Citing an office vacancy rate of 8.65 percent in SoMa at the end of 2011 versus rates of 23.6 percent in 2008 and 25.5 percent in 2009, and an overall office vacancy rate of 9.3 percent for San Francisco, the owners of 808 Brannan are seeking Planning’s approval to legally convert the 45,723 square foot building from showroom (PDR) to office use.
Formerly the headquarters for Georgiou Studio, a local clothes designer, Mr. Georgiou lost the building to foreclosure in 2010 and it’s been vacant since. The Planning Department recommends approval of the conversion.
∙ 808 Brannan Street: Request for Office Authorization [sfplanning.org]
Does your tenant rep even know that PDR zoning means NO office use?? I had this property listed for more than a year and the amount of brokers that brought by tenants w/o even asking if office use was acceptable was a joke. At least this new owner looks like he knows what he is doing…although it’ll cost him $500,000 to get the conversion made! Luckily he bought it from the bank and made out like a bandit!
I heard that this is where One Kings Lane wanted to originally move to.
If these are the people who were in front of me at the planning counter yesterday, they want to make the ground floor into a Doggie Daycare and the upper floor into office space.
Property shark shows assessed value of $5.86 mil. Not clear if that was the recent foreclosure price, but at ~$125 psf and only $500k to convert to offices, this is an excellent deal. Cashflow, equity, great long term hold. Great deal.
Hasn’t the upstairs been sublet as office space for years? I know I’ve visited at least two different tech companies there.
Property shark is behind the eight ball. Per my appraisal data service the property was acquired on a trustee deed for $7.23 million plus change in September 2010. It resold for $7.65 million in September 2011. It’s not clear whether either or both of these transactions is at arm’s-length. In SF, for larger properties – and $7 million plus would probably qualify – the assessed value often doesn’t reflect the selling price until 2-3 years later, and sometimes even longer than that. Our assessor’s office is a joke.