the quarterly - spring 2012

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BNBuilders' Company Newsletter

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  • THE

    QUARTERLYA BNBuilders publication

    URBAN REVITALIZATIONa look into redeveloping downtown neighborhoods

    APRIL 2012

  • BNBuilders Revitalization

    B N B u i l d e r s

  • BNBuilders Revitalization

    WHAT YOU CAN FIND IN THIS ISSUE

    A Note From Our Leaders PAGE 1Principal, David Becker shares why BNBuilders is passionate about the revitalization of urban downtown cores.

    Urban Revitalization PAGE 2Take a closer look at how BNBuilders is involved in the revitalization movement across the West Coast.

    What Matters PAGE 8BNBuilders chats with Project Executive Keith Whaley about the revitalization trends in the San Diego Market.

    Whats Happening PAGE 9BNBuilders has been busy across the West Coast and the Inner States. Take a glance at what our people and our projects have been up to over the past months.

    On the Move PAGE 11See what BNBuilders offices have been up to.

    Credits PAGE 12Acknowledgements and thanks to everyone who contributed to this edition.

  • A NOTE FROM OUR LEADERS...David Becker, Principal

    It is with great pleasure I introduce BNBuilders

    newest publication, The Quarterly. This newsletter

    reflects the innovation and creativity on our jobsites

    and in our people, and gives insight into the BNB

    leaders that drive such a passionate culture. Most

    importantly, The Quarterly continues to provide our

    clients with value, with a thoughtful perspective on

    trends and issues that matter to you. Each quarter

    we will feature a timely topic in our industry, and

    present innovative ways in which our clients and

    BNBuilders are actively engaged in building both

    solutions and communities.

    We are truly inspired this year. The outlook for

    2012 from our trailers is exciting. In 2011 we

    witnessed an economic recovery and revival from

    the tech boom that re-awakened San Francisco,

    Silicon Valley, and Creative Class cities across

    the country. San Diego. Seattle. Chicago. Boston.

    Austin. Apple. Google. Facebook. Amazon.

    LinkedIn. Twitter, Zynga, and SalesforceThese

    are just a few of our neighbors and we are proud to

    be a part of the rejuvenation in our local economy

    and the urban renewal that is transforming our

    cities. Thats why we chose to spend some time

    talking about Urban Revitalization.

    Relative to the technology markets explosion, the

    Bay Area has experienced a boom in tech jobs

    as well as the resulting commercial property and

    multi-family residential developments. First SOMA,

    and now Mid-Market is undergoing a massive

    transformation, with hot new companies moving

    into this up and coming part of the city. Historic

    buildings are being retrofitted and renovated for

    the modern workspace, with sleek new interiors

    that speak to a new generation and new work

    culture. We see multi-family projects growing in

    our offices and across the country. In our Seattle

    office, the multi-family market is at the forefront of

    development.

    It really is a brave new world and as promising as

    we had hoped. We wish you and your business a

    prosperous year.

    Carpe Diem.

    David Becker

    BNBuilders Revitalization 1

  • UR

    BA

    N R

    EV

    ITA

    LIZ

    ATI

    ON

    THE REVITALIZATION OF DOWNTOWN NEIGHBORHOODS IS SPREADING ACROSS THE WEST COAST. BNBUILDERS IS EXCITED TO BE LEADING THE CHARGE IN MULTIPLE REGIONS THROUGH HISTORIC RENOVATIONS, COMMERCIAL OFFICE TENANT IMPROVEMENTS, AND MULTI-FAMILY HOUSING IN DOWNTOWN SAN FRANCISCO, SEATTLE, AND SAN DIEGO. WE WILL TAKE A CLOSER LOOK AT OUR PROJECTS IN THESE MARKETS AND HOW THEY ARE REVITALIZING THEIR NEIGHBORHOODS.

  • BNBuilders Revitalization 3

    Building for the Creative Class

    The creative class is revitalizing the San

    Francisco economy and cities across the

    country. The creative class is defined by

    economist and social scientist Richard Florida

    as the workforce who creates for a living, and

    includes diverse fields from engineering to

    theater, biotech to education, and architecture

    to small business. They currently make up

    30% of the U.S. workforce and that number

    is continuing to grow. Technology is San

    Franciscos fastest growing sector and the

    creative class is at the forefront of this market,

    driving how we live and work, how we interact,

    and even spend our time. It is said San

    Francisco will have 28% more tech positions

    by the end of this year than it did in its 2000

    peak during the dot-com era, according to an

    employment analysis by Jones Lang LaSalle.

    In the construction industry, we see the

    huge economic impact on commercial office

    tenant improvements and how workspace is

    organized and designed. The creative class

    thrives on a more artistic and open-office

    environment that maximizes daylight, and one

    that spurs creativity, integration, collaboration

    and innovation. The unique building elements

    and urban feel of historic buildings in Mid-

    Market are very attractive work space for the

    creative class.

    San Francisco Mid-Market Revitalization

    The Twitter effect is real and it is transforming

    the Mid-Market district. Like Twitter, tech

    companies wanting to capitalize on the payroll

    tax exemption zone of the district, also see a

    chance opportunity to be part of the next

    trendy, emerging neighborhood. SOMAs

    renewal was successful, why not the central

    thoroughfare of The City?

    The Mid-Market neighborhood stretches

    roughly between Fifth Street and Van Ness

    Avenue along Market Street, and includes 3.3

    million SF contained within 73 office buildings.

    Interest in the blighted area came after the City

    launched the Central Market Partnership, a

    public-private initiative and economic strategy

    to revitalize Central Market and the adjacent

    neighborhoods. Companies in the Enterprise

    Zone are exempt from San Franciscos 1.5%

    payroll tax for employees they add after they

    move in. In addition to the tax break, the Citys

    plan includes six strategic objectives: stabilize

    the existing community, enhance and activate

    the public realm, enhance the creative arts

    community, reduce vacancies, build community

    capacity, and improve safety. Tech companies

    are noticing, as they have leased over 380,000

    SF of office space on central Market, including

    CallSocket (30,000 SF), Zendesk (35,000 SF),

    One Kings Lane (52,000 SF), Zoosk (52,000

    SF), and Riverbed Technologies. The increase in

    lease activity is also attracting local developers

    to take a closer look into the area. The Market

    Square project was in the planning phases

    for almost 10 years before Shorenstein

    Realty Services purchased it and signed

    Twitter to the space.

    The Mid-Market area has more large-scale,

    high-rise buildings that can accommodate

    growing companies. While boutique SOMA

    spaces cater to start ups, Mid-Market boasts

    large and open floor plans, conducive to the

    modern workplace. Twitter leased 250,000 SF

    in the Market Square building with an option

    for another 140,000 SF. 1455 Market, 1 South

    Van Ness, Fox Plaza, and the former AAA

    headquarters are examples of Central Market

    properties that accommodate larger square foot

    requirements. Mid-Market also has a distinct

    advantage over the expanding Mission Bay

    neighborhood, and that is the historical value

    of its buildings and architecture, and access to

    public transportation.

    In addition to new workspaces, increased

    residential investments are spurring new multi-

    family projects in the Mid-Market, Civic Center

    and Tenderloin area. Eight new residential

    projects are slated for development, including

    10 to 15-unit condos and a 30-story high-rise

    condo building across the street from Market

    Square. In all, over 2,000 units will be added

    to the area, attracting more businesses and

    commercial tenancies.

  • 1355 MARKET SQUARE BUILDING RENOVATION...SOON TO BE HOME TO TWITTER

    CURRENT LAYOUT TO ACCOMMODATE TWITTERS NEW CREATIVE SPACE

  • BNBuilders Revitalization 5

    Among the key features is a 20,000 SF roof deck for Twitter employees on the ninth floor, with a

    view sweeping across the City, from Twin Peaks in the west to the downtown skyline in the east.

    In order to convert part of the ninth floor into an open roof deck, the roof deck is being created

    by demolishing a structure that was added during World War II. Since metal was rationed during

    the war effort, the addition was originally built out of wood rather than steel. The structure is being

    meticulously taken down so that lumber can be reutilized for the feature walls in the lobby and

    new retail area. The reclaimed lumber is not only ecofriendly but tells an amazing story about the

    transfiguration of the building and how it was repurposed from a furniture mart to a high tech office

    building.

    BNBuilders is restoring both lobbies in 1355 Market Street and 875 Stevenson Street. The grand

    marble lobby in 1355 Market is being preserved to keep the iconic architecture, while the lobby in

    875 Stevenson will integrate modernizations and technical advancement