SAN FRANCISCO—A number of creative office projects havegenerated substantial returns for investors upon completion.Transwestern recently released a report examiningthe adaptive reuse developments in Boston, Chicago, Los Angeles,New York, Phoenix, San Francisco and Austin, TX. There are severalexamples of completed projects here, including 888 Brannan St.

Although they've received a lot of attention recently, creativeoffice conversions are not new. Take for example, ChelseaMarket in New York City or the Ferry Building in San Francisco, both delivered more than adecade ago with high-profile office components. What is new thiscycle is the sheer volume of creative office exits nationally atcore/core plus pricing with the buyers being major institutionalinvestors or well-known owner/users, according to MichaelSoto, director of research in Southern California and co-authorof the report.