San Francisco--National Real Estate Advisors, LLC (National), announced today the start of a $215 million redevelopment of the office tower at 100 Van Ness Street into a 400-unit luxury apartment tower with dramatic views of the bay and city skyline. Built in 1974 and formerly the offices of the California State Automobile Association, the 29-story building will be re-skinned from concrete to a glass curtain wall, gutted and refurbished with modern building systems, including central air conditioning for each luxury apartment unit. The renovated tower also will feature up to 10.5 foot ceiling heights, a landscaped roof deck, a fitness center, approximately 5,100 square feet of ground-floor retail, and 108 below-grade parking spaces. Project completion is scheduled for fall 2014.
National is undertaking management of the project on behalf of the National Electric Benefit Fund in joint venture with the Emerald Fund, a local developer.
Jeff Kanne, President and CEO of National, said: “The 100 Van Ness project will transform a dated, empty office building into a state-of-the-art luxury residence, creating value for our investors and upgrading the city skyline. It’s an example of redevelopment, which fits our build-to-core investment strategy,” he said.
100 Van Ness is located in the Civic Center neighborhood near the San Francisco City Hall.
About National Real Estate Advisors
National Real Estate Advisors has $2 billion+ in assets under management for pension plan sponsors, investing in major U.S. urban markets using a build-to-core strategy. The company undertakes large-scale development and redevelopment projects in its open-end fund and separate account, building investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that drive high tenant demand and create value over time. A SEC registered advisor, the firm is a subsidiary of the National Electrical Benefit Fund.
For more information, visit www.natadvisors.com