Catellus Wins Prop M Approval, Completes Land Sale

SAN FRANCISCO-Catellus Development Corp. won approval from the city’s planning department last week to build an additional 205,000 sf of office space at Mission Bay. The total approved square footage supports development of a new 145,000 sf office building in the planned corporate campus and completes entitlements for one of the two previously approved office buildings now under construction.

To date, the company has received Prop M approval for more than 700,000 sf of office development at Mission Bay. Additionally, the company also announced that it had completed a commercial land sale at Mission Bay to the J. David Gladstone Institutes for a total consideration of $13 million. Gladstone is planning a 180,000-sf life sciences research facility.