The Rumor: McGuire Real Estate has purchased Urban Bay Properties.
The Reality: They are in talks but a deal has yet to be done (although it’s currently looking more likely than not).
The Reason: A chance for the very well capitalized McGuire to add a bit of “youth” and South of Market presence to their brand.
This story was broken on the 10th by Garrett @ Schtuff –
http://sanfranciscoschtuff.com/2008/10/10/rumor-has-it/
[Editor’s Note: While Garrett does appear to have broken the rumor (nicely done), we’re left to add the reality (and reason).]
Well good for them.
Is it just me, or do all the units listed for rent by Urban Bay seem to come with a premium? I don’t have any examples because it’s been awhile, but when I was looking to rent, I remember seeing comparable units, sometimes in the same building, listed for much more by Urban Bay. Is this how they earn their commissions? Or maybe I’m mistaken?
“The Reason: A chance for the very well capitalized McGuire to add a bit of “youth” and South of Market presence to their brand.”
Could be. Or it could just be part of the industry consolidation that should be expected during a downturn.
McGuire hasn’t stopped sponsoring their cycling team, so I’d say things aren’t too bad for them.
“McGuire hasn’t stopped sponsoring their cycling team, so I’d say things aren’t too bad for them.”
Well, yeah, they be rich biatch! Almost every property in district 7 and 8 is McGuire!
second foolio’s suggestion – industry consolidation that should be expected in a downturn.
It’s official. McGuire and Urban Bay both announced today (11/05/08) that they are “Merging”. Straight from Charlie Moore and Tom Brown. For now UBP will retain current branding but will change color schemes to match the new McGuire coloring. Tom Brown becomes COO of McGuire. No news on closing of the McGuire Davis Street office or the UPB Bluxome street office.
Dear Adam,
I wanted to congratulate you on your coverage of the rumor that McGuire had purchased Urban Bay Properties Your coverage was fair, honest and well researched.
And what’s more, it’s true. I wanted to personally give you the official word that McGuire and Urban Bay are merging. The companies have been in discussion for well over a year, and both felt there were strong benefits to joining forces: McGuire has strong traditions and is well-established in north of Market neighborhoods, while the Urban Bay brings more of a “hip” brand to the South of Market neighborhoods. What’s more, McGuire has offices in Burlingame and Mill Valley, and Urban Bay has a presence in Oakland’s Jack London Square.
No changes to either brand will be made immediately, but transition teams are in place and a merger strategy will be developed in the near future.
We will happily keep you updated about our company. If you have any questions, feel free to drop me a line.
Sincerely,
Charles Moore, CEO McGuire
I hope the newly merged developer will consider buying and developing the property at Sutter & Van Ness–which would include condos and a DESPERATELY needed grocery store (Trader Joe’s). I believe that Bay Rock put this property back on the market. As a Van Ness Corridor resident, we would love to see this city-approved project move forward soon!
http://www.suttervanness.com/