China Basin Landing

From Wikipedia, the free encyclopedia

China Basin Landing is an office complex in the Mission Bay area of San Francisco, California.[1] The complex has 902,000 square feet (83,800 m2) of space.[2] It is the headquarters of Dropbox and Dignity Health, and formerly housed the headquarters of Sirna Therapeutics.

History

M. Barry Lawrence, a developer from San Diego, California, purchased the site of what would later house the China Basin Landing building in 1982. The site had a 465,000-square-foot (43,200 m2) six story existing structure, the China Basin Building. Lawrence spent $40 million to renovate the older building and build a new three story, 207,000 square feet (19,200 m2) office facility next to the existing structure. The new office building, which opened in 1991, was the final major office building in San Francisco to open during that year.[3]

As an office facility, a portion originally it had three stories,[4] while another portion had six stories.[5] The entire facility had a total of 725,000 square feet (67,400 m2) of space.[6] At one point the building was converted from warehouses to offices. A parking garage was established so the building owners could get a variance that permitted them to convert the building to offices.[7]

By 1997 the owner of China Basin Landing had died. Area firms expressed interest in buying the building. Because of its location in what was going to be new development in the Mission Bay area, George Cothran of the SF Weekly said in 1997 "this building's value will soon skyrocket."[5]

In 1998 Blackstone Group owned the building. In 1998 Eastdil Realty Corp. marketed the China Basin Landing building for sale. In the northern hemisphere summer of 1998, Beacon Capital Partners Inc. offered to buy China Basin Landing for $149 million. Beacon later canceled the proposal. Later during that summer DRA Advisors Inc. planned to buy the China Basin Landing for $150 million. The company later went back to the building owner asking for a change in the pricing, and DRA ultimately walked away from the deal.[6] Douglas Robson of the San Francisco Business Times said that several local brokers believed that the failure of the deal was understandable due to economic issues in Asia and the selling price.[6]

Several years before 2003, the company of real estate agent Douglas Wilson handled the repositioning and scale of the complex. The complex is adjacent to the Pac Bell Park, now AT&T Park, which had an influence in redevelopment in the area. Because of the presence of the ballpark and the ballpark's redevelopment effect, China Basin Landing had a high sales price.[8]

As of Thursday March 17, 2005, Stockbridge Capital Partners LLC was a financial partner in the building.[9] The California Public Employees' Retirement System (CalPERS) bought China Basin Landing in 2005 for $260 million.[2] Secured Capital closed the sale of the building.[10]

Hellmuth, Obata and Kassabaum (HOK) San Francisco designed a two story expansion on top of the existing 1991 section of the China Basin Landing facility.[11] In late 2007, McCarthy Cook & Co. and RREEF were finished the installation of the expansion,[4] which took 175,000 square feet (16,300 m2) of space. During that period, Pfizer considered moving into China Basin Landing, but decided not to do so.[12] After the construction finished, the owners failed to attract tenants to the new office spaces, and they were empty during the late-2000s recession. In 2011 Dropbox announced that it would take the fourth floor with an option for the fifth, and the center became 91% leased.[4]

In 2010 Dreamworks visited China Basin and two other buildings, to determine if it would relocate to San Francisco.[13]

JPMorgan Chase Asset Management announced in January 2012 that it purchased a majority stake in the China Basin Landing building for $415 million from Canyon Capital Realty Advisors, which handled the transaction on behalf of CalPERS. The sale closed in December 2011. Andrew S. Ross of the San Francisco Chronicle said that CalPERS "appeared" to make a profit in the deal. In January 2011 China Basin Landing was 89% leased. During that month, the moves of Dropbox and GREE, Inc. into a combined 125,000 square feet (11,600 m2) of space were impending. Kevin Faxon, the head of Real Estate-Americas group of JPMorgan Asset Management, said that he expected for the rents in the building to generate a 6% profit.[2]

Location

China Basin Landing is located on one city block bounded by 3rd Street, 4th Street, Berry Street, and the China Basin Canal.[5] It is across from AT&T Park and it overlooks McCovey Cove.[14]

China Landing is one block from the Caltrain depot.[15] It is about .5 miles (0.80 km) from the University of California San Francisco Mission Bay campus.[14]

The building is close to public rail links that connect the facility to the University of California Berkeley and Stanford University.[14] China Basin also has access to the Muni Metro N and T lines and the bus lines 10, 30, 45, and 47.[15] A China Basin Landing shuttle service, which has no charge, connects China Basin Landing to the Financial District, the Ferry Building, and the Bay Area Rapid Transit Embarcadero Station. A UCSF shuttle service also serves the building.[16]

Facilities

Most of the facilities within China Basin Landing are offices. There are some University of California classrooms and life science laboratories.[2] The complex has a parking garage which, as of 1999, has 600 spaces. In 1993 the San Francisco city planning commission suggested providing at least 885 spaces in the basement, but the building owners argued with them. Ultimately the building owners were permitted to establish 600 spaces within .5 miles (0.80 km) of the building.[7]

Tenants

Academic facilities

The China Basin Location of the University of California San Francisco Department of Epidemiology and Biostatistics is located on the fifth floor, accessible from Lobby 5. TICR Classrooms are located in Rooms 6702 and 6704 on the 6th floor, accessible from Lobby 3.[15] The UCSF Imaging Center at China Basin, of the Department of Radiology and Biomedical Imaging, is located in Suite 190, accessible from Lobby 6.[16] The USCF Imaging Center at China Basin is in Suites 180 and 190, via Lobby 6.[17]

Offices

Dropbox has its corporate headquarters in Suite 400,[18] on the fourth floor.[4][19] In July 2011 Dropbox announced that it was moving into 85,600 square feet (7,950 m2) of space in the building's entire fourth floor of the 1991 section; it had an option to take additional space on the fifth floor of the 1991 section.[4] Dignity Health is located in Suite 300.[20]

Former tenants

When Sirna Therapeutics was located at China Basin Landing, it occupied Suite 6504.[21] In 2005, Sirna Therapeutics announced that it was moving its headquarters to China Basin Landing. Sirna moved to San Francisco due to San Francisco's proximity to various scientific institutions, its workforce, and the payroll tax exemption for biotechnology companies. The move of Sirna was a part of a trend of biotechnology companies relocating to San Francisco due to a campaign to attract biotechnology companies to San Francisco and tax breaks instituted by Mayor of San Francisco Gavin Newsom. Howard Robin, the president and chief executive officer of Sirna, said that the first wave of moves would be the ten highest ranking employees; he did not say how many employees would relocate to San Francisco. The company planned to maintain a facility in Boulder.[1] Sirna Therapeutics was acquired by Merck & Co. in 2006 in a cash transaction deal worth $1.1 billion.[22]

Previously the Public Library of Science was located in Suite 3100.[14] In June 2010, PLoS announced that it was moving to a new location, because the growth of PLoS ONE and the increase in the number of articles submitted to PLoS journals after a National Institutes of Health mandate was put into effect, made PLoS outgrow its previous location. The move to Levi's Plaza went into effect on June 21, 2010.[23]

The SF Weekly previously occupied space in Suite 3800, Lobby 4.[24] In 1997 George Cothran of the SF Weekly described the facility as "swank new offices."[5] Bill Wyman, from the same paper, in 1998 described the offices as "swanky digs."[25] The newspaper is now in a different location.[26]

KEST AM 1450, a radio station, as of 1998 had offices at China Basin landing.[27] The radio station is now located in another facility.[28]

References

  1. ↑ 1.0 1.1 Gordon, Rachel and Bernadette Tansey. "Another biotech arrival Sirna Therapeutics moving to S.F.'s Mission Bay area." San Francisco Chronicle. Saturday March 5, 2005. C1. Retrieved on March 3, 2012.
  2. ↑ 2.0 2.1 2.2 2.3 Ross, Andrew S. "JPMorgan Chase's sweet deal for China Basin space." San Francisco Chronicle. Thursday January 26, 2012. Retrieved on March 3, 2012.
  3. ↑ Greim, Lisa. "China Basin Landing ready to add tenants. (San Francisco's last major office building to open in 1991)." San Francisco Business Times. May 17, 1991. Retrieved on March 3, 2012.
  4. ↑ 4.0 4.1 4.2 4.3 4.4 Dineen, J.K. "Dropbox repacks itself." San Francisco Business Times. Friday July 29, 2011. Last modified Monday August 1, 2011. 1. Retrieved on March 4, 2012.
  5. ↑ 5.0 5.1 5.2 5.3 Cothran, George and Matt Smith. "Dog Bites." San Francisco Weekly. Wednesday July 30, 1997. Retrieved on March 3, 2012. Cited segment is "In Like Clint" by George Cothran.
  6. ↑ 6.0 6.1 6.2 Robson, Douglas. "Bankers' warning: Credit crunch ahead." San Francisco Business Times. Sunday September 27, 1998. 1. Retrieved on March 3, 2012.
  7. ↑ 7.0 7.1 Wellman, Laura. "Dog Bites." SF Weekly. Wednesday Jul 14, 1999. 1. Retrieved on March 4, 2012. Cited section is "Not in My Parking Lot"
  8. ↑ O'Connell, Peggy. "Downtown development spurring suburban exodus." San Diego Business Journal. 27 Jan. 2003: B4.
  9. ↑ Wilson, Lizette and Daniel S. Levine. "S.F. delivers $10M package for stem-cell HQ." San Francisco Business Times. Thursday March 17, 2005. 1. Retrieved on March 4, 2012.
  10. ↑ Dineen, J.K. "Brokerage of the year: Eastdil Secured." San Francisco Business Times. Sunday March 26, 2006. Retrieved on March 4, 2012.
  11. ↑ "San Francisco's China Basin Landing Development." Hellmuth, Obata and Kassabaum. November 21, 2006. Retrieved on March 4, 2012.
  12. ↑ Leuty, Ron. "How San Francisco caught Pfizer" San Francisco Business Times. Sunday August 10, 2008. 4. Retrieved on March 3, 2012.
  13. ↑ Dineen, J.K. and Blanca Torres. "S.F. unrolls red carpet to lure DreamWorks office." San Francisco Business Times. 1. Sunday March 7, 2010. Retrieved on March 4, 2012.
  14. ↑ 14.0 14.1 14.2 14.3 "Contact PLoS." Public Library of Science. March 10, 2008. Retrieved on March 3, 2012. "U.S. Headquarters Public Library of Science 185 Berry Street, Suite 3100 San Francisco, CA 94107 USA"
  15. ↑ 15.0 15.1 15.2 "Department of Epidemiology and Biostatistics." University of California San Francisco. Retrieved on March 4, 2012. "185 Berry St., Lobby 5 5th Floor, Suite 5700 San Francisco, CA 94107-1762"
  16. ↑ 16.0 16.1 "Location." UCSF Imaging Center at China Basin. Retrieved on March 4, 2012. "UCSF Imaging Center at China Basin 185 Berry Street, Suite 190, Lobby 6 San Francisco CA 94107"
  17. ↑ "Imaging Center at China Basin Landing." UCSF Benioff Children's Hospital. Retrieved on March 4, 2012.
  18. ↑ "Dropbox Terms of Service." "Dropbox, Inc. Last modified July 26, 2011. Retrieved on March 4, 2012. 185 Berry St. Ste. 400 San Francisco, CA 94107"
  19. ↑ "Dropbox Privacy Policy." Dropbox. Retrieved on March 4, 2012.
  20. ↑ "Contact Us." Dignity Health. Retrieved on October 23, 2012. "Dignity Health 185 Berry Street, Suite 300 San Francisco, CA 94107"
  21. ↑ "Boulder Campus." Sirna Therapeutics. March 11, 2006. Retrieved on March 3, 2012.
  22. ↑ "Merck & Co., Inc. Announces Completion of Acquisition of Sirna Therapeutics, Inc." Merck & Co. Retrieved on March 3, 2012.
  23. ↑ Allen, Liz. "PLoS San Francisco office is moving." Public Library of Science. June 16, 2010. Retrieved on March 3, 2012.
  24. ↑ "About SF Weekly." SF Weekly. December 5, 2000. Retrieved on March 3, 2012.
  25. ↑ Wyman, Bill, George Cothran, and Karen Solomon. "Dog Bites." SF Weekly. June 24, 1998. 1. Retrieved on March 3, 2012. The cited section is "Muni'ed" by Bill Wyman.
  26. ↑ "Contact Us." SF Weekly. Retrieved on March 3, 2012. "Address: 55 Francisco St. Suite 710, San Francisco, CA 94133"
  27. ↑ Eljera, Bert. "Going Beyond the Cover." AsianWeek. April 9–15, 1998. Retrieved on March 3, 2012.
  28. ↑ "Contact Information." KEST. Retrieved on March 4, 2012. "KEST Office & Studio 145 Natoma Street, 4th Fl. San Francisco, CA 94105"

External links

Coordinates: 37°46′18″N 122°23′19″W / 37.771631°N 122.388518°W / 37.771631; -122.388518

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