   |
Center to Give Multimedia Industry a $50M Upgrade
Adam Feuerstein, Staff Writer
A San Francisco real estate company will transform an old South of Market building into a modern showcase for the city's growing multimedia industry.
Stein Kingsley Stein purchased a two-story office building at 475 Brannan St. last week. Plans call for the building to be gutted and completely remodeled into what developer Paul Stein is calling the San Francisco Multimedia Center. Total project cost: between $40 million and $50 million.
"Multimedia and software companies have had a huge impact on the South of Market office market. The area is just beginning to hit its stride, and we expect our project to get a lot of interest from Peninsula and Silicon Valley companies who want to be where the action is," said Stein, whose partners include Dan Kingsley and Julie Stein.
The building is currently occupied by Southern Pacific railroad employees, all of whom will vacate by early next year. Preliminary design plans call for a U-shaped atrium to be cut into the building's interior to allow for more windows and light. An additional two floors of office space will also be constructed, boosting the property's size to 250,000 square feet. The building's basement will be renovated into a 200-plus parking garage.
San Francisco's growing multimedia industry has been the catalyst for the renovation of many of the city's older South of Market buildings and warehouses, said Dan Cressman, a principal and real estate broker at Whitney Cressman Ltd., who represented Stein in its purchase of 475 Brannan.
Gerald Green, director of the city's planning department, has reviewed Stein's plans for 475 Brannan St. and believes the project could be an asset to the area.
"The multimedia industry has enhanced job growth in the city and led to the reuse of many important older buildings in the South of Market area. We're working with the developer to see what steps
need to be taken to get the project approved," he said.
Stein Kingsley Stein is no stranger to the area. The company owns the 301 Brannan St. building, home to Advent Software, as well as a building at 139 Townsend St. that houses two software developers.
© 1997, San Francisco Business Times
| Building Overview | Neighborhood In the News | Contact |