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Deember 12 - 18, 2003
by James Temple
jtemple@bizjournals.com
TMG has snagged a large lease with Uncle Sam that caps
off a bevy of recent deals for the San Francisco development company.
The federal government has has signed a 10-year, 82,000-square-foot
deal the the Atrium, TMG's 127,000-square-foot office and research
and development building in Emeryville. The U.S. Treasury Department
will move there from its current space at 390 Main St. in San Francisco,
where the agency had been based for more than four decades.
"It was becoming functionally obsolete, so they're taking the
opportunity to spread out on a single floor," said Ken Meyersieck,
senior vice president with Colliers International, who represents
TMG in partnership with Aileen Dolby.
A government spokeswoman confirmed the details of the deal.
Other recent TMG deals include:
• The sale of a 10-acre site in Albany, near I-80 and Buchannan
St., to Target Corp., which is panning a 186,000-square-foot, two
story store. The price was not disclosed, but industry sources pi
it at around $20 per square foot.
• A 19,100-square-foot lease with Harb Levy & Weiland
and a 6,600-square-foot ground floor deal with Bank of America at
The Landmark at One Market in San Francisco.
• The sale of a 50,000-square-foot warehouse at 145 South
Hill Blvd. in Brisbane to a private family for an undisclosed price.
• The sale, in partnership with Credit Lyonnaise, of a 65,000-square-foot
building at the Mid-Point Technology Park to Genentech Inc., as
reported in last weeks Business Times.
TMG also recently refinanced a loan with Morgan Stanley for its
320,000-square-foot mixed-use property, the EmeryBay Marketplace,
and bought the note from the company's lender, the Teachers Insurance
and Annuity Association of America, for the Atrium. In both cases,
TMG infused new equity into the properties through a partnership
with San Francisco-based Rockwood Capital. The capital was used
to pay down,of off, the loans and will go toward property improvements.
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