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News release

SAN FRANCISCO, CA

Unparalleled 2.2 Million+ SF Waterfront Development Opportunity in San Francisco

JLL seeks development capital for The Landing at Oyster Point on behalf of Shorenstein and SKS


SAN FRANCISCO, Oct. 6, 2015 – JLL’s Capital Markets experts have been hired as the exclusive advisor to Shorenstein Properties and SKS Partners in the capitalization of The Landing at Oyster Point, a fully-entitled, 42-acre waterfront development site allowing for up to 2.25 million square feet of commercial space in the heart of the Bay Area’s life sciences and technology markets. This once-in-a-generation development opportunity represents the only fully-entitled site in the Bay Area able to accommodate more than one million square feet of Class A office and/or life science product with unobstructed panoramic views of the Bay and immediate waterfront access.
 
Managing Directors Michel Seifer, Rob Hielscher, Erik Doyle, Will Connors and Vice President Erik Hanson are leading the JLL team’s international efforts.

“It’s incredibly rare that an offering of this scale becomes available in the San Francisco Bay Area market, especially one that is fully entitled and strategically located in the flourishing Peninsula office market between Palo Alto and San Francisco,” said Seifer. “The timing for this investment is good. Last year, the Bay Area captured $24.7 billion – half of all U.S. venture capital funding – and technology and healthcare/biotech companies are looking to expand their presence in the heart of the most prominent life science cluster in the world. We expect to receive significant interest in the opportunity at The Landing at Oyster Point from both domestic and foreign investors.”
 
The development site is just five miles south of the city of San Francisco, directly adjacent to Genentech’s global headquarters in South San Francisco and surrounded by more than 60 other pioneering firms. Since Shorenstein and SKS acquired the property in 2008, the city of South San Francisco has partnered with the developers to prepare the site for redevelopment. The city also has plans to develop additional amenities at the site, such as a new 350-room hotel, conference center, and 40,000 square feet of retail and restaurant space, as well as a new public beach, bike path, recreation field and boat ramp.
 
Transportation infrastructure in and around The Landing at Oyster Point is particularly strong. The site enjoys superior access from all Bay Area transportation options – Highways 101 and 280, the Bay Ferry, light rail (Caltrain, BART, and future high-speed rail), and is just a few minutes from San Francisco International Airport. The site is positioned close to Silicon Valley, San Francisco and the East Bay and several world renowned research and academic institutions, including Stanford, UCSF and UC Berkeley.
 
South San Francisco has been at the forefront of supporting entrepreneurship and is one of the top clusters in the country for life science and technology. In many studies, the city is first in venture capital, NIH funding and angel funding, and the first in the number of patents granted.
 
The development site currently provides substantial in-place income from an existing 443,000-square-foot business park, 235-berth marina village and a 30-room boutique hotel.
 
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
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About South San Francisco
The City of South San Francisco proudly remains The Industrial City, a reflection of its steel mill and ship building past, redefined to reflect the innovative, entrepreneurial and industrious spirit which has made South San Francisco the Biotech Capital of the World, with 207 active biotech companies and growing. A vibrant community of 65,700 residents, South San Francisco enjoys a high quality of life with an extensive public parks system, active library and learning programming, and a dynamic, engaged community making South San Francisco a great place to live, learn, work and play.
 
About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York. Starting in 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million. Shorenstein uses its integrated investment and operating capabilities to take advantage of opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 56.7 million square feet in transactions with a gross investment value in excess of $13.4 billion.
 
About SKS Investments
Founded in 1992, SKS is an investor, developer and advisor of commercial real estate properties in the western United States. The firm’s excellent reputation and investment track record culminate from its strong operating capability, extensive network of relationships and its consistent ability to identify emerging demographic and market trends in advance of other market participants. Whether acting as investor or advisor, SKS performs with integrity which has proven to be our greatest asset.
 
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.