Catellus, Wilson/Equity Office Have Dibs on Office Space

SAN FRANCISCO-Catellus Development Corp. and Wilson/Equity Office have reportedly locked up rights to build most of the office space allowed in this city under its 14-year-old development cap. The planning commission is set to allocate up to 883,000-sf of land in March that can issued for this fiscal year under the city’s development-control rules: 875,000-sf of large projects permitted under Proposition M and an additional 8,000-sf-plus unused from last year.

Catellus Development Corp., whose Mission Bay project is automatically the first in line due to a 1998 agreement, increased its request from 190,000-sf to 475,000-sf. In addition, Wilson/Equity Office won’t have to compete for its 294,000-sf-plus project at Foundry Square because plans for the project were already evaluated and approved, according to Gerald Green, planning director. That leaves only 115,000-sf for the 1.2 million-sf projects still on the board by five different developers, including TishmanSpeyer, which had hoped to build a 557,000-sf project.