With persistent rumors of Terry Pegula having an interest in buying and redeveloping One Seneca Tower, it’s time to check in on an office building make-over wrapping up in San Francisco.
One Seneca Tower and the 100 Van Ness building in San Francisco were completed within one year of each other (1972-1973). The San Francisco building was 96 percent vacant when the conversion was announced two years ago. It is located in the Civic Center area where the market for office space is weak but the demand for residences is strong, not only in the city but particularly in the nearby Mid-Market area where One Kings Lane, Twitter, and others have migrated to.
Emerald Fund, Inc. and National Real Estate Advisors converted the 29-story former California State Automobile Association headquarters into 399 apartments. A nondescript concrete panel façade was replaced with blue glass curtain wall. The project features a roof deck with fire pits and bocce court, hot tub, fitness center, 24-hour concierge, wine storage, a ground floor restaurant, on-site car share, and parking for 134 bicycles and 118 cars. It took 19 months to transform the building which is now starting occupancy.
The rents at 100 Van Ness, like nearly all of San Francisco, are staggering. 484 sq.ft. studios are priced from $3,090; one-bedrooms with 641 to 845 sq.ft. are priced from $3,075 to $3,855, and two-bedroom units with 984 to 1,126 sq.ft. of space are priced from $4,435 to $5,800.
Photo by Sirgious on Flickr
100 Van Ness is slightly shorter than One HSBC Center but nearly half the size: 852,000 vs 408,000 sq.ft. The rectangular floors of 100 Van Ness are suitable for a residential layout, One Seneca’s big, square floors are more of a challenge. Each building’s height and views make them an ideal conversion candidate however. While the San Francisco residential market is exponentially stronger and deeper than Buffalo’s, the project is an example of how a new façade and use can change the identity of a worn building.
One Seneca Tower is over 90 percent vacant and in receivership. Converting a 38-story building, nearly four times the size of Avant and the Tishman Building, would be a significant undertaking. One Seneca’s future owner will need patience, a vision, and deep pockets.