SOUTH SAN FRANCISCO-Myers Development Co. plans a new 670,000-sf office project on the eastern slopes of the San Bruno Mountains in a joint venture with Stockbridge Real Estate Fund II. The new partnership, called Myers Peninsula Venture LLC, will develop the two-tower office complex at a site fronting US Highway 101.

According to Jack Myers, chairman of Myers Development Co., the joint venture partners see the North Peninsula market as “ready for a premier class A office project” to meet growing demand in the area. Construction is expected to begin in early April, with completion slated for January 2009.

The 670,000-sf complex will be one of the largest new commercial developments in the San Francisco Bay area. The campus-style development will include a north tower and a south tower, along with a performing arts center, a child care facility and 2,000 parking spaces.

The north tower will comprise 21 stories and 338,000 sf of office space, with 12,000 sf of retail space. The south tower will be 12 stories with 301,000 sf of office and 11,000 sf of retail space.

The south tower will incorporate the 200-seat performing arts center and the child care facility, which will be designed to care for 100 children.

The project is being designed by Skidmore, Owings & Merrill, which also designed the 101 Second St. office tower in San Francisco for Myers. Leasing for the office portion of the project will be handled by the San Francisco and Peninsula offices of CB Richard Ellis, with retail leasing by Cushman & Wakefield.

Stephen Pilch, a managing director at Stockbridge, describes the development location as “one of the most visible sites along the US 101 Corridor between San Francisco and San Jose.” He notes that the site will provide ready access to San Francisco, the biotech industries east of US Highway 101 and the other technology clusters in the area.

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