100 Van Ness |
San Francisco, CA

KEY STATS

  • National's Role : Investor, Co-Developer
  • Investment Type : Equity
  • Status : Stabilized
  • Rentable SF / Units : 320,963 / 418
  • Property Type : Apartment

Description and History
Built in 1974, 100 Van Ness is a 28-story Class B office building situated two blocks from City Hall. Its location straddles the Civic Center district of cultural and arts destinations and Hayes Valley, a walkable neighborhood filled with restaurants, bars and boutiques. In 2008 NEBF provided an acquisition and development loan secured by the building, which was the headquarters of the California State Automobile Association, and took title to the collateral in January 2011. In 2012 National began an adaptive re-use of the building into a 418-unit apartment tower, employing an equity investment from NEBF and $142 million construction loan from Prudential Mortgage Capital Company.

Redevelopment Opportunity
Growth in the nearby commercial office area and interest in convenient urban living have created significant demand for more residential development near the city center with highest-in-the-nation rental rates reflecting tightness in supply. Companies such as Twitter and Square have developed new creative office complexes nearby employing a young professional demographic wanting to live close to their work. The building is well positioned to meet the demand for luxury apartments with unparalleled views of the cityscape and San Francisco Bay.

Strategy
The redevelopment stripped away the building’s original precast concrete envelope of smaller punched window openings in favor of a glass curtain wall with unimpeded floor-to-ceiling vistas of the surrounding city. Residential amenities features a rooftop recreational deck and a state-of-the-art fitness center. The building offers its tenants ample below grade vehicular and bike parking. Ground floor retail will provide convenient service stores to renters and other local residents. 

Status
Construction began in fall 2012. The first apartment units delivered in January 2015. The project was substantially completed in the summer of 2015 and available units are over 99% leased with rental rates significantly exceeding proforma.