SAN FRANCISCO-Catellus Development Corp. is reporting today third quarter earnings of $35.6 million, or 33 cents a diluted share, up dramatically from the same 1999 period when profits were $19.1 million, or 18 cents a diluted share. Profits through the first nine months of the year are $96.4 million, or 89 cents a diluted share, versus $53.3 million, or 49 cents a diluted share for the same period in 1999. By year end, the company expects to post totals 20 percent above 1999 earnings.

The announcement comes on the heels of a busy quarter for Catellus. Earlier this week, the company signed Cisco Systems to a 34-year deal for 3.4 million sf in the still-under-development Pacific Commons project in Fremont. That deal alone will bring almost $102 million into Catellus’ coffers by the middle of next year. Meanwhile, at the Mission Bay development in San Francisco, the pace remains frantic. Catellus recently sold a one-acre parcel to Signature Properties and The Riding Group, LLC, for $13.5 million. The partnership plans to develop 100 condominiums on the site. That deal is expected to close by February.

AvalonBay communities will begin construction of their 250-unit apartment building at Mission bay in January. An additional 300-unit building will be going up in the Third Quarter of next year. Catellus will also break ground on their mixed-use projects at Mission Bay in the Second Quarter of 2001. That project will include 160,000 sf of office and retail space, along with 622 residential units, some of which will be for sale.

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