SAN FRANCISCO—Multi-Employer Property Trust (MEPT) together with its real estate advisor, Bentall Kennedy, and international real estate development firm, Golub & Company announces the development of Transbay Block 6, a 32-story, 409-unit luxury high-rise complex in San Francisco’s SoMa (South of Market) District. Plans for the complex at 299 Fremont Street include an apartment tower, townhome residences, a ground-level courtyard and street-front retail. Groundbreaking is expected by year-end 2013, with expected completion in late 2015.
“San Francisco is one of the strongest multi-family markets in North America, thanks to our city’s strong economic and demographic growth,” observed San Francisco-based Amy Price, Chief Operating Officer of Bentall Kennedy U.S. “This opportunity is a highly strategic fit for MEPT’s multifamily investment criteria, including the opportunity to partner with an experienced urban multifamily developer, Golub & Company.”
A Golub & Company team led by principals Michael Newman, President and CEO, and Lee Golub, Executive Vice President, was selected as the developer of the site by the City of San Francisco, owners of the site. According to Newman, “All the pieces of the puzzle fit together for Block 6, which will be a true live/work/play environment. Strong demand for apartments exists today, and we are confident that SoMa will continue to attract young professionals in the rental market for decades to come.”
“Proximity to public transportation is not optional for apartments targeting renters in the millennial generation,” observed David Antonelli, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy. “299 Fremont Street is centrally located in SoMa near the $4.7 billion Transbay Transit Center currently under construction.This transformative projectis expected to serve more than 45 million passengers annually; residents of Block 6 will live three blocks from an easy commute anywhere in the Bay Area, including Silicon Valley.”
Lee Golub observed, “Our development plan emphasizes sustainability and access to everything San Francisco has to offer. This is a vision we share with MEPT, Bentall Kennedy and the City of San Francisco. We’re pleased to be working with this highly experienced and creative development team.”
Designed to achieve U.S. Green Building Council Leadership in Environmental and Energy Design (LEED) Gold certification, the project will create more than 2,500 green jobs and $490 million in economic activity for San Francisco.The San Francisco office of Solomon Cordwell Buenz designed the apartment community and will serve as the architect of record, and the general contractor is a joint venture between Balfour Beatty and Cahill Construction.
The units at 299 Fremont will offer efficient floor plans with luxury finishes and appliances as well as full-height windows offering a combination of views of the city and the bay. Planned community amenities include sky balconies on every third floor of the tower, a state-of-the-art fitness center, and a community room with gourmet kitchen, game room and media lounge. Outdoor spaces will include a rooftop deck, hot tub, gas grills, seating, fireplace and terraces wired for Wi-Fi. Other amenities include a 24-hour doorman, package service, bicycle storage and repair, and dog bathing facility.
“Block 6 represents the second MEPT investment in new construction in San Francisco in the past 18 months. MEPT is also the preferred equity investor in NEMA, a 754-unit apartment complex at 14 10th Street,” explained Paul Boneham, Head of Transactions, Bentall Kennedy U.S. “We continue to seek strategic commercial real estate investment opportunities for MEPT including multifamily, grocery-anchored retail centers in infill locations, Class A CBD office properties and bulk-distribution industrial facilities.”
Multi-Employer Property Trust (MEPT) is a $5.4 billion, open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in 27 major metropolitan markets across the U.S. Founded in 1982, MEPT is owned by more than 340 multi-employer, public employee and corporate pension plans. Signatory to the UN Principles for Responsible Investment, MEPT is recognized as a pioneer in Responsible Property Investing (RPI) and has been consistently top-ranked in the U.S. by GRESB for its environmental performance. MEPT is managed by three firms: New Tower Trust Company (www.newtowertrust.com), of Bethesda, Maryland serves as the trustee of the Fund; Bentall Kennedy (www.bentallkennedy.com) serves as the exclusive real estate investment advisor to MEPT; Landon Butler & Company, LP® (www.lbutler.com) of Washington, D.C. provides investor relations and marketing services to MEPT. For more information, visit www.mept.com.
About Bentall Kennedy
Bentall Kennedy is one of North America’s largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves theinterests of more than 500 institutional clients across 145 million square feet of office,retail, industrial, hotel, and apartment properties totaling over $31.5 billion throughout Canada and U.S. Bentall Kennedy has a 100-year track record of delivering superior returns and a reputation for integrity, innovation and creating value. Bentall Kennedy is a member of UNPRI and is a recognized global leader in Responsible Property Investing.
Bentall Kennedy is privately owned by senior management and two of North America’s largest institutional investors, British Columbia Investment Management Corporation(bcIMC) and the California Public Employees’ Retirement System (CalPERS). Bentall Kennedy includes Bentall Kennedy (Canada)Limited Partnership and Bentall Kennedy (U.S.)Limited Partnership. For more information, visitwww.bentallkennedy.com.
About Golub & Company LLC
Chicago-based Golub & Company and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services. Since its founding more than 50 years ago, the company has owned, leased or managed more than 45 million square feet of commercial and multifamily real estate properties valued in excess of $8 billion. For more information, visit www.golubandcompany.com.
Forward looking statements are subject to change due to market conditions or investment strategy execution, and past performance is not indicative of future results. Any assumptions should not be construed to be indicative of the actual events that will occur.