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Keynote Speaker Doug Shorenstein
Evolves Beyond San Francisco
By Natalie Dolce, Staff Writer - CPN Online
May 31, 2006 - Doug Shorenstein, chairman & CEO of Shorenstein Properties L.L.C., opened CPN's San Francisco Properties Opportunities conference today with a positive outlook on San Francisco's leasing market. The conference attracted more than 300 attendees.
Today one of the largest privately held owners and operators of U.S. Class A office properties, the 82-year-old company evolved from its San Francisco focus under the leadership of its current CEO, who joined the family business in 1983 and became chairman & CEO in 1995. It has been active in markets that include Washington, D.C., New York City, Seattle and Chicago, as well as San Francisco, since 1992 sponsoring a series of closed-end investment funds with large endowments and foundations and the Shorenstein family as primary investors. "With a private-fund format, we have the flexibility to do what we think makes sense," Shorenstein said.
While he still likes the home market, Shorenstein noted the many opportunities in the greater area. "San Francisco is a great market for us, but it is one of many markets. We have many development sites in San Francisco's submarkets as well," he stated, adding that Silicon Valley and Oakland are among the quality locations.
A "quality" location for him requires a robust leasing environment. "If we can't keep a building full, we tend not to go to that city," Shorenstein noted. "We tend to go where we can find deals that make the most economic sense." San Francisco has been constrained on the supply side and has experienced positive job growth, making its office leasing market strong, he said.
"We have many developments in the pipeline in this market," he added. "They are more than a hope certificate."
Regarding the Pier 27 office project and Mission Bay life sciences project, Shorenstein noted that although there are many hurdles in the process of developing quality products, if they are approved and developed, they will have no trouble being leased. |
