750,000 sq. ft.
Joint venture partners The John
Buck Co., Golub & Co. and MetLife
Real Estate Investments have broken
ground on a 43-story of;ce tower
that has received LEED-CS (Core &
Shell) precerti;cation. Park Tower at
Transbay’s design aims to “bring the
outside inside,” with panoramic views
from 70 percent of the ;oor space.
The Class A of;ce tower in San Francisco’s booming Transbay submarket
will feature more than 50,000 square
feet of outdoor and open space, including a ground-;oor park, 17,000
square feet of open space on ;oors
12 and 28, and 14 private sky decks.
The 750,000-square-foot building
will also contain 10,000 square feet
of high-end retail space. Completion
is targeted for spring 2018.
703,000 sq. ft.
Centurion American Development Group and Hill & Wilkinson General
Contractors have broken ground on the $175 million redevelopment of
downtown Dallas’ historic Statler Hilton Hotel and the adjacent Old
Dallas Central Library. The two structures will be transformed into
a nearly 703,000-square-foot mixed-use property with 229 luxury
residential units on the top 11 ;oors, 164 boutique hotel rooms on the
middle ;ve stories, and two lower ;oors of ballrooms, meeting rooms,
hotel services, lobbies, restaurants and retail space. Centurion American
plans to apply for historic tax credits and the city has provided $43.5
million in tax increment ;nancing for the project, which is expected to
be completed in December 2016.
U.S. real estate analytics for Savills
Studley, who led the of;ce discussion, noted that of;ce-using employment has also increased in lower-cost
markets such as Atlanta and Nashville, where educated and affordable
labor pools are drawing employers.
When DeCoster asked the group to
identify potential disruptors that will
affect the of;ce sector, respondents
cited the following:
Of;ce users are paying more attention to workplace strategies that
enable them to identify and create
the optimal “workplace environment”
for their companies — and to lease as
little space as possible.
Jim Costello, senior vice president,
Real Capital Analytics, noted that
many traditional shared of;ce/execu-tive suites facilities are tired and lack
vibrancy, especially compared to
well-designed and well-programmed
Valuations for coworking center operators like We Work appear to be out of
whack; this will become evident when
demand for of;ce space contracts
during the next downturn. Yet coworking centers are clearly ;lling a niche,
occupying some of the Class B and
C space once occupied by smaller
companies and creating new demand
for that space among even smaller
companies and startups that may not
have leased of;ce space in the past.
DeCoster also presented the following list of the top concerns of U.S.
business owners, compiled by Duke
University and CFO magazine: