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1125 Market
1125 MARKET STREET                        Street
                                          San Francisco, CA

            Ma
              rke
                 tS
                    t
                                          Confidential Offering
                                          Memorandum
                         St
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                        8t




                              PRESENTED     David Wientjes             Clayton Jew
                              BY            415.229.8969               415.229.8920
                                            davidw@kiddermathews.com   cjew@kiddermathews.com
                                            LIC #00869637              LIC #00834308
t St
                     rke
                     Ma
1125 MARKET STREET
                             ter St
                     McAllis
                     Golden Gate Ave
NORTH
                                  BEACH

                               CHINATOWN
                    NOB HILL




                                 FINANCIAL
                                  DISTRICT

                       UNION
                      SQUARE




          CIVIC
         CENTER


     1125 MARKET STREET
HAYES
VALLEY
1125 Market Street | San Francisco, CA



Contents
1.	   Executive Summary

      •	 Offering Overview
      •	 Project Description
      •	 Investment Highlights
      •	 Location Map

2.	   Project Description

      •	 Assumptions
      •	 Site Plan

3.	   Density Analysis


4.	   Location

      •	 San Francisco Area
      •	 Notable Mid Market Projects

5.	   Market Overview

      •	 Apartment Market Snapshot
      •	 Downtown San Francisco Residential Pipeline
      •	 Entitled Projects




This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee,
expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification      Page 4
of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney,
accountant, or other professional advisor.
1125 Market Street | San Francisco, CA




Executive Summary




                                             Page 5
1125 Market Street | San Francisco, CA



Executive Summary
OFFERING OVERVIEW
1125 Market Street represents a unique opportunity to acquire a residential
development project in the heart of the Mid Market and Civic Center/Van Ness
Corridor districts of San Francisco. The property benefits from its proximity to
all that San Francisco has to offer with major freeway and mass transit access
points to North Bay and the Peninsula.


Price
1125 Market Street is being offered without an asking price.


Offering Process
All Offers should be delivered to the offices of the Advisor, Kidder Mathews,
attention David Wientjes or Clayton Jew, by fax at 415-229-8987 or e-mail
at davidw@kiddermathews or cjew@kiddermathews.com. We request that
interested parties submit a formal Letter of Intent (“LOI”) on the Offer Date
outlining their company background along with the salient terms by which
they intend to purchase the Property, including purchase price, deposits, due
diligence period, and closing period.




                                                                                   Page 6
1125 Market Street | San Francisco, CA



PROJECT DESCRIPTION                                                             •	   Approved payroll tax incentives on new jobs, luring employers to 		
                                                                                     immediate area
•	   Established and highly desirable location
                                                                                •	   Lack of developable land and strict land use controls hindering new
•	   Outstanding demographics
                                                                                     development

INVESTMENT HIGHLIGHTS                                                           •	   In proximity to a number of colleges including the Academy of Art
                                                                                     University, California Art Institute, Hastings College, and Dugoni School of
•	   2 blocks from Market Square, headquarters for Twitter
                                                                                     Dentistry
•	   Existing 12,401 square foot site (no demolition required)

•	   Within the emerging Central Market Corridor, home of Twitter and notable
     residential projects such as Crescent Heights, Avalon Bay and Trinity
     Plaza

•	   Immediately adjacent to the Strand Theater recently purchased by ACT
     theater

•	   Located next to Hayes Valley - noted for outstanding urban living, world
     class restaurants and nightlife, urban agriculture and community ethic

•	   Bordering Civic Center and Van Ness Corridor, the cultural heart of 		
     San Francisco

•	   BART and Muni entry in front of property

•	   Economic recovery in full swing
                                                                                 1355 Market Street | Home of Twitter and Yammer
•	   Easy access to 101 and 280 freeways




                                                                                                                         Page 7
1125 Market Street | San Francisco, CA



LOCATION MAP



                                                                                                                                                                                               CA Art                        Residential Development
                                              Proposed SF PUC                                                                                                              50 UN              Institute
                 California
                   PUC                            Headquarters                                                                     Asian                               Plaza (Federal)                                  1   1	      1 Polk - The Argenta
                                                      r S tr e e
                                                                 t                                                                  Art
                                                                                                                                  Museum                                                          1125 MARKET STREET        	       179 Units
                                     M   c A ll is te                                                                                                                                                                       2	      10th & Market - Crescent Heights
                                                                                                                                                                                                       ACT
                                                                                       Civic                                                                                                          Theatre
                                                                                                                                                                                                                        2   	       750 Units




                                                                                                                                                                                                                 ld l
                                                                                                                                                                                                                B era
                                                                                   Center Plaza
                                                                                                                                                                                                                            	       16,000 SF retail




                                                                                                                                                                                                                   g
                        Herbst




                                                                                                                                                                                                              ce d
                                                                                                                                                                                                           ffi Fe
                        Theater                                                    (845 Parking




                                                                                                                                                                                                          O w
                                                                SF                   Spaces)                                                                                                                                3	      Trinity Developments




                                                                                                                                                                                                             e
                                                                                                                                                                                                           N
                                                             City Hall
                                                                                                                                      SF Main
                                                                                                                                    Public Library
                                                                                                                                                                                                                            	       1,900 Units
                                                                                                                                                                                                                            	       60,000 SF retail
         t        ree




                                                                                                                                                                                                           7            3   4	      1390 Market - Fox Plaza
         li n S t




                        War Memorial
                        Opera House                                          S tr e e t                                                                                                      3                              	       230 Units
                                                                    G ro v e
                                             ue




                                                                                                                                                                                                                            5	      77 Van Ness
              Frank




                                                                                               Bill Graham
                                              Aven




                                                                                                   Civic
                                                                                                                                                                                                                        4   	       48 Units




                                                                                                                                                                                     8t
                                                                                               Auditorium                                               1275 Market




                                                                                                                                                                                         h
                                                                                                                                                        Divco West                                                          6	      55 Page Street - The Hayes




                                                                                                                                                                                         S
                                  Davies
                                                       ess




                                                                                                                                                                                             tr
                                 Symphony
                                                                                                                                                                                                                            	       128 Units




                                                                                                                                                                                             ee
                                   Hall




                                                                                                                                                                                                  t
                                                Va n N




                                                             Academy
                                                                                                                                                                                                                            7	      SoMa Grand
                                                              of Art
                                                                                                        4                                                                                                               5
                                                             University
                                                                                                                             et                              8                                                              	       246 Units
                        S tr e e t                                                                                       e
        Hayes                                                  Emerald                                                tr                            9t                                                                      8	      55 9th Street - Avalon Bay
                                                                                                                  S
                                                                Fund         1                               et                                          h
                                                                                                                                                             S
                                                                                                                                                                                                                        6   	       260 Units
                                                             Development                               k
                                                              400+ Units                            ar                                                           tr
                                                                                                                                                                      ee
                                                                                                M                     Market Square                                        t
                                                                                                                        (Twitter)
                           eet
               F e ll S tr                     5                                                                         1.1M SF
                                                                                                                                                                                                                        7
                                                                                                         2
                                                                                                                                                                                                                        8
                                                                                                                                                        on
                               San Francisco
                                                                               1455 Market
                                Conservatory                                                                                                        i
                                                                                                                                                 ss
                                  of Music                                     Hudson Pacific
                                                                                                                                             i
        tr e e t
                                                                                                                                         M
  Oak S
                                                                                     11
                                                                                          th
                                                                          City of SF
                                                                                               S
                                                                          Muni                     tr
                                                                          Headquarters                  ee
                                                                                                             t
           tr e e t
    Page S
        6




                                                                                                                                                                                                                                   Page 8
1125 Market Street | San Francisco, CA




Project Description




                                              Page 9
1125 Market Street | San Francisco, CA



Project Description
122 UNIT DENSITY STUDY




                                                           Page 10
1125 Market Street | San Francisco, CA



ASSUMPTIONS

Municipal Address                   1125 Market Street, San Francisco, CA (Northside, between 7th and 8th Streets)

Zoning (Market Octavia Area Plan)   C3G (Downtown General Commercial District)

Parcel Number                       Block 3702 - Lot 047

Height and Bulk Limit               120-X (No Bulk)

Dwelling Unit Density               1 dwelling unit for each 125 SF of lot area is a permitted use. A greater density, limited by the discretion of the Planning
                                    Commission, is a conditional use. A greater density, limited by the discretion of the Planning Commission, is a conditional use.

FAR                                 6.0 to 1 (without TDR’s), 9.0 to 1 (with TDR’s)

Maximum FAR                         1.5 x basic FAR = 1.5 x 6.0 = 9.0
                                    The gross area of the lot in the C-3-R, C-3-S % C-3-G Distircits may not exceed a floor area that is 1 1/2 times the basic area
                                    limit for the district. Therefore it may only reach a maximum of 9.0 to 1.

Parking                             Off-Street Parking: Residential - Not required in any C-3 district, Non-Residential - Not required in any C-3 district

                                    Maximum Parking Allowed: Permitted up to one car for each four dwelling units; up to 0.75 cars for each dwelling unit,
                                    subject to the criteria and procedures of Section 151.1(f); not permitted above 0.75 cars for each dwelling unit.

                                    Bicycle Parking: For projects up to 50 dwelling units, one Class 1 space for every 2 dwelling units. For projects over 50
                                    dwelling units, 25 Class 1 spaces plus one Class 1 space for every 4 dwelling units over 50.

Site Size (Per Realquest)           165 feet x 75.167 feet = 12,402.56

Allowable Conditional Uses          Residential, Retail, Entertainment, Wholesale

Highest and Best Use                Residential Apartments/Condos

Street Frontage                     Market Street - 75.167’




                                                                                                                            Page 11
1125 Market Street | San Francisco, CA



SITE PLAN

1125 Market Street is located on the block bounded by 7th and 8th Streets and Stevenson Street. The Property is located and referred to by Assesor’s Numbers
3207-047. The site is a rectangular shape containing ±12,401 square feet (.28 acres) of land.




                                                                                                                          Page 12
1125 Market Street | San Francisco, CA




Density Analysis




                                              Page 13
1125 Market Street | San Francisco, CA



Density Analysis
1125 MARKET STREET
San Francisco, CA
Astoria Properties LLC
Heller Manus Architects
March 27, 2012



AREA SUMMARY                                                                                         PARKING                         OPEN SPACE                               UNIT MIX
         Resid. Unit   Resid. Unit      Resid.                                                                                       Residential   Residential
 Level     NSF           GSF         Common GSF   Retail GSF   Parking GSF   Mech. GSF   Total GSF   Parking Stalls Bicycle Stalls    Common        Private      Retail        JR 1 BR       1 BR        2 BR        # Units    Level


  R                                                                               560         560                                        5,856                                                                                   R
  12         6,830         10,045                                                          10,045                                                                                        7           3           1         11   12
  11         6,830         10,045                                                          10,045                                                                                        7           3           1         11   11
  10         6,830         10,045                                                          10,045                                                                                        7           3           1         11   10
   9         6,830         10,045                                                          10,045                                                                                        7           3           1         11    9
   8         6,830         10,045                                                          10,045                                                                                        7           3           1         11    8
   7         6,830         10,045                                                          10,045                                                                                        7           3           1         11    7
   6         6,830         10,045                                                          10,045                                                                                        7           3           1         11    6
   5         6,830         10,045                                                          10,045                                                                                        7           3           1         11    5
   4         6,830         10,045                                                          10,045                                                                                        7           3           1         11    4
   3         6,830         10,045                                                          10,045                                                                                        7           3           1         11    3
   2         6,790         10,045                                                          10,045                                                                                    10              2           0         12    2
   1                                      3,500        8,365                               11,865                                                                                                                                1
  B                                                                11,940                  11,940              19              43                                                                                                B




TOTAL       75,090       110,495          3,500        8,365       11,940         560    134,860               19              43        5,856               0            0          80             32          10       122


                                                                                                                    UNIT TYPES                                                JR 1 BR        1 BR        2 BR           Total
                                                                                                                    UNIT RATIOS                                                 65.6%        26.2%        8.2%       100.0%


FAR CALCULATIONS:                                                                                                                    OPEN SPACE CALCULATIONS:
Building GFA =                        110,495 GFA              (excludes retail, parking and mech. penthouse)                        Residential:
Site Area =                            12,401 SF                                                                                     Total Units = 122 units
FAR =                                    8.91                                                                                        Common Open Space Required = 122 units x 48 sf =5,856 sf
                                                                                                                                     Common Open Space Provided = 5,856 sf
TDR CALCULATIONS:                                                                                                                    Retail:
Base FAR =                                   6                                                                                       Open Space Required = 8,365 sf / 50 = 168 sf
Base FAR + TDR =                          8.91                                                                                       Open Space Provided = 0 sf
TDR's Required =                        36,089 SF                                                                                    (This is assumed being covered by paying an in-lieu open space fee)

Assumptions:
1. Residential Unit NSF areas are taken from paint-to-paint within each of the units.
2. The rear yard (sec. 134) and dwelling unit facing an open area (sec. 140) requirements will require asking for exceptions to the Planning Code.




                                                                                                                                                                                                                                        Page 14
1125 Market Street | San Francisco, CA




Location




                                             Page 15
1125 Market Street | San Francisco, CA



Location
SAN FRANCISCO AREA




                                                         or
                      Western Addition




                                                        rrid
                           Fillmore




                                                        Co
                                                                                                    Financial




                                                    ss
                                                                                         Union




                                                   Ne
                                                                                         Square      District
                                                                Civic




                                                  Van
                                         Hayes                 Center
                                         Valley


                                                                                                  Yerba
                      Octavia/                                                                    Buena
                      Market                            1125 MARKET STREET



                                                                        SoMa



  Castro             Mission




                                                                               Page 16
1125 Market Street | San Francisco, CA



The vibrant and dynamic San Francisco Bay Area is equidistant to Europe
and Asia, making it a strategic location for global businesses and one of
the leading centers for international commerce. The city of San Francisco is
situated on a 46.6 square mile peninsula bordered by the Pacific Ocean to the
west, Marin county to the north, and San Francisco Bay’s vast deep-water
harbors to the east. The Bay Area’s long standing cultural and commercial
ties with Asia provide a unique competitive advantage for sustaining San
Francisco’s status as the gateway to the Pacific Rim.

San Francisco is the commercial center of the nine-county Bay Area region
and is the 24th largest economic market in the world. With over seven million
residents, the San Francisco Bay Area is the 5th largest metropolitan area in
the United States and world famous for its scenic beauty, 24-hour “live/work/
play” environment and unparalleled amenity base downtown.

Forbes magazine indicates that San Francisco and the Bay Area remain
among the top areas in the country for growth in jobs, income and output.
                                                                                   boasts great diversity, with substantial financial services, professional
Because of these and other factors, San Francisco emerged from the
                                                                                   services, technology, real estate, entertainment, consumer goods, advertising,
recession of the early 1990’s and 2008 as one of the most dynamic and
                                                                                   biotechnology, tourism, education and engineering sectors. San Francisco
desirable places to visit, live and work in the world. It is not surprising that
                                                                                   boasts one of the most highly educated and diverse work forces in the world
Price Waterhouse Cooper’ “Emerging Trends in Real Estate,” a survey of over
                                                                                   and the San Francisco Bay Area owes much of its economic success to its
150 investors, owners and other experts in the U.S. has repeatedly named
                                                                                   extraordinary human capital.
San Francisco as one of the most desirable targets for investment. Home
to nearly 800,000 residents (projected to grow to 957,000 residents by the         Local companies have access to a large pool of creative, motivated, and
year 2035), San Francisco is the Bay Area’s most densely populated city with       highly educated candidates: 42 percent are college graduates and 78 percent
numerous major publicly traded and private companies and is among the              have high school diplomas. The depth and quality of the labor pool are due
most popular cities in the world to live, work and visit. The City’s economy



                                                                                                                             Page 17
1125 Market Street | San Francisco, CA



in part to the fine colleges and universities located in the region, including the   •	   Firms such as Apple, Oracle, Cisco and Intel make the San Francisco Bay
world-class University of California at Berkeley, the University of California            Area the nation’s leading producer of computer hardware and software. In
at San Francisco and Stanford University. The work force earns a per capita               addition, leading internet companies including Google, eBay and Yahoo!
income 12 percent higher than the statewide average and 37 percent higher                 maintain their headquarters in the Bay Area.
than the national average. Recognizing local academic talent, Bay Area
                                                                                     •	   Leading Bay Area universities such as UCSF, UC Berkeley and Stanford
universities receive many corporate research grants , which typically flow to
                                                                                          are attracting to the Bay Area the world’s greatest concentrations
top-tier universities. Ten Bay Area universities invest a combined $650 million
                                                                                          of biotechnology and life science companies. The majority of these
annually on bioscience research alone.
                                                                                          companies are located along the San Francisco Peninsula, from Mission
•	   The Wall Street Journal declared San Francisco as the number one                     Bay in San Francisco to San Jose.
     desired location for recent graduates from the nation’s top business
     schools.

•	   In San Francisco, job growth averages 10,000 new jobs a year with
     unemployment well below the state and national figures.


Economic Highlights
•	   The Bay Area has long been recognized as one of the most important
     innovative and rapidly growing high-technology sectors such as computer
     and biotechnology, unparalleled access to capital markets including the
     most active venture capital market in the world.

•	   Twenty-eight Fortune 500 and fifty-three Fortune 1,000 firms have their
     corporate headquarters in the Bay Area. Major international corporations,
     banks, financial services companies and venture capital firms are located
     in the region that collectively provides the necessary capital to fund the
     region’s economic strength.



                                                                                                                              Page 18
1125 Market Street | San Francisco, CA



San Francisco Premier Tourist Destination
San Francisco is consistently viewed as one of the world’s premier tourist
destinations and receives over 17 million visitors a year. Visitor and convention
spending generates over $8.5 billion annually. The Moscone Center and
Moscone Center West host conventions throughout the year drawing in people
from around the globe. About 60 percent of San Francisco’s visitors attend
conventions.

The San Francisco lodging market has performed exceptionally well in
the past twelve months, and according to Smith Travel Research, the San
Francisco-San Mateo lodging market ranked third among the top 25 markets
nationwide in overall market RevPAR only behind New York and Honolulu.
Comprised of a total of approximately 51,900 guestrooms in 398 properties,
the San Francisco area’s numerous tourist attractions, expansive meeting and
convention facilities, and a diverse economy makes the region one of the top
lodging destinations in the country.


                                                                                    Moscone Center




                                                                                                     Page 19
1125 Market Street | San Francisco, CA



Location Overview
1125 Market Street is located within the Mid Market District and borders the
Van Ness/Civic center neighborhood in the center of the city, where Market
Street and Van Ness Avenue intersect. It is also in proximity to Hayes Valley,
SoMa, San Francisco’s downtown area, Union Square and Moscone Center.


The Renaissance of Central Market
Central Market, an area bounded by Van Ness Avenue, is undergoing an
extraordinary renaissance due to it’s proximity to a vital transportation corridor
along Market Street, the increased demand for housing and commercial office
space due to the technology boom and the city of San Francisco’s focus to                                Trinity Plaza
revitalize Central Market Street.

The San Francisco Board of Supervisors passed a payroll tax exemption in
April 2011 which provides a six-year tax break for new employees hired at
companies that move to an office location in the Central Market corridor.
The tax break has attracted the world headquarter offices of Twitter to lease
215,000 square feet at Shorenstein’s 1 million square feet at 10th and Market
Streets. Other growing technology and creative companies are following such
as Zoosk, Yammer, ZenDesk, Burning Man, CallSocket and One King’s Lane.
The revitalization of Central Market are motivating major institutional investors
to invest substantial capital into existing buildings such as Hudson Pacific,
Shorenstein, Behringer Harvard, and TMG/Divcowest.                                   Crescent Heights    Avalon Bay

Major residential projects are either in construction or breaking ground
including Trinity Plaza, Crescent Heights and Avalon Bay.



                                                                                                        Page 20
1125 Market Street | San Francisco, CA



Civic Center
1125 Market Street is located in proximity to the Civic Center neighborhood
which contains many of the City’s largest government and cultural institutions.
The area has a total of 6.5 million square feet of office space. Civic Center
complex is seen as the cultural heart of San Francisco and the City has
invested heavily in the area over the recent years including a new Symphony
Hall, a renovated Opera House, a new Asian Arts Museum, a new library
and a renovated City Hall. The private sector has supplemented this with
development of luxury housing, a commercial office space and amenities.
Performance venues such as Bill Graham Civic Auditorium and the Orpheum
add to the excitement of this district. Civic Center still remains the heart of
San Francisco as witnessed by the numerous political events, annual festivals,
and massive parades such as the San Francisco Giants World Championship
celebration.




                                                                                  Argenta



                                                                                            Page 21
1125 Market Street | San Francisco, CA



NOTABLE CENTRAL MARKET PROJECTS

                                                                            STATUS/
 PROCESS              USE           UNITS/SIZE         DEVELOPER
                                                                            COMPLETION
1    100-150 Van     Office        ±600,000 SF to     Emerald Fund         In Planning
                                                                                                                          1125 MARKET STREET
     Ness                          be redeveloped     Advisor
     101 Hayes                     into residential
2    150 Hayes       Office        ±130,000 SF        Academy of Arts      In Planning                                                              11
                                                                                                                                               12
                                                      University
3    The Argenta     Residential   179 apartments     Behringer Harvard    Completed
                                                                                                                               9
4    Archstone Fox   Residential   443 apartments     Archstone            In Planning                2
     Plaza                                                                                        1
                                                                                                                  4                    10
5    1455 Market     Office        +1 million SF      Hudson Pacific       Leased                         3
     Bank of                                          Properties                                                      8
     America Data                                                                                             6
     Center                                                                                               5                        7

6    1401 Market     Residential   754 apartments     Crescent Heights     Under construction

7    Mercy Housing   Residential   136 apartments     Mercy Housing        Completed
     Developments                  plus 107
                                   apartments for
                                   senior housing
8    Market Square   Office        +1 million SF of   Shorenstein          Twitter 215,000
     1355 Market                   office space to    Properties           One King’s Lane
                                   be redeveloped                          50,000
                                                                           CallSocket 32,000
9    1275 Market     Office        346,202 SF         Divcowest/TMG        In planning
                                                      Partners
10   55 9th Street   Residential   260 apartments     Avalon Bay           Construction
11   The SoMa        Residential   246 condos         AIG Capital          Completed
     Grand                                            TMG Partners
12   Trinity Plaza   Residential   1,900              Trinity Properties   Building 1 completed
                                   apartments                              Building 2 under
                                                                           construction


                                                                                                                               Page 22
1125 Market Street | San Francisco, CA




Market Overview




                                             Page 23
1125 Market Street | San Francisco, CA



Market Overview
APARTMENT MARKET SNAPSHOT                                                      professional and business services and other technology companies was
                                                                               gobbling up apartments on site.
•	   Overall San Francisco Vacancy Rate: 4%
                                                                               “We’re seeing a new demographic entering the housing – Generation Y”,
•	   Vacancy Rate in Comparable New Projects: 1%
                                                                               according to Sarah Bridge of RealFacts. “Their preference is to live in the
•	   Average Rent in Comparable Projects: $4.18 PSF                            heart of vital, thriving community like San Francisco. They want to be where
                                                                               the action is, and they don’t mind being in a small studio apartment as long as
•	   Rent Growth in Past 12 Months: 10%                                        it’s well located.”

The San Francisco Apartment Market                                             The San Francisco apartment market is the strongest in California, it has
                                                                               always been a city of renters as only about a third it residents are homeowners
Over the past several years, San Francisco has continued to outperform other
                                                                               which is about half the national ownership rate.
major multifamily markets in the United States and is positioned to continue
this performance due to strong fundamentals in the marketplace. The
reputable multifamily market in San Francisco has benefited from population
and job growth, stable income and strict land use controls hindering new
development, and lack of home ownership affordability in key districts and
locations.


Supply and Demand
Beginning in 2010, San Francisco witnessed a turnaround from the deep
national recession where 1,391 units of net absorption were realized. The
vibrant local economy was responsible for driving demand for apartments,
a new wave of tech workers hired by rapidly growing social media, gaming,



                                                                                                                       Page 24
1125 Market Street | San Francisco, CA



Vacancy and Rents                                                                                                                                              Q4 2011 vs. Q4 2010 Change in Rental Rates
•	                      Average apartment rental rates in San Francisco increased by 15.6%                                                                     •	   Studio: 18.8%
                        during the fourth quarter of 2011 compared to the same quarter one year
                                                                                                                                                               •	   1 Bedroom / 1 Bath: 17.2%
                        ago, marking the fourth consecutive quarter of positive rental growth.
                                                                                                                                                               •	   2 Bedroom / 1 Bath: 15.1%
•	                      The vacancy rate for San Francisco apartments remained low at 3.7%
                        during the fourth quarter of 2011.                                                                                                     •	   2 Bedroom / 2 Bath: 17.6%

•	                      Studio apartment rents continued to outperform the market as a whole,                                                                  •	   3 Bedroom / 2 Bath: -0.4%
                        posting an increase of 18.8% during the fourth quarter compared to the
                        same quarter one year ago.                                                                                                             •	   All Unit Types: 15.6%



                      $3,000                                                                                                              12%


                      $2,500                                                                                                              10%
Average Rental Rate




                      $2,000                                                                                                              8%

                                                                                                                                                Vacancy Rate
                      $1,500                                                                                                              6%


                      $1,000                                                                                                              4%

                                                                                                      Average Rental Rate: $2,590
                       $500                                                                                                               2%
                                                                                                              Vacancy Rate: 3.7%

                         $0                                                                                                               0%
                                Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4
                               2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011




                                                                                                                                                                                                Page 25
1125 Market Street | San Francisco, CA



RENTAL MARKET COMPARABLES



                2000 Broadway                                                                ARGENTA 1 Polk Street
                No. of Units                         220                                     No. of Units                 179
                Year Built                           1974                                    Year Built                   2008
                Unit Mix           SF                Rental Rate           $/SF              Unit Mix       SF            Rental Rate    $/SF
                Studio             500               $2,349-$3,024         $5.15             1BR/1BA,       609-1,374     $$2,712-$4,400 $3.93
                Jr. 1              600               $2,649-$3,129         $4.68             2BR/2BA
                2BR/2BA            1,100             $4,244-$4,644         $3.98             Averages       799           $3,140          $3.93
                Averages           613               $2,894                $4.72




                2000 Post Street                                                             Avalon at Mission Bay North
                No. of Units                         304                                     No. of Units                 823
                Year Built                           1986                                    Year Built                   2002 and 2009
                Unit Mix           SF                Rental Rate           $/SF              Unit Mix       SF            Rental Rate     $/SF
                Studio             500               $1,998                $4.00             Studio         572           $2,405-$2,830   $4.45
                1BR/1BA            630               $2,660                $4.22             1BR/1BA        814           $2,645-$3,375   $3.55
                2BR/2BA*           930               $3,409                $3.67             1BR TH         967           $2,805          $2.90
                Averages           625               $2,491                $3.98             2BR/2BA        1,234         $3,985-$5,065   $3.52
                * The rental rate for 2BR/2BA units shown above is out of date since there   2BR TH         1,431-1,528   $3,080-$3,255   $2.14
                has not been a 2BR/2BA unit available recently. If one becomes available,    3BR/2BA        1,380         $4,450          $3.22
                asking rent is likely to be approximately $3,800 per month ($4.09/SF) or     Averages       613           $2,894          $3.62
                higher.




                                                                                                            Page 26
1125 Market Street | San Francisco, CA



RENTAL MARKET COMPARABLES



                Geary Courtyard - 639 Geary
                No. of Units            164
                Year Built              1990
                Unit Mix       SF       Rental Rate     $/SF
                Studio         485      $2,040-$2,205   $4.32
                1BR/1BA        690      $2,640-$2,655   $3.83
                Averages       648      $2,534          $3.91




                The Paramount - 680 Mission Street
                No. of Units            486
                Year Built              2001
                Unit Mix       SF       Rental Rate     $/SF
                Studio         500      $2,500-$2,900   $5.27
                1BR/1BA        700      $3,000-$3,895   $4.71
                2BR/2BA        1,100    $4,000-$7,000   $5.00
                Averages       705      $3,393          $4.81




                                                                       Page 27
1125 Market Street | San Francisco, CA



DOWNTOWN SAN FRANCISCO RESIDENTIAL PIPELINE

                                                                                            ESTIMATED
 DEVELOPMENT                        DEVELOPER/OWNER                     # UNITS   TYPE                         SUBMARKET
                                                                                           COMPLETION

 UNDER CONSTRUCTION
 1844 Market Street                 MacFarlane Partners                 113       Rental      2012             Hayes Valley

 Potrero Launch - 2235 3rd Street   Martin Building Company             196       Rental      2012             Central Waterfront

 Madrone - 435 China Basin Way      Bosa Development                    329       Condo       2012             Mission Bay

 10th & Market Site                 Crescent Heights                    754       Rental      2013             Mid-Market

 Trinity Plaza - Phase II           Trinity Properties                  440       Rental      2013             Mid-Market

 TOTAL                                                                  1,832

 FUTURE APPROVED PROJECTS
 401 Grove Street                   Pocket Development                  61        Rental       TBD             Hayes Valley

 1450 Franklin Street               Pacific Heights Franklin Partners   69        Condo        TBD             Lower Pacific Heights

 277 Golden Gate Avenue             PANCO Development                   88        Rental       TBD             Mid-Market

 1390 Market Street - Fox Plaza     Presidio Development Partners       230       Condo        TBD             Mid-Market

 55 9th Street                      Avalon Bay                          260       Rental       TBD             Mid-Market

 Trinity Plaza Phase III            Trinity Properties                  1,020     Rental       TBD             Mid-Market

 Block 3 West - Mission Bay         Urban Housing Group                 147       Rental       TBD             Mission Bay

 Block 11 - Mission Bay             BRE Properties                      171       Condo        TBD             Mission Bay

 Block 5 - Mission Bay              BRE Properties                      198       Condo        TBD             Mission Bay

 Block 12 East - Mission Bay        Bosa Development                    273       Condo        TBD             Mission Bay




                                                                                                     Page 28
1125 Market Street | San Francisco, CA



FUTURE APPROVED PROJECTS (CONTINUED)
Block 2 - Mission Bay            United Dominion Realty    315     Rental   TBD         Mission Bay

1960-1998 Market Street          Brian Spiers              115     Condo    TBD         Mission Dolores

1800 Van Ness Avenue             Oyster Development        62      Condo    TBD         Nob Hill

One Rincon Hill - Phase II       Urban West Associates     312     Condo    TBD         Rincon Hill

340-360 Fremont Street           Archstone                 384     Condo    TBD         Rincon Hill

375-399 Fremont Street           Fifield Companies         432     TBD      TBD         Rincon Hill

The Infinity - Phase II          Tishman Speyer            806     Condo    TBD         Rincon Hill

45 Lansing Street                Crescent Heights          330     Condo    TBD         Rincon Hill

325 Fremont Street               325 Fremont St, LLC       70      Condo    TBD         Rincon Hill

430 Main Street                  Portland-Pacific, LLC     113     Rental   TBD         Rincon Hill

900 Folsom Street                Avant Housing             300     Condo    TBD         SOMA

240-260 5th Street               Avant Housing             150     Condo    TBD         SOMA

178 Townsend Street              Martin Building Company   94      Rental   2012        South Beach

1285 Sutter Street               Gerding Edlen             107     Rental   TBD         Van Ness/Civic Center

TOTAL                                                      6,107




                                                                               Page B
1125 Market Street | San Francisco, CA



LAND SALES

                                                                                                       SALE PRICE      PROPOSED
 SITE                             SALE DATE     SELLER                        BUYER                                               $/UNIT
                                                                                                       (APPROX.)       UNITS
 1      Block 11 Mission Bay      Apr-11        Farallon Capital Management   BRE Properties           $19.2 M         171        $112,281

 2      Block 12E Mission Bay     Apr-11        Farallon Capital Management   BOSA                     $30 M           273        $109,890

 3      Block 5 Mission Bay       Apr-11        BOSA                          BRE Properties           $22.2 M         198        $112,121

 4      1285 Sutter St.           Nov-10        Rockpoint Capital             Gerding Edlen            $9.15 M         106        $86,321

 5      Block 2 Mission Bay       Sep-10        Farallon Capital Management   United Dominion Realty   $23.6 M         315        $74,921

 6      Block 3W Mission Bay      Nov-10        Farallon Capital Management   Urban Housing Group      $11.8 M         147        $80,000

 7      400 Grove St., Parcel H   Nov-10        City of San Francisco         DM Development           $3.012 M        31         $97,177

 8      450 Hayes St., Parcel J   Nov-10        City of San Francisco         DM Development           $5.025 M        50         $100,500

 9      401 Grove St.             Sep-10        Cathay Bank                   Pocket Development       $4.4 M          61         $72,131

 10     325 Fremont St.           Dec-11        -                             Crescent Heights         $4.75 M         70         $67,857

 11     399 Fremont St.           Jan-12        -                             -                        $33.75 M        450        $75,000

 12     101 Hayes (unentitled)    Dec-11        Rescalvo Trust                Emerald Fund/NREA        $3.8 M          Est. 65    $58,846

 13     1415 Mission St.          In contract   R&K Investments               Not disclosed            $8.5 M          117        $73,000

 TOTAL AVERAGE                                                                                                                    $86,157




                                                                                                                  Page 30
1125 Market
Street
San Francisco, CA




PRESENTED   David Wientjes             Clayton Jew
BY          415.229.8969               415.229.8920
            davidw@kiddermathews.com   cjew@kiddermathews.com
            LIC #00869637              LIC #00834308

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1125 Market St, San Francisco

  • 1. 1125 Market 1125 MARKET STREET Street San Francisco, CA Ma rke tS t Confidential Offering Memorandum St h 8t PRESENTED David Wientjes Clayton Jew BY 415.229.8969 415.229.8920 davidw@kiddermathews.com cjew@kiddermathews.com LIC #00869637 LIC #00834308
  • 2. t St rke Ma 1125 MARKET STREET ter St McAllis Golden Gate Ave
  • 3. NORTH BEACH CHINATOWN NOB HILL FINANCIAL DISTRICT UNION SQUARE CIVIC CENTER 1125 MARKET STREET HAYES VALLEY
  • 4. 1125 Market Street | San Francisco, CA Contents 1. Executive Summary • Offering Overview • Project Description • Investment Highlights • Location Map 2. Project Description • Assumptions • Site Plan 3. Density Analysis 4. Location • San Francisco Area • Notable Mid Market Projects 5. Market Overview • Apartment Market Snapshot • Downtown San Francisco Residential Pipeline • Entitled Projects This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification Page 4 of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
  • 5. 1125 Market Street | San Francisco, CA Executive Summary Page 5
  • 6. 1125 Market Street | San Francisco, CA Executive Summary OFFERING OVERVIEW 1125 Market Street represents a unique opportunity to acquire a residential development project in the heart of the Mid Market and Civic Center/Van Ness Corridor districts of San Francisco. The property benefits from its proximity to all that San Francisco has to offer with major freeway and mass transit access points to North Bay and the Peninsula. Price 1125 Market Street is being offered without an asking price. Offering Process All Offers should be delivered to the offices of the Advisor, Kidder Mathews, attention David Wientjes or Clayton Jew, by fax at 415-229-8987 or e-mail at davidw@kiddermathews or cjew@kiddermathews.com. We request that interested parties submit a formal Letter of Intent (“LOI”) on the Offer Date outlining their company background along with the salient terms by which they intend to purchase the Property, including purchase price, deposits, due diligence period, and closing period. Page 6
  • 7. 1125 Market Street | San Francisco, CA PROJECT DESCRIPTION • Approved payroll tax incentives on new jobs, luring employers to immediate area • Established and highly desirable location • Lack of developable land and strict land use controls hindering new • Outstanding demographics development INVESTMENT HIGHLIGHTS • In proximity to a number of colleges including the Academy of Art University, California Art Institute, Hastings College, and Dugoni School of • 2 blocks from Market Square, headquarters for Twitter Dentistry • Existing 12,401 square foot site (no demolition required) • Within the emerging Central Market Corridor, home of Twitter and notable residential projects such as Crescent Heights, Avalon Bay and Trinity Plaza • Immediately adjacent to the Strand Theater recently purchased by ACT theater • Located next to Hayes Valley - noted for outstanding urban living, world class restaurants and nightlife, urban agriculture and community ethic • Bordering Civic Center and Van Ness Corridor, the cultural heart of San Francisco • BART and Muni entry in front of property • Economic recovery in full swing 1355 Market Street | Home of Twitter and Yammer • Easy access to 101 and 280 freeways Page 7
  • 8. 1125 Market Street | San Francisco, CA LOCATION MAP CA Art Residential Development Proposed SF PUC 50 UN Institute California PUC Headquarters Asian Plaza (Federal) 1 1 1 Polk - The Argenta r S tr e e t Art Museum 1125 MARKET STREET 179 Units M c A ll is te 2 10th & Market - Crescent Heights ACT Civic Theatre 2 750 Units ld l B era Center Plaza 16,000 SF retail g Herbst ce d ffi Fe Theater (845 Parking O w SF Spaces) 3 Trinity Developments e N City Hall SF Main Public Library 1,900 Units 60,000 SF retail t ree 7 3 4 1390 Market - Fox Plaza li n S t War Memorial Opera House S tr e e t 3 230 Units G ro v e ue 5 77 Van Ness Frank Bill Graham Aven Civic 4 48 Units 8t Auditorium 1275 Market h Divco West 6 55 Page Street - The Hayes S Davies ess tr Symphony 128 Units ee Hall t Va n N Academy 7 SoMa Grand of Art 4 5 University et 8 246 Units S tr e e t e Hayes Emerald tr 9t 8 55 9th Street - Avalon Bay S Fund 1 et h S 6 260 Units Development k 400+ Units ar tr ee M Market Square t (Twitter) eet F e ll S tr 5 1.1M SF 7 2 8 on San Francisco 1455 Market Conservatory i ss of Music Hudson Pacific i tr e e t M Oak S 11 th City of SF S Muni tr Headquarters ee t tr e e t Page S 6 Page 8
  • 9. 1125 Market Street | San Francisco, CA Project Description Page 9
  • 10. 1125 Market Street | San Francisco, CA Project Description 122 UNIT DENSITY STUDY Page 10
  • 11. 1125 Market Street | San Francisco, CA ASSUMPTIONS Municipal Address 1125 Market Street, San Francisco, CA (Northside, between 7th and 8th Streets) Zoning (Market Octavia Area Plan) C3G (Downtown General Commercial District) Parcel Number Block 3702 - Lot 047 Height and Bulk Limit 120-X (No Bulk) Dwelling Unit Density 1 dwelling unit for each 125 SF of lot area is a permitted use. A greater density, limited by the discretion of the Planning Commission, is a conditional use. A greater density, limited by the discretion of the Planning Commission, is a conditional use. FAR 6.0 to 1 (without TDR’s), 9.0 to 1 (with TDR’s) Maximum FAR 1.5 x basic FAR = 1.5 x 6.0 = 9.0 The gross area of the lot in the C-3-R, C-3-S % C-3-G Distircits may not exceed a floor area that is 1 1/2 times the basic area limit for the district. Therefore it may only reach a maximum of 9.0 to 1. Parking Off-Street Parking: Residential - Not required in any C-3 district, Non-Residential - Not required in any C-3 district Maximum Parking Allowed: Permitted up to one car for each four dwelling units; up to 0.75 cars for each dwelling unit, subject to the criteria and procedures of Section 151.1(f); not permitted above 0.75 cars for each dwelling unit. Bicycle Parking: For projects up to 50 dwelling units, one Class 1 space for every 2 dwelling units. For projects over 50 dwelling units, 25 Class 1 spaces plus one Class 1 space for every 4 dwelling units over 50. Site Size (Per Realquest) 165 feet x 75.167 feet = 12,402.56 Allowable Conditional Uses Residential, Retail, Entertainment, Wholesale Highest and Best Use Residential Apartments/Condos Street Frontage Market Street - 75.167’ Page 11
  • 12. 1125 Market Street | San Francisco, CA SITE PLAN 1125 Market Street is located on the block bounded by 7th and 8th Streets and Stevenson Street. The Property is located and referred to by Assesor’s Numbers 3207-047. The site is a rectangular shape containing ±12,401 square feet (.28 acres) of land. Page 12
  • 13. 1125 Market Street | San Francisco, CA Density Analysis Page 13
  • 14. 1125 Market Street | San Francisco, CA Density Analysis 1125 MARKET STREET San Francisco, CA Astoria Properties LLC Heller Manus Architects March 27, 2012 AREA SUMMARY PARKING OPEN SPACE UNIT MIX Resid. Unit Resid. Unit Resid. Residential Residential Level NSF GSF Common GSF Retail GSF Parking GSF Mech. GSF Total GSF Parking Stalls Bicycle Stalls Common Private Retail JR 1 BR 1 BR 2 BR # Units Level R 560 560 5,856 R 12 6,830 10,045 10,045 7 3 1 11 12 11 6,830 10,045 10,045 7 3 1 11 11 10 6,830 10,045 10,045 7 3 1 11 10 9 6,830 10,045 10,045 7 3 1 11 9 8 6,830 10,045 10,045 7 3 1 11 8 7 6,830 10,045 10,045 7 3 1 11 7 6 6,830 10,045 10,045 7 3 1 11 6 5 6,830 10,045 10,045 7 3 1 11 5 4 6,830 10,045 10,045 7 3 1 11 4 3 6,830 10,045 10,045 7 3 1 11 3 2 6,790 10,045 10,045 10 2 0 12 2 1 3,500 8,365 11,865 1 B 11,940 11,940 19 43 B TOTAL 75,090 110,495 3,500 8,365 11,940 560 134,860 19 43 5,856 0 0 80 32 10 122 UNIT TYPES JR 1 BR 1 BR 2 BR Total UNIT RATIOS 65.6% 26.2% 8.2% 100.0% FAR CALCULATIONS: OPEN SPACE CALCULATIONS: Building GFA = 110,495 GFA (excludes retail, parking and mech. penthouse) Residential: Site Area = 12,401 SF Total Units = 122 units FAR = 8.91 Common Open Space Required = 122 units x 48 sf =5,856 sf Common Open Space Provided = 5,856 sf TDR CALCULATIONS: Retail: Base FAR = 6 Open Space Required = 8,365 sf / 50 = 168 sf Base FAR + TDR = 8.91 Open Space Provided = 0 sf TDR's Required = 36,089 SF (This is assumed being covered by paying an in-lieu open space fee) Assumptions: 1. Residential Unit NSF areas are taken from paint-to-paint within each of the units. 2. The rear yard (sec. 134) and dwelling unit facing an open area (sec. 140) requirements will require asking for exceptions to the Planning Code. Page 14
  • 15. 1125 Market Street | San Francisco, CA Location Page 15
  • 16. 1125 Market Street | San Francisco, CA Location SAN FRANCISCO AREA or Western Addition rrid Fillmore Co Financial ss Union Ne Square District Civic Van Hayes Center Valley Yerba Octavia/ Buena Market 1125 MARKET STREET SoMa Castro Mission Page 16
  • 17. 1125 Market Street | San Francisco, CA The vibrant and dynamic San Francisco Bay Area is equidistant to Europe and Asia, making it a strategic location for global businesses and one of the leading centers for international commerce. The city of San Francisco is situated on a 46.6 square mile peninsula bordered by the Pacific Ocean to the west, Marin county to the north, and San Francisco Bay’s vast deep-water harbors to the east. The Bay Area’s long standing cultural and commercial ties with Asia provide a unique competitive advantage for sustaining San Francisco’s status as the gateway to the Pacific Rim. San Francisco is the commercial center of the nine-county Bay Area region and is the 24th largest economic market in the world. With over seven million residents, the San Francisco Bay Area is the 5th largest metropolitan area in the United States and world famous for its scenic beauty, 24-hour “live/work/ play” environment and unparalleled amenity base downtown. Forbes magazine indicates that San Francisco and the Bay Area remain among the top areas in the country for growth in jobs, income and output. boasts great diversity, with substantial financial services, professional Because of these and other factors, San Francisco emerged from the services, technology, real estate, entertainment, consumer goods, advertising, recession of the early 1990’s and 2008 as one of the most dynamic and biotechnology, tourism, education and engineering sectors. San Francisco desirable places to visit, live and work in the world. It is not surprising that boasts one of the most highly educated and diverse work forces in the world Price Waterhouse Cooper’ “Emerging Trends in Real Estate,” a survey of over and the San Francisco Bay Area owes much of its economic success to its 150 investors, owners and other experts in the U.S. has repeatedly named extraordinary human capital. San Francisco as one of the most desirable targets for investment. Home to nearly 800,000 residents (projected to grow to 957,000 residents by the Local companies have access to a large pool of creative, motivated, and year 2035), San Francisco is the Bay Area’s most densely populated city with highly educated candidates: 42 percent are college graduates and 78 percent numerous major publicly traded and private companies and is among the have high school diplomas. The depth and quality of the labor pool are due most popular cities in the world to live, work and visit. The City’s economy Page 17
  • 18. 1125 Market Street | San Francisco, CA in part to the fine colleges and universities located in the region, including the • Firms such as Apple, Oracle, Cisco and Intel make the San Francisco Bay world-class University of California at Berkeley, the University of California Area the nation’s leading producer of computer hardware and software. In at San Francisco and Stanford University. The work force earns a per capita addition, leading internet companies including Google, eBay and Yahoo! income 12 percent higher than the statewide average and 37 percent higher maintain their headquarters in the Bay Area. than the national average. Recognizing local academic talent, Bay Area • Leading Bay Area universities such as UCSF, UC Berkeley and Stanford universities receive many corporate research grants , which typically flow to are attracting to the Bay Area the world’s greatest concentrations top-tier universities. Ten Bay Area universities invest a combined $650 million of biotechnology and life science companies. The majority of these annually on bioscience research alone. companies are located along the San Francisco Peninsula, from Mission • The Wall Street Journal declared San Francisco as the number one Bay in San Francisco to San Jose. desired location for recent graduates from the nation’s top business schools. • In San Francisco, job growth averages 10,000 new jobs a year with unemployment well below the state and national figures. Economic Highlights • The Bay Area has long been recognized as one of the most important innovative and rapidly growing high-technology sectors such as computer and biotechnology, unparalleled access to capital markets including the most active venture capital market in the world. • Twenty-eight Fortune 500 and fifty-three Fortune 1,000 firms have their corporate headquarters in the Bay Area. Major international corporations, banks, financial services companies and venture capital firms are located in the region that collectively provides the necessary capital to fund the region’s economic strength. Page 18
  • 19. 1125 Market Street | San Francisco, CA San Francisco Premier Tourist Destination San Francisco is consistently viewed as one of the world’s premier tourist destinations and receives over 17 million visitors a year. Visitor and convention spending generates over $8.5 billion annually. The Moscone Center and Moscone Center West host conventions throughout the year drawing in people from around the globe. About 60 percent of San Francisco’s visitors attend conventions. The San Francisco lodging market has performed exceptionally well in the past twelve months, and according to Smith Travel Research, the San Francisco-San Mateo lodging market ranked third among the top 25 markets nationwide in overall market RevPAR only behind New York and Honolulu. Comprised of a total of approximately 51,900 guestrooms in 398 properties, the San Francisco area’s numerous tourist attractions, expansive meeting and convention facilities, and a diverse economy makes the region one of the top lodging destinations in the country. Moscone Center Page 19
  • 20. 1125 Market Street | San Francisco, CA Location Overview 1125 Market Street is located within the Mid Market District and borders the Van Ness/Civic center neighborhood in the center of the city, where Market Street and Van Ness Avenue intersect. It is also in proximity to Hayes Valley, SoMa, San Francisco’s downtown area, Union Square and Moscone Center. The Renaissance of Central Market Central Market, an area bounded by Van Ness Avenue, is undergoing an extraordinary renaissance due to it’s proximity to a vital transportation corridor along Market Street, the increased demand for housing and commercial office space due to the technology boom and the city of San Francisco’s focus to Trinity Plaza revitalize Central Market Street. The San Francisco Board of Supervisors passed a payroll tax exemption in April 2011 which provides a six-year tax break for new employees hired at companies that move to an office location in the Central Market corridor. The tax break has attracted the world headquarter offices of Twitter to lease 215,000 square feet at Shorenstein’s 1 million square feet at 10th and Market Streets. Other growing technology and creative companies are following such as Zoosk, Yammer, ZenDesk, Burning Man, CallSocket and One King’s Lane. The revitalization of Central Market are motivating major institutional investors to invest substantial capital into existing buildings such as Hudson Pacific, Shorenstein, Behringer Harvard, and TMG/Divcowest. Crescent Heights Avalon Bay Major residential projects are either in construction or breaking ground including Trinity Plaza, Crescent Heights and Avalon Bay. Page 20
  • 21. 1125 Market Street | San Francisco, CA Civic Center 1125 Market Street is located in proximity to the Civic Center neighborhood which contains many of the City’s largest government and cultural institutions. The area has a total of 6.5 million square feet of office space. Civic Center complex is seen as the cultural heart of San Francisco and the City has invested heavily in the area over the recent years including a new Symphony Hall, a renovated Opera House, a new Asian Arts Museum, a new library and a renovated City Hall. The private sector has supplemented this with development of luxury housing, a commercial office space and amenities. Performance venues such as Bill Graham Civic Auditorium and the Orpheum add to the excitement of this district. Civic Center still remains the heart of San Francisco as witnessed by the numerous political events, annual festivals, and massive parades such as the San Francisco Giants World Championship celebration. Argenta Page 21
  • 22. 1125 Market Street | San Francisco, CA NOTABLE CENTRAL MARKET PROJECTS STATUS/ PROCESS USE UNITS/SIZE DEVELOPER COMPLETION 1 100-150 Van Office ±600,000 SF to Emerald Fund In Planning 1125 MARKET STREET Ness be redeveloped Advisor 101 Hayes into residential 2 150 Hayes Office ±130,000 SF Academy of Arts In Planning 11 12 University 3 The Argenta Residential 179 apartments Behringer Harvard Completed 9 4 Archstone Fox Residential 443 apartments Archstone In Planning 2 Plaza 1 4 10 5 1455 Market Office +1 million SF Hudson Pacific Leased 3 Bank of Properties 8 America Data 6 Center 5 7 6 1401 Market Residential 754 apartments Crescent Heights Under construction 7 Mercy Housing Residential 136 apartments Mercy Housing Completed Developments plus 107 apartments for senior housing 8 Market Square Office +1 million SF of Shorenstein Twitter 215,000 1355 Market office space to Properties One King’s Lane be redeveloped 50,000 CallSocket 32,000 9 1275 Market Office 346,202 SF Divcowest/TMG In planning Partners 10 55 9th Street Residential 260 apartments Avalon Bay Construction 11 The SoMa Residential 246 condos AIG Capital Completed Grand TMG Partners 12 Trinity Plaza Residential 1,900 Trinity Properties Building 1 completed apartments Building 2 under construction Page 22
  • 23. 1125 Market Street | San Francisco, CA Market Overview Page 23
  • 24. 1125 Market Street | San Francisco, CA Market Overview APARTMENT MARKET SNAPSHOT professional and business services and other technology companies was gobbling up apartments on site. • Overall San Francisco Vacancy Rate: 4% “We’re seeing a new demographic entering the housing – Generation Y”, • Vacancy Rate in Comparable New Projects: 1% according to Sarah Bridge of RealFacts. “Their preference is to live in the • Average Rent in Comparable Projects: $4.18 PSF heart of vital, thriving community like San Francisco. They want to be where the action is, and they don’t mind being in a small studio apartment as long as • Rent Growth in Past 12 Months: 10% it’s well located.” The San Francisco Apartment Market The San Francisco apartment market is the strongest in California, it has always been a city of renters as only about a third it residents are homeowners Over the past several years, San Francisco has continued to outperform other which is about half the national ownership rate. major multifamily markets in the United States and is positioned to continue this performance due to strong fundamentals in the marketplace. The reputable multifamily market in San Francisco has benefited from population and job growth, stable income and strict land use controls hindering new development, and lack of home ownership affordability in key districts and locations. Supply and Demand Beginning in 2010, San Francisco witnessed a turnaround from the deep national recession where 1,391 units of net absorption were realized. The vibrant local economy was responsible for driving demand for apartments, a new wave of tech workers hired by rapidly growing social media, gaming, Page 24
  • 25. 1125 Market Street | San Francisco, CA Vacancy and Rents Q4 2011 vs. Q4 2010 Change in Rental Rates • Average apartment rental rates in San Francisco increased by 15.6% • Studio: 18.8% during the fourth quarter of 2011 compared to the same quarter one year • 1 Bedroom / 1 Bath: 17.2% ago, marking the fourth consecutive quarter of positive rental growth. • 2 Bedroom / 1 Bath: 15.1% • The vacancy rate for San Francisco apartments remained low at 3.7% during the fourth quarter of 2011. • 2 Bedroom / 2 Bath: 17.6% • Studio apartment rents continued to outperform the market as a whole, • 3 Bedroom / 2 Bath: -0.4% posting an increase of 18.8% during the fourth quarter compared to the same quarter one year ago. • All Unit Types: 15.6% $3,000 12% $2,500 10% Average Rental Rate $2,000 8% Vacancy Rate $1,500 6% $1,000 4% Average Rental Rate: $2,590 $500 2% Vacancy Rate: 3.7% $0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 Page 25
  • 26. 1125 Market Street | San Francisco, CA RENTAL MARKET COMPARABLES 2000 Broadway ARGENTA 1 Polk Street No. of Units 220 No. of Units 179 Year Built 1974 Year Built 2008 Unit Mix SF Rental Rate $/SF Unit Mix SF Rental Rate $/SF Studio 500 $2,349-$3,024 $5.15 1BR/1BA, 609-1,374 $$2,712-$4,400 $3.93 Jr. 1 600 $2,649-$3,129 $4.68 2BR/2BA 2BR/2BA 1,100 $4,244-$4,644 $3.98 Averages 799 $3,140 $3.93 Averages 613 $2,894 $4.72 2000 Post Street Avalon at Mission Bay North No. of Units 304 No. of Units 823 Year Built 1986 Year Built 2002 and 2009 Unit Mix SF Rental Rate $/SF Unit Mix SF Rental Rate $/SF Studio 500 $1,998 $4.00 Studio 572 $2,405-$2,830 $4.45 1BR/1BA 630 $2,660 $4.22 1BR/1BA 814 $2,645-$3,375 $3.55 2BR/2BA* 930 $3,409 $3.67 1BR TH 967 $2,805 $2.90 Averages 625 $2,491 $3.98 2BR/2BA 1,234 $3,985-$5,065 $3.52 * The rental rate for 2BR/2BA units shown above is out of date since there 2BR TH 1,431-1,528 $3,080-$3,255 $2.14 has not been a 2BR/2BA unit available recently. If one becomes available, 3BR/2BA 1,380 $4,450 $3.22 asking rent is likely to be approximately $3,800 per month ($4.09/SF) or Averages 613 $2,894 $3.62 higher. Page 26
  • 27. 1125 Market Street | San Francisco, CA RENTAL MARKET COMPARABLES Geary Courtyard - 639 Geary No. of Units 164 Year Built 1990 Unit Mix SF Rental Rate $/SF Studio 485 $2,040-$2,205 $4.32 1BR/1BA 690 $2,640-$2,655 $3.83 Averages 648 $2,534 $3.91 The Paramount - 680 Mission Street No. of Units 486 Year Built 2001 Unit Mix SF Rental Rate $/SF Studio 500 $2,500-$2,900 $5.27 1BR/1BA 700 $3,000-$3,895 $4.71 2BR/2BA 1,100 $4,000-$7,000 $5.00 Averages 705 $3,393 $4.81 Page 27
  • 28. 1125 Market Street | San Francisco, CA DOWNTOWN SAN FRANCISCO RESIDENTIAL PIPELINE ESTIMATED DEVELOPMENT DEVELOPER/OWNER # UNITS TYPE SUBMARKET COMPLETION UNDER CONSTRUCTION 1844 Market Street MacFarlane Partners 113 Rental 2012 Hayes Valley Potrero Launch - 2235 3rd Street Martin Building Company 196 Rental 2012 Central Waterfront Madrone - 435 China Basin Way Bosa Development 329 Condo 2012 Mission Bay 10th & Market Site Crescent Heights 754 Rental 2013 Mid-Market Trinity Plaza - Phase II Trinity Properties 440 Rental 2013 Mid-Market TOTAL 1,832 FUTURE APPROVED PROJECTS 401 Grove Street Pocket Development 61 Rental TBD Hayes Valley 1450 Franklin Street Pacific Heights Franklin Partners 69 Condo TBD Lower Pacific Heights 277 Golden Gate Avenue PANCO Development 88 Rental TBD Mid-Market 1390 Market Street - Fox Plaza Presidio Development Partners 230 Condo TBD Mid-Market 55 9th Street Avalon Bay 260 Rental TBD Mid-Market Trinity Plaza Phase III Trinity Properties 1,020 Rental TBD Mid-Market Block 3 West - Mission Bay Urban Housing Group 147 Rental TBD Mission Bay Block 11 - Mission Bay BRE Properties 171 Condo TBD Mission Bay Block 5 - Mission Bay BRE Properties 198 Condo TBD Mission Bay Block 12 East - Mission Bay Bosa Development 273 Condo TBD Mission Bay Page 28
  • 29. 1125 Market Street | San Francisco, CA FUTURE APPROVED PROJECTS (CONTINUED) Block 2 - Mission Bay United Dominion Realty 315 Rental TBD Mission Bay 1960-1998 Market Street Brian Spiers 115 Condo TBD Mission Dolores 1800 Van Ness Avenue Oyster Development 62 Condo TBD Nob Hill One Rincon Hill - Phase II Urban West Associates 312 Condo TBD Rincon Hill 340-360 Fremont Street Archstone 384 Condo TBD Rincon Hill 375-399 Fremont Street Fifield Companies 432 TBD TBD Rincon Hill The Infinity - Phase II Tishman Speyer 806 Condo TBD Rincon Hill 45 Lansing Street Crescent Heights 330 Condo TBD Rincon Hill 325 Fremont Street 325 Fremont St, LLC 70 Condo TBD Rincon Hill 430 Main Street Portland-Pacific, LLC 113 Rental TBD Rincon Hill 900 Folsom Street Avant Housing 300 Condo TBD SOMA 240-260 5th Street Avant Housing 150 Condo TBD SOMA 178 Townsend Street Martin Building Company 94 Rental 2012 South Beach 1285 Sutter Street Gerding Edlen 107 Rental TBD Van Ness/Civic Center TOTAL 6,107 Page B
  • 30. 1125 Market Street | San Francisco, CA LAND SALES SALE PRICE PROPOSED SITE SALE DATE SELLER BUYER $/UNIT (APPROX.) UNITS 1 Block 11 Mission Bay Apr-11 Farallon Capital Management BRE Properties $19.2 M 171 $112,281 2 Block 12E Mission Bay Apr-11 Farallon Capital Management BOSA $30 M 273 $109,890 3 Block 5 Mission Bay Apr-11 BOSA BRE Properties $22.2 M 198 $112,121 4 1285 Sutter St. Nov-10 Rockpoint Capital Gerding Edlen $9.15 M 106 $86,321 5 Block 2 Mission Bay Sep-10 Farallon Capital Management United Dominion Realty $23.6 M 315 $74,921 6 Block 3W Mission Bay Nov-10 Farallon Capital Management Urban Housing Group $11.8 M 147 $80,000 7 400 Grove St., Parcel H Nov-10 City of San Francisco DM Development $3.012 M 31 $97,177 8 450 Hayes St., Parcel J Nov-10 City of San Francisco DM Development $5.025 M 50 $100,500 9 401 Grove St. Sep-10 Cathay Bank Pocket Development $4.4 M 61 $72,131 10 325 Fremont St. Dec-11 - Crescent Heights $4.75 M 70 $67,857 11 399 Fremont St. Jan-12 - - $33.75 M 450 $75,000 12 101 Hayes (unentitled) Dec-11 Rescalvo Trust Emerald Fund/NREA $3.8 M Est. 65 $58,846 13 1415 Mission St. In contract R&K Investments Not disclosed $8.5 M 117 $73,000 TOTAL AVERAGE $86,157 Page 30
  • 31. 1125 Market Street San Francisco, CA PRESENTED David Wientjes Clayton Jew BY 415.229.8969 415.229.8920 davidw@kiddermathews.com cjew@kiddermathews.com LIC #00869637 LIC #00834308