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555 California Street seen right of center

Sale of Vornado and Trump Owned Iconic 555 California Now On Hold

By Andrew Nelson

Once the tallest building in the west of the United States, 555 California Street still stands out in the San Francisco skyline half a century later. The 1969-era skyscraper has long been symbolic of the city’s Financial District, second only to the Transamerica Pyramid. Currently, the building is majority-owned by Vornado Realty Trust, holding 70% of ownership, with a 30% partnership deal with the President’s Trump Organization. Vornado announced this week that they have temporarily ceased efforts to sell the building, as well as the 1290 6th Avenue tower in Manhattan, also part-owned by the President’s company, stopping the search for a potential $5 billion transaction. If made, the Trump Organization stood to gain $1.5 billion. Efforts to sell are expected to restart in 2021.

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955 Post Street from Street View, rendering by Transparent House with Page & Turnbull

955 Post Street Heading to the Planning Commission

By Andrew Nelson

The proposal for an eight-story mixed-use building at 955 Post Street is heading to the San Francisco Planning commission today at 1:00 PM. Developers hope to bring sixty-nine new residential units in the Polk Gulch neighborhood, of which seventeen will be sold as affordable housing. 955 Post LLC is responsible for the development.

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505 Brannan Street, rendering courtesy Heller Manus Architects

Singaporean REIT Purchases 505 Brannan Street & 510 Townsend Street

By Andrew Nelson

Singapore’s Ascendas Real Estate Investment Trust, or Ascendas REIT, recently purchased two buildings in San Francisco for $572 million. Alexandria Real Estate Equities (ARE) and TMG Partners are on the other end of the move, parting with their partnered ownership of 505 Brannan Street and 510 Townsend Street in the SoMa neighborhood. This transaction follows the pair’s recent success in selling the 945 Market Street mall to Ikea. The deal marks Ascendas’ introduction to the Bay Area real estate market.

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Oceanwide Center, design by Foster + Partners with Heller Manus Architects

Oceanwide Center’s Construction Pauses Temporarily

By Andrew Nelson

Reporting by the San Francisco Business Times reveals that Oceanwide Holdings have paused construction for the much-anticipated Oceanwide Center at 50 1st Street in SoMa, San Francisco. While crews have recently completed the foundation, this announcement makes clear that the structure will not be rising soon. Once resumed, it becomes the second tallest building in Northern California and fourth tallest in the state.

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560 Fremont Road, according to SCC Real Property Data, via Google Street View

Permits Filed For 560 Fremont Road In Stanford

By Colin LeStourgeon

Permits have been filed for a new three-story educational building at 560 Fremont Road on Stanford’s Santa Clara County campus. The development will require over 4,200 cubic yards of land moved for grading, suggesting a sizable footprint. The site is accessible to transit via either Stanford station or Palo Alto station and Caltrain, a busy commuter rail corridor connecting San Francisco to San Jose, along with other suburban towns and cities it passes through.

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