November 8, 2010
500 Terry Francois Boulevard Headed For Foreclosure
While the market is abuzz over Salesforce.com’s acquisition of 14 Mission Bay acres with plans to build 2 million square feet, it’s a plugged-in tipster that notes the never occupied and LEED Certified 280,964 square foot building at 500 Terry Francois Boulevard ("On the Waterfront in Mission Bay") is scheduled to hit the courthouse steps this Friday.
Financed with a $90 million construction loan which was sold to a private equity group for $52.5 million earlier this year, foreclosure proceedings have begun against the building’s owners (CB Richard Ellis Investors) with $93,514,916.79 now due.
Zynga had nearly inked a lease for the majority of the building last year. And according to the San Francisco Business Times, Dolby has (had?) been circling the property.
∙ Salesforce.com Acquires 14 Mission Bay Acres To Build 2 Million Feet [SocketSite]
∙ S.F. market tightens for tech tenants [San Francisco Business Times]
First Published: November 8, 2010 6:00 AM
Comments from "Plugged In" Readers
Any chance someone will buy it and move it to Santa Clara where it belongs?
Posted by: BobN at November 8, 2010 9:40 AM
if nothing else, hopefully a sale will put a viable business in there.
this story is humorous to me because it's owned by CBRE Investors, one of the chief investors in One Rincon Hill. (the other was Ullico).
back in 2007-8 when we talked about the viability of tower II of ORH I remember certain posters talking about how it would be built for sure because of its financial backers... CBRE investors.
that led me to do some digging into CBRE and I found that all was not as rosy as people had claimed.
Commercial RE will continue to be a slow moving train wreck for a while.
Posted by: ex SF-er at November 8, 2010 10:32 AM
BobN, I hear you about the design, it does look very different than typical SF architecture.
But I would sure rather have new jobs in SF than elsewhere.
Posted by: anon at November 8, 2010 12:24 PM
JP Morgan, said don't start buying till the blood is in the streets.
Posted by: inclinejj at November 8, 2010 2:05 PM