PCCP and SRM Associates Form Joint Venture for the Development of a 160,000 SF Build-to-Suit Office Project for VF Outdoor in Alameda, Calif.
SAN FRANCISCO, CA – May 3, 2011 – (RealEstateRama) — PCCP, LLC, SRM Associates and Scott Newman, a private individual, have announced they have formed a joint venture to develop a four-building 160,000-square-foot build-to-suit office project in Alameda, Calif. for VF Outdoor, Inc., a subsidiary of VF Corporation. The project will serve as the global headquarters for VF Outdoor and its brands including The North Face®, JanSport® and lucy®. Ground breaking for the project occurred today and completion is anticipated in summer 2012. Phil Lombardo and John McManus of Cushman and Wakefield represented VF Outdoor.
The PCCP / SRM Associates joint venture will develop four, two-story office buildings within the 268-acre Harbor Bay Business Park project. Three buildings will total 45,000 square feet each and one will total 25,000 square feet. The 25,000-square-foot amenity building will include a private café and fitness center and conference room facilities. The other three buildings will house the headquarters for The North Face, JanSport and lucy brands, including apparel research and design, and a prototype showroom. The new offices will overlook San Francisco Bay and offer access to running trails and public transportation, including Ferry services to San Francisco within one mile of the headquarters.
”We are pleased to partner with VF on this unique build-to-suit project and tailor a solution that satisfies their facility objectives on many levels including sustainability, creating an inspiring environment for their employees, achieving competitive economics and delivering on a turnkey basis,” said Joe Ernst, principal with SRM Associates. “As an Alameda based-business, we are proud to play a major role with our partner PCCP in bringing VF Outdoor and its brands to our community.”
PCCP and SRM are seeking LEED Gold certification for the project once completed and will utilize both wind and solar powered features, including wind turbines and photovoltaic panel sun shades, and a highly innovative and energy efficient HVAC design using no compressors or refrigerants. Plans also include external decks, open green outdoor meeting spaces, an organic vegetable garden and areas for outdoor recreation.
“This build-to-suit project for VF Outdoor is a high-profile and significant corporate headquarters for the Bay Area and the City of Alameda,” said John Greer, principal with PCCP. “We have worked with SRM for eight years on nearly 100 acres in this prime bay front location. Our partnership has created a business environment that goes beyond your average workspace. It caters to companies seeking a sense of place for their employees that is well located and offers a high-quality product.”
SRM Associates and PCCP, LLC joined forces in 2003 when they acquired 75 acres of vacant land and a vacant 380,000-square-foot tech campus on 25 acres which it has since leased up and sold. With this most recent announcement with VF Outdoor, 65 of the 75 acres of land they owned within Harbor Bay Business Park has since been developed or committed. In addition to the VF Outdoor project, the venture has developed 16 other successful build-to-suit office and flex/light industrial buildings for-sale to companies including Peet’s Coffee & Tea, United States Tennis Association of Northern California and Semifreddi’s. PCCP and SRM have received considerable corporate interest on the remaining 10 acres of vacant waterfront land which is being marketed for future build-to-suit opportunities.
About PCCP, LLC:
PCCP, LLC is a premier real estate private equity firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion under management in multiple closed-end funds and joint ventures with institutional investors. With 33 investment professionals and 55 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States. Learn more about PCCP at www.pccpllc.com.
About SRM Associates:
SRM, a privately held firm headquartered in Alameda, CA, is a full service real estate development company focusing on urban infill development. Founded in 1992, SRM has regularly been ranked as one of the leading commercial developers in the Bay Area with a reputation for build-to-suit projects. Since inception SRM has entitled, developed and/or acquired of over 8 million square feet of commercial property throughout the Bay Area, having a portfolio value in excess of $2 billion. www.srmassociates.com
