China-based Gemdale Corp and a US developer have formed a joint venture company for the acquisition of two blocks of commercial land located in the CBD of San Francisco, California.
The companies plan to build an office building on each block of land – project 350 and project 550. Project 350 will have 19 floors covering a land and floor area of 3,237 square meters and 42,410 square meters respectively. Project 550 will have 5 floors covering a land and floor area of 1,295 square meters and 6,938 square meters respectively.
Since the fourth quarter of 2013, demand for office buildings in San Francisco has flourished, and the vacancy rate of office buildings has continued to decline. Driven by stronger demand, especially that of high-tech companies, the office rent in San Francisco is rising steadily.
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