Ferry Building The Ferry Building was delivered more than a decade ago with office and retail components.

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

Although they’ve received a lot of attention recently, creative office conversions are not new. Take for example, Chelsea Market in New York City or the Ferry Building in San Francisco, both delivered more than a decade ago with high-profile office components. What is new this cycle is the sheer volume of creative office exits nationally at core/core plus pricing with the buyers being major institutional investors or well-known owner/users, according to Michael Soto, director of research in Southern California and co-author of the report.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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