HFF Breathes $75M Into South SF Genesis Project
Phase 3 Real Estate Partners Inc. has secured the loan for the second phase of the life science campus, the construction of the North Tower, a 21-story, 390,000-square-foot building.
By Ariela Moraru
HFF breathes new life into mammoth project Genesis, an 800,000-square-foot life science campus in South San Francisco, Calif. The firm worked on behalf of the borrower, Phase 3 Real Estate Partners Inc., to secure a $75 million loan for the second phase of the project, the construction of North Tower, a 21-story, 390,000-square-foot building. NKF is spearheading project leasing efforts for the North Tower and South Tower.
Phase 3 Properties acquired the formerly-known Centennial Towers, a 340,000-square-foot Class A office development, from Myers Development Co. in 2015 for $162 million, according to Yardi Matrix. Located at Two Tower Place, just off Highway 101, the project is seven minutes from the San Francisco Airport, 13 minutes from downtown San Francisco and 25 minutes from Silicon Valley East Bay. Transit options include shuttles to BART, Caltrain and Bay Ferry Service.
The properties
The 12-story South Tower was built in 2009 and secured its first tenant after the renovations were completed in 2016, antibacterial drug developer Achaogen. Amenities include a 13,900-square-foot full-service market and bakery, a performing arts center, a 230-seat conference center and a seven-story parking structure. The current 5,600-square-foot fitness center featuring a 1,500-square-foot yoga studio will be converted into a café & wine bar that opens onto the patio lounge upon the completion of the amenity building.
North Tower is slated for completion in 2018. Property amenities will include a conference center on the first floor and retail facilities on the ground floor. The project will also include a boutique hotel and a restaurant located in the seven-story amenity rising between the two towers.
Images courtesy of Genesis
