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5/13/15
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A joint venture between TMG Partners and Alexandria Real Estate Equities Inc has acquired 505 Brannan Street, a fully entitled development site in San Francisco complete with Prop M office allocation secured during late 2014. The site is currently slated for a 135k sf office building.
“The project has everything tenants are looking for – large floor-plates, a side core design, surrounded by residential and retail amenities – and has great transit access with the Cal Train station a block away and a new Central Subway stop less than half a block away,” said Matt Field, Chief Investment Officer with TMG Partners. “We expect extremely strong demand for the project.”
“Alexandria’s highly successful Mission Bay-SoMa cluster — comprised of 980k sf of operating properties — is 100% leased predominately to investment grade tenants and its near-term development pipeline comprised of 723k sf is also 100% leased to high quality disruptive technology companies,” said said Stephen Richardson, Chief Operating Office and Regional Market Director, San Francisco from Alexandria Real Estate Equities Inc.
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