14: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

Premier hotels & conference facilities

Page 15: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

Proximity to transit

Page 16: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

Proximity parking & freeways

US 101 begins 1.3 mi

from 680 Folsom

I-280 begins 1.0 mi

from 680 Folsom

I-80 on/off ramps at

Fremont Street and

at 4th/5th Streets

MoMA

Garage

411

stalls

Moscone

Garage

730 stalls

Museum Parc

Garage

500 stalls

5th & Mission

Garage

2,585 stalls

Page 17: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

Existing and Office Planned Renovation

Page 18: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

Existing and Office Planned Renovation

Page 19: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

Lobby (30’ Ceiling)

Page 20: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

Unobstructed Views

Page 21: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

5,000sf Private Roof Deck

Page 22: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

High Density Occupancy

Page 23: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

680 Folsom Summary of Cost & Returns

($m) ($psf)

Land Value 24.0 46

Soft Costs 18.0 35

Hard Costs 132.5 254

Tenant Improvements 44.4 85

Leasing Commissions 11.1 21

Finance/carry 24.3 47

Total costs 254.3 488

Stabilized NOI 22.0 42

Return on cost 8.8% -

Page 24: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

Project Timeline

May 2010 Maturity Default

October 2010 Recapitalized in $24m Short Sale

2011

Value Engineering

January 2012

•Signed Riverbed lease

10 yrs; 167,788 sf (32% NRA)

February 2012

•Signed Macys.com lease

15 yrs; 242,753 sf (47% NRA)

March 2012

•Expanded Riverbed by 35k sf

•Selected Heleba/Nord as

construction lenders

•Began construction

(85% pre-leased)

August 2012 Sold to Boston Properties for

$128.5m

November 2013 Scheduled completion

March 2007 Acquired from PacBell for $78m

Spring 2008 Entitled for Expansion to 522,000sf

Page 25: 680 Folsom Street - Archive - ULIarchive.uli.org/fallmeeting2012/thur/MattField.pdf · – 408,500 sf existing office space entitled expansion to 522,000 sf – 2 acre site ... MoMA

TMG Partners and Rockwood Capital

680 Folsom Street


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QUAIL RUN PLAT 1 QUAIL RUN PLAT 217,638 sf 3 10,270 sf 15 10,270 sf 16 10,071 sf 44 10,071 sf 47 10,071 sf 46 10,071 sf 45 10,326 sf 17 10,125 sf 19 10,500 sf 22 10,500 sf 21 10,383

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ATTRACTIVE 810 SF RETAIL/OFFICE SUITE FOR LEASE MARINA ... · XPRO NAILS SIZE 2,400 SF 1,000 SF 5,000 SF 980 SF 810 SF 1 SF 1 SF 3, 180 SF 1 ,520 SF 1 ,360 SF 11 11 11 11 G K L Hogback

MARION DIEHL · 1 first floor plan color 449 sf staff 5763 sf gym 1590 sf fitness 1416 sf multi-purpose 225 sf kitchen 332 sf mech 395 sf pump 267 sf elec 375 sf storage 118 sf storage

Butterfield Office Plaza - images4.loopnet.com · 4,362 sf 217n 7,187 sf 301n, 305n, 308n 10,193 sf 312e 2,520 sf 335e 725 sf 301e 2,762 sf 300c 651 sf 307e 1,804 sf 310s 2,597 sf

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RIVER POINTE PLAZA West Jordan, UTEl Padrino Vacancy 1,500 SF 1,516 SF 1,616 SF 3,144 SF 8,320 SF Fabulous Brow Available Available Available 3,144 SF 1,500 SF 1,616 SF 1,516 SF ASIAN

2,400 SF END-CAP RETAIL/SALON SPACE AVAILABLE MARINA ... · XPRO NAILS SIZE 2,400 SF 1,000 SF 5,000 SF 980 SF 810 SF 1 SF 1 SF 3, 180 SF 1 ,520 SF 1 ,360 SF Hogback -kerh'Caryl W.Coal:Mine.Ave

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T AX M P 57 OF 136 WEST SPRINGFIELD, MA · 15300 tsf 15300 sf 153 00 sf 15300 4sf 1 6400! sf 19 565 !sf 26207! sf 2.5 5 ac 40 68 sf 19 57 sf 19491 sf 20685 sf 20926 sf 18551 sf 10100

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