By: Larry Gray - Real Estate Northern California

- May 2001 - When you think commercial real estate in San Francisco, Shorenstein is arguably the preeminent name.

Shortly after World War II, Walter Shorenstein joined Milton Meyer & Co., a commercial real estate brokerage and management firm. By 1960, Shorenstein had become president and sole owner of the renamed Shorenstein Co. when he started to dramatically expand the firm's development and management activities.

Today, with son Douglas now at the helm, the firm is dominant player in commercial real estate, nationally and especially in San Francisco. Shorenstein Co. owns, individually or in partnership, approximately 20 million sf of premier office projects located throughout the US. The firm is the largest property owner in San Francisco-at least until the Equity Office Properties Trust and Spieker Properties merger is finalized-with approximately seven million s.f., Shorenstein owns another 1.1 million sf in Downtown Oakland. Holdings include the 1.8-million-sf Bank of America Center and One California St. in San Francisco and Oakland City Center in Oakland.

Douglas Shorenstein believes the firm's success is rooted in its service-oriented philosophy. "Delivering a physical product that is maintained and operated to the highest industry standard is only the beginning," chairman and CEO says. "We take the time to understand our tenants' businesses so that we're in a position to meet their needs."

The firm's 555 City Center in Downtown Oakland is a 20-story high-rise that will add 487,000 sf, including 468,000 sf of office, to the Oakland City Center portfolio. City Center development consists of six buildings totaling more than one million sf. Besides the new development at 555 City Center, the firm's property includes three additional development sites that could support another 1.5 million sf of construction.

"What I enjoy most about my job is the sale of an asset," Shorenstein says. "When we make a sale, we've monetized an asset and proven our value-added strategy."

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