100 VAN NESS | SAN FRANCISCO, CA
- Rentable SF / Units : 320,963 / 418
- Property Type : Apartment
- Status : Stabilized
DESCRIPTION AND HISTORY
Originally constructed in 1974, 100 Van Ness was 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 later took title to the collateral in January 2011. In 2012, National began the design of an adaptive re-use of the building into a 418-unit apartment tower, financed by an equity investment from NEBF and a construction loan from a large, institutional lender.
Growth in the nearby commercial office area and interest in convenient urban living 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 developed new creative office complexes nearby, employing a young professional demographic wanting to live close to their work. 100 Van Ness was well-positioned to meet this demand for luxury apartments and offers top-of-the-line amenities and unparalleled views of the cityscape and the San Francisco Bay area.
The 100 Van Ness redevelopment involved completely removing the building’s original precast concrete envelope of small punched window openings and replacing it with floor to ceiling glass curtain wall opening the building to unimpeded vistas of the surrounding city. Residential amenities feature a rooftop deck and a state-of-the-art fitness center. The building offers its tenants ample below-grade vehicular and bike parking. Ground floor retail provides convenient services to renters and local residents.
Construction began in the fall of 2012. The first apartment units delivered in January 2015. The project was substantially completed in the summer of 2015 and continues to be over 99% leased, with rental rates significantly exceeding proforma.