 |
Lincoln Set to Build after Record Buy [of 350 Bush St. and 500 Pine St.]
September 21,
2007
By J.K. Dineen
San Francisco Business Times
Paying a record price for land in downtown San Francisco, Lincoln Property Co. has acquired office building sites at 350 Bush St. and 500 Pine St. for more than $60 million and plans to start driving piles as soon as next spring on a speculative basis.
The seller was a partnership of Shorenstein Properties, the Swig Co., and Weiler & Arnow Management Co. The three family-owned real estate corporations had assembled the sites over the course of four decades and received approvals for the projects six years ago.
The price, more than $150 per buildable square foot, reflects both the difficulty of entitling office projects in downtown and the fact that the parcels are the only two office building sites remaining in the north financial district.
Lincoln Property Executive Vice President John Herr said his company would start construction "as soon as possible" on the two buildings, a 19-story, 350,000-square-foot tower at 350 Bush St. and a five-story, 50,000-square-foot structure at 500 Pine St. The two buildings would cost about $250 million to develop, based on current construction costs. |
