May 2008

Is Cushman & Wakefield

Prepared for the Next
Generation of Client
Solutions?

U.S. $4.99 Canada $5.99

TABLE OF CONTENTS
Features
MAY 2008 6
16
On the Cover What is Property
Management? Service Contract
Cushman & Wakefield Management
manages one of the An inside look at one
property manager that is In light of the
trophy assets in San helping employees get the economic downturn,
Francisco and many most out of their work day. will C&W re-negotiate
major international new service
11 agreements and how
markets, but are they will this affect their
geared for the next Letters from the Readers:
vendor relationship?
generation of client Property Management
Accounting and 21
needs?
Financials The Centerfold
Many of you have written in Is the internal building
with questions regarding system at the
how we administer our Transamerica Pyramid
“Property Management” operating at its most
Also in This Issue… financial accounting. We effective level?
here at Building Times felt
that we received enough of 23
5 Letter from the these queries to finally
write an article with the One Hat, One
Editors answers to all of your Mission
questions. Trisha Sanyal is
14 probably looking at
32 San Francisco your resume, and yes,
Plastic Bag Ban she’s judging you.
Marketbeat Paper or plastic? If you live 26
in San Francisco- the first
city in the country to outlaw Streamlining and
35 Comic Relief plastic- the decision just got Consolidating Lease
easier. The new greed & Management
trend. Forms
53 Editorials
15
Interview with Bob
Beedle: Group Financial
Manager
TABLE OF CONTENTS
Features

29
Building Structures
555 Mission: A New
San Francisco
Landmark
30
Tenant
Improvements
What goes into the TI
process?
31
Market Analysis
The process of
understanding the
real estate market. 48 53
34 Excerpt from Cushman & Editorials
Effectively Wakefield's Landscape
Magazine NOI Tonic
Marketing Buildings
Towering Success: If Death, Taxes and
Getting the listing is Tenant Turnover
only half the battle. In anyone can weather a
order to make the global financial storm it is Birds of Prey
transaction go Donald Trump who, having
through, it is vitally seen both sides of the Wide Open
important to market boom and bust coin, Spaces
your buildings. remains one of the most
successful names in Green: The Way of
36 international real estate. He the Future
talks exclusively to Building Amenities
Tenant Retention & Landscape about staying
Relations on top. and Service
It is far more cost- Technology and Its
effective to retain a Implications
tenant than to replace Advertiser Index
a tenant. 2 The Cotai Strip in Macao Cushman & Wakefield Retial 7 300 & 400
46 Wind River Way, Alameda, CA Cushman & Wakefield Office 10 500
Sansome Street Cushman & Wakefield Office 17 The Transamerica
Interview with Anne Pyramid Center Cushman & Wakefield Office 20 505 Sansome Street
Stephens
Cushman & Wakefield Office 25 3121, 3129, 3137 Swetzer Road, Loomis,
Client Solutions CA Cushman & Wakefield Industrial 28 555 Mission Tishman & Speyer
Branch Manager Office 40 The Crocker Galleria Cushman & Wakefield Retail 47 2401
Merced Street Cushman & Wakefield Life Sciences 52 99 Rhode Island
Cushman & Wakefield Office 55 The Vineyard Cushman & Wakefield
Retail/Office
 Letter from the Editors
We posed a question on the cover that the articles and interviews
intend to answer. Is Cushman & Wakefield prepared for the next generation of
clients solutions? The query is an important one to address as they dynamics of
the commercial real estate landscape continue to transform. We feel that C&W
is prepared, but there is definitely room for improvement. The green movement,
new technologies, and the globalization of real estate; all buzz-terms that C&W
could address as a market-leader rather than a market follower.
Throughout the publication you will see local advertisements,
relevant articles and interesting blurbs. While the flow of the magazine is
intended to mimic that of a TIME or a Newsweek, the free-form writing reads
more like an editorial on par with the New Yorker or Business Week.
We are excited to present you with our inaugural issue of Building
Times. A lot of thought has gone into the format and presentation of the first
issue, we really hope you enjoy it!
Best Regards,
Team A.W.E.S.O.M.E.
 What Is Property Management?
A member of Team AWESOME examines the role of
property management and how they keep One
Capitol Mall up and running. His interview with
Katie Sweetenham, on-site property manager with
AKT Properties, spent an afternoon with Sean and
brought the ins and outs of this challenging
profession to light.
TA:
Greetings….first I would just like to say how much
I appreciate you sharing some time with me this
afternoon. I have always been interested in the role
of about day-to-day tasks and challenges you face
from tenants and landlords alike. So, thanks again.
Katie Sweetenham:
Property Manager, AKT Properties:
You are most welcome. I hope I am able to answer
all of your questions.
TA: Well then. Let’s get started.
If you could, tell me a little bit about the
components that comprise property management,
including property organization, personnel, and job
descriptions for key positions.
KS: Well, one of the biggest challenges of PM is
making the owner and the tenant happy. The owner
obviously wants the highest rate of return and the
tenant wants the best value for their money. The
line in between can get a little tricky. Keeping both
satisfied takes a lot of time from not only the PM
but the engineers, leasing agents, vendors, basically
anyone working on or for the property. We want to
make sure the tenant is satisfied with the
performance of the leasing agents, contractors and
subs doing tenant improvements and then
eventually the PMs hoping to retain the tenants.
Tenant retention, tenant relations, leasing, service
requests, tenant requests, correspondence, rent
collection, billing, knowledge of each lease,
knowledge of the property the market, bidding out
contracts, reviewing contracts, proposal to owner
with suggestions, cost management, cost saving
measures, getting involved with organizations such
BOMA – these are all components of PM.
TA: Very interesting. I have seen one guy cruising
around with a tool belt and an AKT shirt on. Is that
your building engineer?
KS: Yep, that is Ernie. He is the on-site building
engineer that oversees all R&M items and is aware
of all issues in the building ranging from clogged
toilets to HVAC repairs. Decisions are made
whether we have to get an outside vendor to provide
service for building. We have an onsite day-porter
who maintains the common area including lobby’s,
restrooms, stairwells, cleaning of elevators etc.
TAaller issues get directed to the dayporter and the
larger ones are taken care of either by Ernie or an
outside vendor.
We have 24/7 security, with 3 shifts, day-shift,
swing shift, and graveyard shift. Each shift has its
own set of post orders, duties, rounds. We have a
parking manager with 4 valet attendants who are
here all day. Parking Manger is in charge of
increases rates as needed depending on prices for
surrounding areas. Parking financial reports are
given once a month. Parking manager keeps track
of everyone who parks in the building.
Each person at the building plays a key role in
running and managing the building. Without
communications amongst all of us, things would not
run TAoothly. I would not be able to do my job
without them.
TA: Interesting. Now, I’m not sure that this applies
but just thought I would ask. Do you have any
responsibility to develop new business, i.e. tenants,
with AKT or does another arm of your company
handle that?
 CLASS A CAMPUS
300 & 400 WIND RIVER WAY, ALAMEDA, CA
±125,000 RSF AVAILABLE

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FOR FURTHER INFORMATION, PLEASE CONTACT:

CUSHMAN & WAKEFIELD OF CALIFORNIA, INC.
EDWARD GRAMMENS JAY SEIDEN
ONE MARITIME PLAZA SUITE 900
EXECUTIVE DIRECTOR DIRECTOR
SAN FRANCISCO, CA 94111
415.773.3552 415.773.3565
edward.grammens@cushwake.com jay.seiden@cushwake.com
No warranty or representation, expressed or implied, is made to the accuracy of the information contained herein, the same is submitted subject to errors, omission,
change of price, rental or other conditions, without notice, and to any special listing conditions imposed by our principles.
KS: We do not do the leasing nor do we really get
involved in it until they are a tenant. Our Brokers
and our Asset Manager handle this…NO
COMMISSIONS FOR US!
TA: Can you break down emergency procedures,
budgets, and any other unique property
deliverables?
KS: Each new tenant will receive a welcome
package which goes over the rules and regs of the
property, hours of operation, Emergency action
plan, tenant request procedures, access card
procedures, parking information etc. The
Emergency Action plan lets tenants know how and
where to vacate the building in case of an
emergency. There are staging areas with each
tenant’s location listed on the action plan. There
should be a main emergency contact person for each
tenant who will assist others in the event of an
emergency. Every year we hold a meeting with all
the tenants and go over the procedures in case of an
emergency.
In terms of budgets, we do not normally give out
budgets. Budgets should be started in about
September. I, fortunately, did not do the budget for
One Capitol Mall because I was not the manager
last year, but I did have to do one for my retail
center and the TAall office building in Lodi I
managed. Budgets are a projection of the upcoming
year. All large R&M items should be included as
well as all the contracts. Budgets help calculate
what the tenants monthly CAMs (common area
maintenance fees) will be for the upcoming year.
Reconciliations are performed monthly, quarterly or
annually. My retail recons were performed
quarterly, OCM is done annually.
TA: Review the components of a Standard tenant
lease at One Capitol Mall, emphasizing fee
structure, escalition formulas, building
responsibilities, rules and regulations, lease abstract,
Work letter, administration, etc.
KS: We have our basic boiler plate lease and the
following are the terms that are usually changing
per tenant etc:
a. Rent – Depending on the space, size,
location, and market
b. Term
c. Commencement date
d. Base Year
e. Tenant Improvement allowance
f. Parking – usually 3/1000 pending
availability preferably rates at
prevailing market
g. Option to Renew
h. Right of first refusal
i. Option to expand
j. Commissions to Broker
k. After hours HVAC
l. Late Fees
m. Exclusive use
TA: What are your standard procedures for rent
collection?
KS: We have procedures for rent collection. On the
10th of every month a receivable report is run, any
tenant who has not paid by the 10th should either get
a written letter, or a phone call which normally
results in a late charge. Rent rolls are reviewed on
the 15th of the month, all increases should be input
into our software and should be included on the rent
roll along with what type of increase either
stipulated at 5% or CPI etc. Letters are sent to
tenants informing them of their increase usually a
month before just as a courtesy. Statements are sent
out on the 20th of the month.
TA: How about the account procedures for
purchasing?
KS: Depending on the amount of the item we are
purchasing, or the R&M item we are planning on
repairing we would have to get numerous proposals
and make sure the scope of work is the same on all
of them. We like to use vendors/contractors we
have used before, but it is nice to use the low bidder
as well. After we receive all the proposals we have
to make a recommendation with a summary to the
owner as to which vendor/contractor we feel we
should go with and why. The owner reviews and
either approves, denies, or requests more
information. It is nice to have pictures or diagrams
attached to make it easier for the owner to approve.
TA: Let’s review accounting tenant lease issues,
such as rent configuration, escalation rent, tenant
extra charges, after hour charges, etc.
 TA: Katie, I think that about covers it. Your time is
KS: Building hours are M-F 7am-6pm and Saturday much appreciated.
8:00am -1:00pm. If a tenant wants to work after
hours (rates are in the lease) we would bill them for KS: You are welcome. Should you need any other
every hour they are here usually $45/hour. The information, please let me know.
PM’s do the billing. I have a calendar of all after
hours usage, it should be requested 24 hours prior to
working after hours.

Rent configuration is negotiated before lease

execution as you know. Normally we have a rent
schedule indicating rent escalation – our standard is
normally $.05/year sometimes a percentage increase
or CPI Increase. We charge for tenants use of the
conference room per hour, we have a free shuttle
service that the tenants can utilize [ this must be
included in the lease]. Any R&M item that is not
covered by the LL in the lease will be billed back to
tenant if they have our Engineer do the work or if
we set up a vendor for the tenant.

TA: What is the difference between Capital

expenses vs. Operating Expenses

KS: Capital Improvements are improvements that

essentially enhance the properties overall value or
increase its useful life. It is anything that you can
depreciate, new roof, new HVAC, as opposed to an
expense which is a cost of doing business, such as
Electricity or insurance. Cap Improvements are not
passed through to the tenants as a “camable”
expense. Operating Expenses can be passed through
to the tenant; Opex’s are a category of expenses a
business/property incurs as a result of performing
the normal operation of the business or property. An
op-ex can be considered a repair and maintenance
item. Utilities, Property taxes, insurance can all be
considered Op-exs. Some, depending on which type
of lease structure you are using, may not be passed
through to the tenants.

TA: Do you have a standard building inspection

checklist that you use?

KS: Yes, here is one for your review. I have

attached a building inspection checklist for your
review. For engineering purposes the inspection
checklist will be for the integrity of the HVAC,
lighting, inventory control, basically everything
pertaining to the operations of the building.
 WE’RE BACK AND
READY TO LEASE!
COMMISSION BONUS $1.00 PER RSF
(MINIMUM 3 YEAR DEAL)

500 SANSOME STREET

SAN FRANCISCO, CA
Letters from readers:
Property Management
Accounting and Financials
Many of you have written in
with questions regarding how
we administer our “Property
Management” financial
accounting. We here at
Building Times felt that we
received enough of these
queries to finally write an
article with the answers to all of
your questions.
I don’t really understand the
concept of a property
accountant; could you give me
some general information?
-- Nathan Zoucha
A Property Accountant will be
assigned to supervise
accounting staff by providing
appropriate sourcing,
orientation, performance
management competencies, and
development accountability. In
addition, the accountant will
rely on past experience to
provide all accounting and
financial functions associated
with assigned projects.
Responsibilities will include:
• Prepare and record
journal entries related to
accrual-based, GAAP
accounting.
• Monitor all billing
aspects of lease administration
including annual CAM, RET,
OPEX billings.
• Maintain control of
postings to the balance sheet,
prepare annual income and
expense budgets.
• Prepare bank
reconciliations for approval by
Manager.
• Review and approve
any lease abstracts on new
leases.
• Approve and post all
accounts payable and accounts
receivable batches, including all
sundry
and other non-recurring
charge batches.
• Prepare and distribute
management report and
financial statement package to
property
management
personnel and client's financial
group.
• Explain budget
variance per expense line item.
• Assist team in creating
the annual operating budget.
What is the accounting
requirement per the
management agreement?
-- Lisa Cracknell
The accounting requirement per
agreement varies with each
tenant. There are various ways
in which funds are accounted
for. Some tenants require their
accounts on a cash basis, some
on accrual, and some like the
modified system. No matter
which way the funds are
accounted for, property
accountants take care of rent
rolls, P&L loss statements,
balance sheet activities, and all
of the CAM (Common Area
Maintenance) charges.
Furthermore, each building is
treated like a separate entity,
making it easier to keep track of
and simpler to find problems
with the numbers if there are
any.
What is the purchase order
process for tenants to have work
done?
-- Jay Seiden
Property managers are in charge
of the PO process. They go
through a procedure that
requires multiple signatures
from managers up the chain to
have any work done. Once the
PO has been approved, the
orders are posted to a register
and the accountants write
checks from the proper
accounts.
How is the rent collected?
-- Nathan Zoucha
Checks are sent to a lockbox
directly. Cambridge (a third
party accountant services firm)
enters receipts into a register.
Accountants get a copy of the
register in a daily details report.
The accountant then opens the
unposted register and ensures
that the information is correct.
Any changes or modifications
then take place before the
account is reconciled.

How does the accounting year
end work?
--JD Lumpkin
The property manager has a
budget for his or her building
for operating expenses and dues
from the tenants. During the
year, the expenses that are due
from the tenant are estimated
and billed in 12 installments.
At the year end, the accountant
goes through the payments
received and the credits due and
reconciles the two parts. The
tenant is either billed or credited
funds based on this register.
What is a Rent Roll?
-- Ed Grammens
A rent roll is the registry of all
the tenants in a building.
Included in the roll is the
breakdown of monthly charges,
the square footage, the lease
term, the monthly cost recovery,
the percentage leased and the
total security deposit of each
tenant.
What is a monthly leasing
report?
-- Peter Conte
This is a report generated by
Cushman & Wakefield research
that details all of the
information on lease
transactions that have taken
place in the last month. It is a
good source of raw data, and to
the experienced eye can give an
indication of where the market
is. Additionally over a period
of time, it can give insight into
where the market is going.
What is a stacking plan and why
do brokers use it?
-- Josh Gladding
A stacking plan is a visual
representation of the tenants in
a building. Typically the plan
includes the floor that they are
on, the size of space that they
have, and their lease expiration
are included. The stacking plan
serves as an easy way to quickly
look at a building and see what
is happening, who are the
tenants and also serves as a
good marketing device.
What happens when a tenant
moves into a building and gets a
tenant improvement package?
-- Grant Guidenger
Cushman & Wakefield has a
special division of project
managers that monitor and keep
track of what tenants are doing
to their space. They keep track
of how much the tenant has on
budget, what they are spending,
and what is actually being
charged. If the tenant goes over
their allotted amount of capital,
the PM is responsible to bill the
tenant for the extra costs.
How are taxes and utilities
accounted for?
-- Nathan Zoucha
Taxes and utilities are
accounted for under the
umbrella of operating expenses.
In a NNN lease (triple net), the
tenant is responsible for paying
for them on their own.
What is a capital vs. an
Operating expense?
-- Nathan Zoucha
A capital expense is money
used to purchase or upgrade
physical assets. This is a long
term, one time expense.
Operating expenses are funds
used for the general upkeep and
maintenance of a building. They
tend to be recurring everyday
expenditures. Utilities,
janitorial, and CAM charges are
all operating expenses.
Pass through charges are
expenses that are passed
through to the tenant. Upkeep
for the building, utilities, and
common area maintenance are
all pass through charges. An
example of a non pass through
expense would be if there was a
legal proceeding over a slip and
fall, the building owner would
not be abe to pass through the
lawyer fees.
I have several questions about
the process of having a contract
signed. What are tenant
qualifications, commission
summaries, lease abstracts,
acceptance letters, riders, and
certification of occupancy
documents all about?
-- Lisa Cracknell
A tenant qualification letter is a
document that shows to a
landlord that the tenant they are
considering to let into their
space has the financial solvency
to occupy and afford the space.

A commission summary is a
document that shows a
breakdown of the percentages
and portions of the commission
and who gets each respective
piece.

A lease abstract is the solvent

points of a lease, or a quick look
at the key information without
all of the legal jargon. A lease
abstract is like “cliff notes” for
the lease.

A space acceptance letter is a

document indicating the
acceptance of a particular space,
the term of the acceptance and
the agreed upon price of the
lease.

A TI Rider is an additional
document attached to the lease
that hashes out the tenant
improvement package.

A certification of occupancy is
a document issued by the local
building authority giving
permission for a building to be
occupied. This is a safety
measure to ensure that building
codes and regulations are being
met.

Thank you all for your

questions. Keep them coming!
Interview with Bob Beedle:
Group Financial Manager
Interviewer: Steve Monahan
Q: So Bob, what do you do here
at Cushman?
A: I ensure that all of the
accounting requirements for the
buildings we manage are
accounted for. Every building
is unique in its method of
accounting, some are on the
accrual basis, some are on a
cash basis, some on the Yardi
system, some are on a fiscal
year basis and some are on the
calendar year basis. I make
sure that my accountants are
properly accounting for their
specific buildings; I am a hybrid
of a manager of people and a
reviewer of the books.
Q: What’s your storey Bob?
A: I grew up locally, in Marin.
I attended Marin Catholic High
School and then moved down
south, where I went to
University of Southern
California. I graduated with a
Real Estate Finance Emphasis
and went into the Aerospace
industry as a real estate
manager. After a few years,
aerospace was not as happening
as it was, the soviets were not
that great a threat anymore, and
I joined PM realty group. I did
real estate financials there.
Then I was with Wells Fargo
Real Estate, here in San
Francisco. After a few years up
in the Bay Area, I moved back
down south and worked for
some time with C&W in LA. I
was there for several years, and
then I worked for a private
owner doing property
management related work. I
recently moved back up to
Northern California, and am
working with Cushman &
Wakefield again.
Q: What is the hardest part of
your job?
A: Due to the different in
accounting standards for each
building, cash vs. accrual,
calendar year vs. fiscal year, it
is very difficult to go back and
forth when looking at multiple
reports. The various methods
each have intricacies and
specific nuances that are unique
to their particular style. When I
am reviewing, I have to switch
my way of thinking for each
method. I have to make sure
that I am “on the ball” and
paying attention.
Q: What is the best part of your
job?
A: I really like real estate. As
the financial manager I get to go
into buildings and check them
out. Not only am I able to
explore the physical aspects of
the buildings, but I get to look
at the financials for these
buildings and in doing so
understand their impact on the
economy, and the economy’s
impact on them. My job is
constantly changing, and so I
have to adapt to meet the needs
of my buildings. It keeps life
interesting.
Q: How large is your
department?
A: I have twelve accountants
here in the San Francisco
Office. Additionally there are
half a dozen more at “on site”
locations, in the buildings that
they are responsible for.
Q: Does C&W provide any
financing options or assistance
to their tenants?
A: No.
Q: What is C&W’s recourse for
delinquent tenants?
A: If a tenant is delinquent in
their payments, they receive a
three day notice to pay the
delinquent amount. After that
they receive a warning. If their
delinquency continues, C&W
lawyers are assigned to the case
and they determine if it is worth
going after the company for
breach of contract damages, or
if they are simply evicted.
Q: Any interesting stories?
A: In 2002 we had a building
that Global crossing had just
moved into in Beverly Hills.
They spent $300 a square foot
on TI’s and subsequently the
business folded. The next
tenant that moved in was not
able to use the existing
configuration, and they tore all
of the improvements out. It was
all marble and Mahogany. It
was all very painful to watch.
Thanks Bob!!!
 Service Contract Management
In light of the economic downturn, will
C&W re-negotiate new service
agreements and how will this affect their
vendor relationship?
Primary Architect – FME
General Contractor – Skyline,
Dinwiddie, RN Fields
Although the economic downturn has
influenced many building owners to
renegotiate certain budget conditions,
the Pyramid has maintained a very good
relationship with its vendors and will
continue to do so in the future.
All service agreements will remain the
same because many companies have
been able to provide green products and
services, thereby diminishing the need to
look for alternative agreements.
Furthermore, the cost has significantly
decreased allowing many building
owners to benefit from the overall green
movement.
Incident Reports
The Transamerica Pyramid is one
of the most recognized icons in San
Francisco. This places it at the top of the
list for a terrorist attack. The Pyramid
Center does not take this light heartedly
and allocates greater than $2 million per
year in the budget for security. At all
times there are a minimum of 32
Security Guards both inside and circling
the premises along with numerous
strategically placed cameras. Outdoor
security guards carry cameras to capture
license plate numbers and faces of
suspicious activity. Security logs are
recorded on a daily basis and anything
unusual is reported to the General
Manager. Occasionally there are events
such as war protests and the SF passing
of the Olympic Torch which force them
to beef up security even more.
No individual is allowed inside
the Pyramid unless they are a Tenant
with an access card or they have been
granted preapproved access from a
Tenant within the building. Still security
checks identification and takes a picture
of each individual who is not a Tenant.
While a normal security outfit
has a 200-300% turnover rate, the
Pyramid has an 18% turnover rate. This
is attributed to the higher compensation
and the prestige of working at the
Pyramid.
The Pyramid prides itself on
being the most secure building in San
Francisco.
Parking
Since the terrorist attacks on September
11th, the Transamerica Pyramid has been
 TRANSAMERICA
PYRAMID

Rentable Asking
Square Rental Date Term
Floor Footage Rate Available (yrs.) Notes
39th 4,478 $79/sf/yr 2/1/07 Flex Stunning views with high end
existing build out in place. 7
offices, and conference room
plus kitchen.
38th 4,792 $78/sf/yr Now Flex Full floor opportunity with
spectacular 360 degree views.
4 offices, conference room,
kitchen and work area.
36th 5,468 $77/sf/yr After 7-10 Shell condition. Full floor
Build Out opportunity. Great views!
21st 12,311 $65/sf/yr Now 5-10 Large conference room, heavy
private offices. Excellent full
floor views.

For Further Information Contact:

Dick Robinson Margaret Duskin

dick.robinson@cushwake.com mduskin@cushwake.com
415-773-3563 415-773-3538

Cushman & Wakefield of California, Inc.

One Maritime Plaza, Suite 900
San Francisco, CA 94111
8-07
a closed building. There is no
determined parking ratio and parking is
only open to Tenants in the building.
The prestige and rents in the Pyramid
attracts high end Tenants and the parking
lot tends to look like a showroom. Metal
walls block both entrances to the parking
structure prohibiting any unwanted
guests.
Janitorial/ Landscaping
Janitorial is the second largest item on
the budget at $1 million per year.
The Redwood Park which exists
between the Transamerica Pyramid, 505
Sansome and 545 Sansome is not easy to
upkeep and it serves as a soothing break
from the office. The landscaping budget
is approximately $100,000 per year.
Mechanical Systems
Due to the peaked shape of the Pyramid
there is a limited amount of space for
such utilities as the mechanical system.
To combat this problem, three floors
have been dedicated to the use of
mechanical systems; 5, 19 and 49. The
systems are technically the same on each
floor, however function for the specific
purpose of ventilating 100% of the
building. Each unit includes a supply
fence featuring coils, motors and fans to
facilitate the flow of outside air into the
building. Typically the temperature is
kept at a range of 55 to 68 degrees
mixed with return air.
These units will last approximately 10-
15 years, most will be replaced as
tenants vacate and new leases are signed.
Overall the BMS has become much
more efficient where degree changes can
be monitored with as little fluctuation as
.5%. Historically, the Pyramid used 31
million pounds of steam to heat/cool the
building where as now only 16 million
pounds of steam is necessary. This is a
50% reduction. In conclusion, the
Pyramid is operating at a very efficient
level and will continue to do so in the
future.
Electrical Systems
In a recent effort to conserve electricity,
the Pyramid has implemented a motion
detector to curb high energy costs. This
will allow lights to come on when
needed as opposed to continuous 24
hours a day operation. A generator has
been installed to run emergency lights in
the stairwell at a 95% reduction. This
generator has a two hour supply and is
determined to be a safe amount of time
in any emergency situation.
Budget
Security $2,000,000
Janitorial $1,000,000
Landscaping $100,000
Metal Maintenance $85,000
Parking $20,000
Engineering/C&W $50,000
Window Cleaning $14,000
 Recycling
Tenant Relations Program

The Pyramid is very dedicated to

servicing tenants. By hosting several
events during the year they hope to
provide a sense of building morale and
appreciation for investing in the
Pyramid. Such programs and events
Recycling has become a target for many
include: Annual Christmas Celebration ,
building owners to improve their green
Earth Day Reception, Cinco de Mayo
status and help diminish the landfill
Party , 4th of July BBQ, Monthly
problem. The Pyramid has two 4 yard
Newsletter, Personal gift to each CEO
bins which exist for all trash compost.
within in the Pyramid
The Pyramid is challenged by Golden
Gate Trash to reduce their diversion rate
Given the low volume of tenant
quarterly.
complaints, the Pyramid has been very
successful at keeping their tenants
Twice a year they host a computer
satisfied.
recycle day involving Green Citizen. An
incentive program has been created to
ADA
help tenants participate in the recycle
movement. Each company will elect a
As turnover takes place the Pyramid is
Tenant Rep to facilitate all recycle
able to upgrade to higher standards of
initiatives.
ADA compliancy. This process is
gradual over time however a major
This program has proved very successful
priority to all renovation and building
and can only continue to grow as more
construction going forward.
companies become involved and are
alerted to the importance of recycling.
The Pyramid at this time is NOT 100%
ADA compliant. Do they continually
Summary
monitor new advances and voluntarily
improve their ADA systems? No.
In speaking with the property managers
However given the chance to remodel a
at the Pyramid it is evident they have
space of course they will implement new
implemented the top resources to operate
ADA standards.
at the highest efficiency possible.
Combined with the green movement,
technology improvements and sustained
energy the Pyramid has truly set an
industry standard. C&W contributed to
the success of the building by
maintaining a solid relationship with
ownership and continually being a part
of the major decision making process.
 505 Sansome
September, 2007
Availabilities

Rentable Asking
Floor/ Square Rental Date Term
Suite Footage Rate Available (Years) Notes
20th / 4,824 $50 - $53 1/08 3-5 Spec suite. Heavy private offices.
2025 Partial top floor of the building.
Good, east and west views.
20th/ 5,241 ---- ---- ---- LEASED!
2050
15th / 2,942 ---- ---- ---- PENDING!
1550
11th / 9,976 Low Now! 5-10 15 offices, 2 conference rooms &
1100 $40’s kitchen, small server room with
package unit. Good views to the
north and east. Ready to go, after
new paint and carpet.

For further information please contact:

Margaret Duskin Matt Shewey

Senior Director Associate
mduskin@cushwake.com matt.shewey@cushwake.com
415-773-3538 415-773-3539

9/07
 Height: 853 Feet 6,000 Watt Beacon
48 Stories

Building Elevator Shafts: 18

Maintenance Floor
Floor: 5, 19,49

Windows: 3,678

Parking: 280 spaces

175 Foot-Wide Base

 ONE HAT, ONE MISSION
Trisha Sanyal is probably looking at
your resume, and yes, she’s judging you.
As an undergrad at The College of
Wooster, 50 miles southeast of
Cleveland, Ohio, Trisha Sanyal never
would have thought her Psychology
major would have landed her a role as
the Senior Client Solutions Coordinator
for all of Northern California. “It was
sort of a leap of faith.” Trisha grew up in
Deli, India but moved to the United
States at a young age with her family.
After graduating from Wooster, Trisha
moved to a studio in Manhattan, what
she referred to as a “closet”, to begin a
career in Human Relations at a small
securities firm. After several years, she
transitioned out to San Francisco in 1998
where she landed on the team that she is
with to this day. We interviewed her to
get an idea as to what Client Solutions is
all about and how they are addressing
the changing landscape of the
commercial real estate market.
TA: Thanks for taking the time out of
your day to interview with us, can we
ask, how swamped are you right now?
TS: It’s not too bad. The day-to-day here
is pretty busy thought, but that makes it
go by fast. I like to stay busy.
TA: So what’s a typical day in the life of
Senior Client Solutions Manager like?
TS: I’d say that I’m spending 80% of my
day on the phone dealing with property
and facility employee issues. These folks
come from such a vast array of
backgrounds and there’s a lot of
variables that go into dealing with the
legalities of human resource issues.
TA: Would you say you are wearing two
hats due to the fact that you straddle the
fence, half human resources, and half
client solutions?
TS: I would say it’s more like one giant
hat! The two concepts are so inter-
related that the lines get blurred. You
want the facilities that your clients lease
or own to have the highest quality of
human capital; these two ideas go hand
in hand.
TA: What do you think it is about C&W
that separates us from the competition?
TS: I could easily say that it’s the people.
I left C&W for a short while many years
back for 6 months to work at a law firm,
but the main reason I returned was the
people. Jim Arce, Anne Stephens, Fred
White, and everyone are all such
dynamic personalities and working on
projects with them has always been so
easy and everything is always out in the
open. Also there is a big push for people
in the Client Solutions group to further
their careers, take it to the next level,
whether that be by attending more
schooling, achieving certification in
certain areas or whatever, it feels like
everyone wants everyone to get better. We are sure that the JET’ers will find
Encouragement is a big part of our group this very informative.
and I think that makes it fun to work
here.

TA: What would you say is one of your

major challenges in the Client Solutions
world?

TS: There are so many variables when

you are working with people. I’d say the
hardest part is that everyone is off-site. I
can’t visit these people because that
wouldn’t be a great allocation of time, so
not being able to have a face-to-face
every once in a while is a challenge.

TA: Is there an area that you think

Cushman & Wakefield could improve
on as we address the next generation of
Client Solutions challenges?

TS: I think that C&W is very far ahead

but we are definitely lacking as far as
technology is concerned internally and
for our clients and also we should be
market leaders as far as green initiatives
are concerned rather than market
followers.

TA: How do you think young brokers

could leverage Client Solutions to
further their careers?

TS: One idea I had was the quarterly

managers meetings. These are
presentations that are put on for property
managers by engineers, developers, and
all sorts of folks who are involved in
commercial management. The younger
brokers could benefit from this because
you really come away with a ton of
information.

TA: Well thank you so much for your

time today this has been very helpful.
 FOR LEASE
3121, 3129, 3137
SWETZER ROAD, LOOMIS, CA

THREE BUILDING COMPLEX WITH VARIOUS SUITES AVAILABLE FOR LEASE

3137 SWETZER ROAD, UNIT A:
Š ±3,000 sf (2,570 sf office and 430 sf of warehouse)
Š Reception area
Š Seven private offices
3121, 3129, 3137 SWETZER ROAD
Š Break room
Š 1 grade level door
Š Sprinklered

3137 SWETZER ROAD, UNIT B:

Š ±4,500 sf (314 sf office and 4,186 sf warehouse)
Š 19’ -21’ Clear height
Š Two private offices
Š Sprinklered FOR FURTHER INFORMATION, PLEASE CONTACT:
Š Skylights
SEAN MEROLD
Š 200 amps, 3 phase power 916.288.4816
Š 1 grade level door sean.merold@cushwake.com

ALI SHARIFI
3129 SWETZER ROAD, UNIT D: 916.288.4805
ali.sharifi@cushwake.com
Š ±2,100 sf
Š Great contractor space Cushman & Wakefield of California, Inc.
Š Could be used for dead storage Sacramento - Central Valley Office
Š 100 amps, 240 volts power One Capitol Mall, Suite 670
Š Three small offices/workstations Sacramento, CA 95814
Š One grade level door
No warranty or representation, expressed or implied, is made to the accuracy of the information contained herein, the same is submitted subject to errors, omission,
change of price, rental or other conditions, without notice, and to any special listing conditions imposed by our principles.
Streamlining and Consolidating Lease
& Management Forms
Unfortunately, the nature of the
commercial real estate industry requires
a substantial amount of paper work and
formal documents as well as deadlines.
The documents can range from tools
used for lead generation and qualifying
prospects, to legally binding lease
documents and purchase and sale
agreements. This is without mentioning
the countless paperwork it takes to get to
these final agreements. While this most
likely will not change anytime soon, the
way these documents and deadlines are
managed and the way they are
disseminated to other parties can and
should be changed. A streamlining of
this process can substantially change
productivity and allow brokers to focus
on growing their respective business.
In this day and age, computers
and the internet are accessible from
almost anywhere. This is obvious by the
necessity of Blackberry phones and
internet Wi-Fi locations in every coffee
shop. This access to the internet allows
for the free flow information between
brokers and clients at all times. With
this in mind, the amount of time needed
to review important documents can be
drastically reduced. No longer does a
broker or a client need to be in their
office to receive or execute a document.
Now approvals and reviews can take
place almost anywhere.
While email has proved to be an
effective way of transmitting documents
quickly, retrieving the emails is not
always the easiest process. An essential
way to streamline this process is an
online application used by all parties
involved in a transaction that has allows
for each party to view and modify all
pertinent documents. While similar
applications have been implemented,
their use by all parties has been minimal.
This can be attributed to several reasons.
One such reason if lack of user
friendliness. Despite the roll of
computers in the daily lives of business
men and women, there are still a
substantial number of people who are
still not as computer literate as their
colleagues. Due to this, many people are
intimidated by such online platforms and
never use them. In order for these
platforms to be efficient, they need to
easy enough for all parties involved to
use and understand.
Secondly, this application needs
to interface with everyone’s
calendar/schedule program. Once a
deadline or date is input into any
document, these should appear in
everyone’s calendar. This is particularly
true for the brokerage and property
management. These dates allow for
future planning and retention of clients.
Simply notifying a client that their rent
is about to increase or the date they must
notify the landlord of a renewal is all
critical information clients do not always
keep track of. Notifying clients of these
dates would help to keep the relationship
active.

Finally these applications need to

be made available to all departments of
C&W. If a client has hired C&W as
their leasing broker as well as property
management, this tool would be
worthless if all departments do not have
the ability to access it. This seamless
integration between departments allows
everyone to view the most current
information regarding the transaction.
Transactions in this business are
under constant change until they are
finalized. They can only get to a final
point through the passing of documents
and adherence to deadlines. Having the
ability to better manage this process
would allow C&W to keep on in
constant communication with clients and
ensure deals are not lost due to
mismanagement. Such a system is
necessary for the next generation of
C&W brokers to thrive.
 Building Structures parking spaces will be situated on two sub-grade
555 Mission: A New San Francisco Landmark basement levels.
The building will be at the center of the rapidly
expanding Mission Street corridor, which is within
easy walking distance of the city's prominent
restaurants, hotels and cultural destinations. In
addition to stunning views of the city and San
Francisco Bay, the building will feature an 11,000
square foot plaza at street level. The design also
includes two levels of below grade parking, highly
efficient floor plates and the most current
telecommunications capabilities.

The building's exceptional design is the result of a

close collaboration between award-winning firms
Kohn Pedersen Fox and Heller Manus Architects.
The building exterior will predominantly consist of
glass curtain walls which incorporate a distinctive
glass and metal fin into the vertical mullion. Its
unique form will be an outstanding addition to the
San Francisco skyline.

555 Mission is a new development by Tishman

Speyer. The thirty three storey building is located
on Mission Street between Second and First streets
in the SOMA area of San Francisco..

The building was originally approved in 2001, but

due to the then recent bust of the dot com bubble,
Tishman decided to delay their ground breaking.

Construction began on the building in 2007 and is

projected to take 22 months to complete. The
building is 548 feet (140 M) tall and will consist of
625,534 square feet of internal space. There will be
4000 square feet of retail on the ground floor of the
building, 20,700 per floor for the first twelve
stories, 18,000 square feet per floor for level 14
through twenty two, and 16,000 square feet for
floors twenty three through thirty three.

555 Mission is a LEED certified building.

Designed by Heller Manus & Kohn Petersen Fox
Associates architectural firms, the building features
full glass sides, with glass and metal fins as
architectural details. Additionally there will be
11,000 square feet of outdoor public space. 150
 renegotiation, or • Construction

Tenant personal investment in

the improvement of their
space.
•
Documents
Bid Process/ Award
Improvements One of the biggest • AIA Construction
issues in the TI process Agreement
is the amortization of
• Certificate of
improvement costs into
Occupancy
the rental structure.
Some companies such as • Contractor Payments
JP Morgan Chase will
• Punch List
do a complete space
plan on CAD for each • Certificate of
location and estimate all Acceptance
the costs for improving
each plan. This will help
them think like a
landlord so that they can
determine how much
flexibility there may be
in the rent. The more
What goes into the TI
knowledge a tenant can
process?
have in this regard the
better. On the following
The management Once the importance
pages you can see an
and pricing of tenant of the process is
example of such a space
improvements can make understood, as well as
and pricing plan that JP
or break a real estate each step, a client can
Morgan Chase used to
deal. Luckily, the client make a much better
analyze a location prior
solutions professionals strategic decision about
to entering any kind of
at Cushman & their lease negotiation or
negotiations. They
Wakefield can walk self improvement plan.
spend more time going
their clients through
over the TI’s than any
each step of the process.
other part of the deal,
TI’s are important to
and it is part of the
plan effectively in order
process that can be often
to increase the
overlooked by tenants
efficiency of the space,
and brokers.
the image that it
Every tenant
represents, and the ease
improvement process is
of the deal transaction.
different, but the basic
A sophisticated tenant
process includes all of
will know these things
the following:
and make sure that each
is considered properly • Standard work letter
when entering a
• Pricing Plan
transaction,
 The comparison Grid is Comps are the most
Market a basic tool used to view
the differences between
helpful tool of all when
searching for space. A
Analysis buildings being strong recent
considered. It lays out comparable will show
the important features of what type of deal has
each building (asking been done for similar
price, parking ratio, situations. This will
etc…) side by side so show you exactly where
that the differences the market is at, and
could be easily should give you a great
understood. This is a idea of where your deal
very client-friendly way should be as well. Prior
The Process of
to explain the pluses and to negotiation, it is
Understanding the Real
minuses of each helpful to have as many
Estate Market
property. comps as you can
gather.
Before making any
TB
kind of real estate
decisions, a thorough
market analysis must be
conducted. This
includes:

Building Analysis
What are the key
features of the building
that make it similar or
different from other Marketing Activity
buildings? This includes Report
location, amenities, This report is helpful in
appearance outside and anticipating what type of
inside of the building, deal would be done. The
vacancy, image, marketing activity report
proximity to will show recent Trent Barmby is a writer
transportation or retail, absorption and vacancy for Building Times and
etc… All of these figures, which would his opinions are those of
factors must be give a tenant an idea of his alone and do not
considered when how aggressive necessarily reflect the
determining what type landlords should be overall opinions of the
of product is being when seeking out the Building Times
analyzed. deal. community as a whole.

Commercial Recent Comparables

Comparison Grid
 SAN FRANCISCO OFFICE REPORT

1Q08

ECONOMY
ECONOMY BEAT ON THE STREET
The
The Manhattan
contractionoffice market
of jobs in thecontinued
Bay Area to tighten during
continues to weigh theonfirst
thehalf of 2007,
regional extending
outlook.
strengths exhibited
As of February during
2008, the secondCounty’s
San Francisco half of 2006. Steady employment
year-over-year unemployment growth rate grew “With both the economy and national financial
markets in flux, landlords concerned with cash
contributed
from 4.2% to to 4.4%.
positive absorptionlife
Technology, of available space and and
science, healthcare rapidly
energyescalating
sectorsasking
remainrents. flow (not face rates) are aggressively pursuing
strong and are generating demand for new space. Conversely, banking and financial tenants in the market and renewals. Tenants
The New York City economy expanded at a healthy pace during the first six months of
institutions are experiencing a dearth of growth while fostering little new demand. are more tentative in their planning and
the year, led by strong gains in office-using employment. Data available through the end
Current real estate decisions are driven by the unpredictability of the economy and relocations as they watch sublease
of May show that the City has added nearly 16,800 jobs in industries that are key to the opportunities increase and softening of some
financial outlook over the next few years. Tenants are signing short-term renewals to
commercial office market, with financial services and professional business services CBD rents. Only SOMA/creative spaces are
garner more time to wait out the market and plan accordingly for the future. Few long
adding 7,400 and 5,500 jobs, respectively. This resulted in increased demand for office still a hot commodity, with tech firms still
term decisions are being made as companies avoid locking into long-term real estate fueled by venture capital funding.”
space in a market that was already the tightest it had been since the first quarter of 2001.
obligations during this unstable and weakening market. –Margaret Duskin, Senior Director
The year began with 26.1 million square feet) available throughout Manhattan. By the end
of June, available space had fallen precipitously to 20.8 a decline of 20.5%. This
OVERVIEW ECONOMIC INDICATORS
diminishing
Consumer and availability
businessofconfidence
space has been
beganthe to story
weaken of bythemid-year
market; April
2007 2007
and, atwas
thethe only
start National 2006 2007 2008F
month
of 2008, in confidence
the past year that did depressed.
remained not recordOffice
a month-to-month
leasing and sales decline of atslowed
activity least 122,000
as GDP Growth 2.9% 2.2% 1.5%
square. As a result, Manhattan’s
market fundamentals weakened this overall vacancy
quarter. Some ratelandlords
has tumbledhaveto yeta to
six-year
lower low,
asking CPI Growth 3.2% 2.8% 3.0%
closing the mid-year
rents while at 5.3%.
some tenants For the third
are stalling, optingconsecutive
for short-term quarter, the vacancyorrate
commitments closed
waiting to
Regional
below
see whatequilibrium,
the marketdefined
will bear.as aAs
vacancy
subleaseratespace
rangegrows,
of 7.0% - 9.0%.may be forced to
landlords Unemployment 3.9% 4.0% 4.4%
lower direct asking rents on their competing spaces. There is also the threat of shadow
Employment 2.0% 1.9% 0.2%
sublease space or underutilized space not yet on the market coming online, which will
OVERVIEW Growth
In this environment,
increase vacancy anditpossibly
is no surprise
open thethatdoor
asking
forrates have skyrocketed.
price-sensitive tenants to Upenter
36.2%thefrom a Source: Moody’s | Economy.com
year
San ago, Manhattan’s
Francisco market overall
or relocatetotalfor
average asking
the short rent closed the first half of 2007 at
term.
MARKET FORECAST
another record-high: $59.17 per square foot. Thus far this year, rents have increased by an
Investment activity slowed significantly during the second half of 2007. After the
average of $1.44 each month since January, breaking the old record set back during the LEASING ACTIVITY dipped slightly, and
booming office investment market in San Francisco during 2005, 2006 and early 2007, may ramain depressed, as tenants review
second and third quarters of 2000. The rapid pace of rental rate growth has extended
the current number of class A buildings for sale remains low. Owners of premium real estate decisions in the near term.
throughout Manhattan. In every submarket but one, overall rents have registered double-
buildings began pulling their buildings off the market as sale offers did not meet
digit percentage increases from a year ago. Chelsea, up 4.2%, was the only exception. OVERALL ABSORPTION was positive
expected asking prices. Investor and owner/occupier demand for new product is during the quarter but the growing number
On a cautionary
declining due to note,
higherhowever,
financingleasing
costs,activity
reducedthroughout Manhattan
capital availability andwas slower during
increasing of subleases will dilute this number in
the first two
vacancy rates.quarters, partially attributable
With investment to bothinsignificantly
capital shrinking the market, higher
the gaprents and lack
between buyerof upcoming quarters.
available
and sellerspace. With 11.8
perception leasedtoyear-to-date,
will need 2007 activity
close to facilitate more deals.trailsSellers
last year’s total through
are still SUBLEASE SPACE: CBD class A
June by 5.4%,
influenced by with Midtown
the rampant trailing
sale by nearlyof20.0%.
environment the past This
fivesuggests
years whilethat buyers
tenantshave
are sublease space grew 51.1% this quarter, a
possibly
become beginning
more cautiousto search for lower-priced
and conservative. Bothspace
remain in response
at opposite to ends
landlords
of thehiking up trend expected to continue as tenants
rents throughout
spectrum thepricing.
regarding market.This, coupled with the lack of available credit, is creating review their current space usage.
the slowdown in the real estate investment market.
OVERALL RENTAL VS. VACANCY RATES
OUTLOOK ENTERENT

This year’s leasing has been dominated by Manhattan’s leading industries. Financial
FORECAST CBD-Rent Non-CBD-Rent

services
Corporatefirms (36.4%)
growth will and legal services
be limited in 2008firms (11.7%) accounted
as businesses fortonearly
are reluctant oneWith
expand. of every CBD-Vacancy Non-CBD-Vacancy

$50.00 22.0%
two square feet leased from January through June. In April, Lehman Brothers
activity slowing and tour volume decreasing, the office market is caught in the middle Holdings, 20.0%
$45.00
Inc. signed Manhattan’s
of minimal positive and largest newnegative
mounting lease in outlooks.
2007, a 414,575-sf sublease
This market couldatwell
1271beAvenue 18.0%
$40.00
of the Americas. The frequency of transactions with taking rents starting at or
defined by flattening asking rental rates, major adjustments in office building values, above 16.0%
$125.00 continued to climb: 18 such transactions year-to-date versus 21 signed
higher vacancies and tightening credit. Unemployment is growing, further emphasizing in the $35.00
psf/yr

14.0%

four previous years combined.

corporate America’s contraction and streamlining of business practices. The only $30.00
12.0%

offset to this is the technology demand fueled by venture capital funding. When $25.00
10.0%

confidence grows, so will the push for hiring and expansion. Until then, we can expect $20.00 8.0%

weaker leasing and sale numbers for the better part of 2008. $15.00
1Q05 1Q06 1Q07 1Q08
6.0%

SAN FRANCISCO OFFICE REPORT 1Q08 1

 SAN FRANCISCO OFFICE REPORT 1Q08

MARKET/SUBMARKET STATISTICS
OVERALL DIRECT YTD YTD YTD DIRECT WTD. AVG.
NO. OF VACANCY VACANCY LEASING UNDER CONSTRUCTION OVERALL CLASS A GROSS
MARKET/ SUBMARKET INVENTORY BLDGS. RATE RATE ACTIVITY CONSTRUCTION COMPLETIONS ABSORPTION RENTAL RATE*
NOMA Financial District 26,051,324 113 8.6% 7.4% 353,444 0 0 (135,573) $51.66
SOMA Financial District 21,470,542 97 7.4% 6.3% 756,662 547,000 321,545 417,234 $48.90
CBD Total 47,521,866 210 8.0% 6.9% 1,110,106 547,000 321,545 281,661 $50.34

Jackson Square 1,369,168 24 4.2% 3.7% 11,584 0 0 (7,105) $37.63

North Waterfront 2,394,975 31 5.6% 5.2% 63,331 0 0 65,417 $40.00
South Beach/Rincon Hill 2,387,582 29 12.5% 8.1% 54,980 0 0 (34,563) $38.49
San Francisco S. of Market 4,855,126 43 15.0% 13.6% 71,854 0 0 (172,492) $39.79
West of Kearny 703,735 9 0.5% 0.5% 7,655 0 0 4,669 $38.00
The Presidio 995,955 7 4.5% 4.5% 0 0 0 0 N/A
Union Square 4,035,868 58 9.3% 9.0% 88,957 0 0 23,833 $41.39
Van Ness Corridor 4,379,522 34 9.6% 8.9% 41,274 0 0 33,238 $34.99
Potrero Hill/Inner Mission 1,766,140 21 19.1% 15.5% 42,456 0 0 3,419 $30.66
Mission Bay 283,000 1 0.0% 0.0% 0 718,000 0 0 N/A
Non-CBD Total 23,171,071 257 10.4% 9.1% 382,091 718,000 0 (83,584) $38.33

San Francisco Total 70,692,937 467 8.8% 7.6% 1,492,197 1,265,000 321,545 198,077 $47.31
* Rental rates reflect $psf/year

MARKET HIGHLIGHTS
SIGNIFICANT 1Q08 NEW LEASE TRANSACTIONS
BUILDING SUBMARKET TENANT SQUARE FEET BLDG CLASS
633 Folsom Street SOMA Financial District California Pacific Medical Center 175,000 A
555 Mission Street SOMA Financial District Gibson Dunn 60,400 A
303 Second Street SOMA Financial District Avenue A/Razorfish 42,659 B
100 First Street SOMA Financial District WTAS 38,866 A
250 Brannan Street South Beach/Rincon Hill Omniture 35,419 B
799 Market Street Union Square Monster.com 34,232 B
50 Francisco Street North Waterfront Comcast 33,310 A
135 Main Street SOMA Financial District Sedgwick, Detert, Moran & Arnold 26,410 A

SIGNIFICANT 1Q08 SALE TRANSACTIONS

BUILDING SUBMARKET Buyer SQUARE FEET PURCHASE PRICE
CSAA Headquarters Van Ness Corridor Vornado & Patson Van Ness Holdings 549,392 $120,000,000
199 Fremont Street SOMA Financial District PNC Realty Investors 397,300 $260,000,000

SIGNIFICANT 1Q08 CONSTRUCTION COMPLETIONS

BUILDING SUBMARKET MAJOR TENANT SQUARE FEET COMPLETION DATE
400 Howard Street SOMA Financial District Barclays Global Investors 321,545 1/08
185 Berry Street (two-floor addition) San Francisco South of Market N/A 175,000 1/08

SIGNIFICANT PROJECTS UNDER CONSTRUCTION/RENOVATION

BUILDING SUBMARKET MAJOR TENANT SQUARE FEET COMPLETION DATE
555 Mission Street SOMA Financial District Gibson Dunn 547,000 10/08
500 Terry Francois Boulevard Mission Bay N/A 268,000 4/08

For further information, please
contact our Research Department:
Cushman & Wakefield, Inc.
One Maritime Plaza, Suite 900
San Francisco, CA 94111
(415) 397-1700
www.cushmanwakefield.com
*Market terms & definitions based on BOMA and NAIOP standards.
This report contains information available to the public and has been relied upon by Cushman
& Wakefield on the basis that it is accurate and complete. Cushman & Wakefield accepts no
responsibility if this should prove not to be the case. No warranty or representation, express or
implied, is made to the accuracy or completeness of the information contained herein, and
same is submitted subject to errors, omissions, change of price, rental or other conditions,
withdrawal without notice, and to any special listing conditions imposed by our principals.
©2008 Cushman & Wakefield, Inc. All rights reserved.
Effectively Marketing
Buildings
Getting the listing is only half
the battle. In order to make the
transaction go through, it is
vitally important to market your
buildings.
Let’s say that you have a really
great deal on imported alpaca
wool. You know a guy who has
a massive herd in the Chilean
mountains and using economies
of scale can undersell any other
vendor out there. Without
marketing, that alpaca wool will
sit in a warehouse and you
won’t make any money.
The same concept applies to
buildings. You can have all the
space in the world, but if no one
knows about it, you are never
going to fill it up. Fortunately
for us, there are multiple
avenues for brokers to advertise
their space, and it is usually
easier to find a tenant than it is
to move 3000 tons of alpaca
wool.
There are several websites that
are widely used by brokers all
over the United States. CoStar
and LoopNet are websites that
are MLS (Multiple Listing
Service) based and are
essentially a massive database
of available space. A broker
trying to find space for a tenant
can search by any specific
requirement that they need.
Another tool used by listing
brokers is to send out email
“blasts.” They are basically
digital fliers for the space that
they represent. “Blasts” feature
pictures, notes on the space, and
any special incentives that the
listing broker is associating with
the space to move it quickly.
Intra office marketing is also
prevalent in the brokerage
community. Because there are
often many brokers in a single
office, on both sides of the
landlord/ tenant representation
equation, simply talking to each
other is a great way to discover
leads and put information about
available space out into the
world. Many brokerage houses
have weekly or monthly
meetings in which all the
brokers come together and share
information about the market
and any noteworthy happenings.
Here at Cushman & Wakefield,
our research department keeps
an active list of tenants in the
market and has them compiled
into one easy to read worksheet.
Listing brokers use this to call
tenant representation brokers
and try to see if a deal can come
together.
Marketing is the key to a
successful brokerage career.
Understanding how it works
and the strategic options that it
provides are the difference
between a mediocre broker and
a top seller.
Comic Relief
 Tenant Retention and Relations
♦ Follow Up And Follow Through
“IT IS FAR MORE COST-EFFECTIVE TO RETAIN
A TENANT THAN TO REPLACE A TENANT.”
Since Cushman & Wakefield’s founding in
1917, tenant retention and satisfaction have
been and continue to be the #1 priority of our
management and leasing philosophy. We
provide First-Class Service and Team
Dedication to our tenants, resulting in a mutual
commitment to lasting business relationships.
Our goal is to provide the finest, custom-
tailored amenities and services, regardless of
size or type of building, or number of tenants.
♦ Foster An Environment Of Specialized
Customer Service
We provide personalized service to our
tenants by adhering to the concepts of
Availability, Communication,
Accommodation and Flexibility. By
becoming familiar with each tenant’s
business, decision makers, and building
representatives, we are better able to partner
with our tenants to enhance their tenancy.
With open lines of communication -
encouraging tenants to call us even for the
little things, C&W ensures specialized
tenant services that are second to none.
• Availability
• Communication
♦ Provide a comfortable, safe and healthy
• Accommodation
work environment
• Personalized service (i.e., introduction
of services & amenities to enhance the
tenants’ business and bottom line)
• Flexibility (guidelines vs. rules)
• Know customer’s business, decision
makers and building contacts
• Know customer’s building contacts
• Ask them to call you for the “little
things”
• Ask the hard questions, i.e., How are we
doing? What can we do better?
The most effective way to retain tenants is
by knowing their issues and concerns. We
then follow up to assure them of our
attention and follow through to ensure
resolution. This two-part focus ensures that
tenant needs are being met and that
outstanding issues are being addressed.
• Respond quickly and personally to
tenant concerns.
• Ask how we can assist them to make
them successful
• Know tenants’ concerns and address
them
• Communicate the programs/initiatives
in place or in progress to enhance
customer satisfaction
• Return calls “15 minute” rule
• Pay them a personal visit vs. a phone
call follow-up and don’t hide behind e-
mails
• Have team members report to you when
they have completed a follow-up task,
and check back with the tenant – are
they satisfied?
• Pass on building update information –
quick emails
• Know and respond to tenants’ “soft
issues” as well as “hard concerns.”
• Communicate frequently and
effectively.
C&W strives to ensure that tenants are
provided with all the “comforts of home”,
and that the building and surrounding work
environment are safe and healthy.
 • Provide Luxury, Excellence,
Communication and Availability • Constantly and consistently train your
• Proactively address matters concerning team
comfort and safety. • Empowerment
• Promote passion – encourage perfection
♦ Create a sense of community – inside and • Guidelines vs. Rules
outside the building • Communication – team knowledge of
the “whole picture”
We provide opportunities for tenants to • Post customer survey results so all can
contribute to the building’s strive toward correction of weaknesses
“neighborhood”, and encourage tenants to • Reward/recognize entire staff upon
network with each other. C&W creates a lease renewals
pride of ownership in the building and a • Knowledge and understanding of the
sense for its tenants that they are connected mission and philosophy
to each other, and to the community and • Build ownership pride
events outside the building.
• Convey the importance of their position
• Reward excellent performance
• Encourage the customers’ “pride of
ownership” in the building
• BOMA membership/activities
• Local Chamber of Commerce
• Awareness of Community Events
Calendar
• Build a community within the building
and clients
• Inform Clients of community events
that may affect their business
• Pride of ownership for both the building
and clients
• Consistently friendly and willing
• Provide opportunities for tenants to
contribute to the community.

♦ Empower the management team

No mission statement or tenant-retention

philosophy is achievable without the
complete and enthusiastic participation of
the management team. C&W’s building
management staffs are first trained in the
mechanics of “running the plant”, then
empowered to use that knowledge to extend
first-class customer service to tenants.
Every individual on the team is assured of
his/her importance, knows and understands
C&W’s Tenant Retention Mission and
Philosophy and is rewarded for excellent
performance.
 SAMPLE BUILDING PROGRAM
BP Plaza
333 South Hope Street
Los Angeles, CA 90071
TENANT RETENTION INITIATIVES
Submitted by Mark Hazan, General Manager
Client Steering Committee - A group of client
representatives meet regularly to review client
programs. This group assists with the
identification and critique of events that may be
adopted, changed or deleted from the building
calendar. The committee ensures that we are
delivering the programs that clients want and
support. Through this committee it became
clear that the clients wanted an opportunity to
contribute to the community. Therefore, many
of our events now have a charitable
beneficiary.
Quarterly Client Meetings - We host frequent
meetings of our client representatives. In these
meetings we discuss building improvements
and upcoming events. We also invite guests to
present new products and services to our
tenants.
Client Networking Luncheons - The building
and one client company host a luncheon that
includes a tour of their space. This provides
office managers an opportunity to tour another
tenant's floor while they get to network with
their counterparts at other firms. The building
provides the coordination and a box lunch.
Representatives from nearly every tenant
attended our first event, and the response has
been overwhelmingly favorable. The cost was
less than $300 to entertain over 30 clients.
Hope for Firefighters - Our largest event of
the year is Hope for Firefighters. Now in it 6th
year the event has become the largest
firefighter appreciation event in the country.
This year we raised nearly $90,000 for the Los
Angeles Orphans and Disabled Firefighter's
Fund. Building management founded and
organized the event, which featured a "Taste of
the Firehouse," fireman's "Muster Games," and
entertainment. After three years the event
outgrew the building and in now a major
Bunker Hill event supported by the 6 Hope
Street Bunker Hill high-rises. This event
provides our tenants with an opportunity to
develop relationships with the Fire Department,
give back to the community, build teams and
have fun. For more information please visit the
Web site at www.hopeforfirefighters.org
Field Trip and Lunch - This year we hosted a
client event in which we took approximately 20
of our tenant representatives on a tour of the
Los Angeles Museum of Contemporary Art,
located just a block from the building, and
lunch afterwards. Many had never been to the
museum and found it an enlightening
experience. The museum was free and lunch
cost less than $500. Future trips will include a
tour of the new Cathedral, Disney Concert Hall,
Staples Center, etc.
Welcome Bag - When a new client moves in,
we place a nice cloth bag with our building
logo (cost $4 each) filled with building and
area information and gifts. The bags are placed
late Sunday night to welcome the tenants on
their first day. The welcome bag typically
includes downtown maps; public transportation
and the garage directions; coupons from retail
tenants in the building and neighborhood; the
building newsletter; a calendar of events and
amenity information; and coffee cups and water
bottles from building retailers.
Welcome Breakfast - Once a new tenant
settles in, the building hosts a catered welcome
breakfast in the tenant’s new suite. Building
management representatives are on had to meet
and welcome everyone to the building. A gift
is provided to the firm; usually we give the
tenant an engraved coffee and water serving set
for their conference room.
Building Tours - Semi-annually and for each
new client company, clients are invited to tour
the behind-the-scenes areas of the building.
Tours include the roof, fan rooms, fire pump
room, emergency generators and fire life safety
control room. Clients come away with an
added respect for the quality of maintenance
and complexity of the building operations.
In-N-Out Burger - A favorite client event is
In-N-Out Burger. This popular fast-food
restaurant brings out two trucks and sells
hamburgers, chips and a drink in front of the
building. The building staff assists in the set up
and sale of tickets, which are sold to our
tenants at cost. The meal is sold for $5. Our
cost is $4.50 and $0.50 per meal is contributed
to the Building Charity Fund. This is a well-
received, no-cost tenant event that we
coordinate three times each year.
Pumpkin Carving and Easter Egg
Decorating Contests - Creative tenants are
invited to participate in these contests. At
Easter time, Styrofoam eggs are delivered. At
Halloween, pumpkins are delivered to each
floor. Individuals or teams at the client offices
decorate the holiday symbols. The creations
are judged and prizes awarded. Usually they
are judged and displayed in an event that
includes In-N- Out Burger.
Bring Your Child to Work Day - Many
tenants participate in this nationally recognized
event. The Building hosts an Ice Cream Social
for the children and we take them on a tour of
the building. In addition, movies are shown
during the day in the auditorium.
Food on Foot - Krispy Kreme Donuts are sold
by this organization in the building lobby to
support their efforts to ease the plight of the
homeless in our community. Clients enjoy the
treat, and 50% of the proceeds are donated to
this worthwhile cause.
Girl Scout Cookie Sale - Each year we invite
Girl Scout Troops from disadvantaged areas to
sell cookies in the lobby of the building.
Family Gatherings - The building hosts
Spring and Winter family gatherings on a
Saturday each year. This is an opportunity for
clients to bring their children to the building.
We provide arts and crafts as well as
refreshments and photographs with Santa or the
Easter Bunny. The cost of the event is
approximately $2,500.
Newsletters - The building produces a tenant
newsletter quarterly utilizing the Adobe In-
Design program. Articles are of general
interest to tenants including building events,
improvements, amenities, featured tenants and
building associates of the quarter. The
newsletters are left on each desk by the
janitorial crew and distributed in the building
lobbies.
Web site - The building Web site is
333southhope.com and features information
about the building, amenities, leasing
availabilities, photographs. Tenants use the site
frequently to review and download building
forms. The site is updated frequently as
required.
Located in the heart of the Financial District at 50 RETAIL LEASING
Post and Montgomery, Crocker Galleria appeals JENNIFER HATCH
to the Financial District workforce and the Union jennifer.hatch@cushwake.com
Square shopper for its convenience and specialty 415-658-3649
retail offerings.
KAZUKO MORGAN
A San Francisco landmark since opening in 1982, kazuko.morgan@cushwake.com
Crocker Galleria features a spectacular glass pavilion 415-773-3546
soaring above three levels of service stores, unique NICOLE DUBEE
specialty shops and a diverse selection of foods ndubee@cwpmc.com
ranging from burritos to sushi. 415-393-1506

More than a specialty retail center, Crocker Galleria

is a convenient downtown neighborhood away from
home. See for yourself why leasing at Crocker
Galleria will be great for your business!

Retail leasing opportunities

CROCKER GALLERIA in the heart of downtown San Francisco –
In the Heart of the Financial District
50 Post at Montgomery • San Francisco • 415-393-1505 the ideal location to reach the Financial District
FREE Wi-Fi • ShopAtGalleria.com workforce and Union Square shopper.
Concierge - We have a contracted Concierge
Service on-site in the building lobby each
Friday to assist clients with entertainment,
event coordination and purchase of concert,
sporting event and theater tickets.
Floor Watch program - The building employs
a Floor Watch program similar to the
Neighborhood Watch program. Designated
"Floor Watchers" accept the responsibility to
"Observe and Report" any unusual activity in
and around their premises. The program
encourages building occupants to be alert and
question when someone does not seem to
belong in their suite.
School tree trimming program - Annually,
children from disadvantaged neighboring
schools are invited to decorate the buildings
Christmas trees. The children are given a
theme and hand-make their unique decorations.
Clients vote and the winning school wins a trip
to Disneyland for 35 students.
Boutiques - We have three boutiques each
year, a Valentines Day Boutique and an
alternating Mother's Day or Father's Day
boutique. Vendors are invited in the sell their
goods and make gift shopping convenient for
our tenants. Books are Fun is also on hand to
sell gift books and other items, with a portion
of the proceeds going to the Building Charity
Fund. Finally, we have an unusual Holiday
Boutique geared towards handcrafted items
made by building tenants. Tenants work all
year making crafts that are sold at this
boutique. A fee of $35 for each table is
charged with the proceeds going to the
Building Charity Fund.
Tuesday Trivia - The parking operator hosts
this weekly game for parking customers. Each
Tuesday a trivia question is posted above the
card readers. Tenants fax in their answers to
the parking office. A winner is pulled from the
correct answers. The winner, who receives a
free car wash, movie tickets or restaurant gift
certificate, has his/her name posted at the
garage entrances on Wednesday.
Car service equipment - The parking office
has available a battery jump starter, air
compressor to fill tires and tire changing
equipment. When a parker is stuck we can get
him/her going in minutes.
Books on Tape - A library of books on tape
and CD is maintained in the parking offices.
Monthly parkers may check our books at no
charges.
Weight Watchers at Work and Yoga Class -
Meetings are held each week in a vacant suite
at lunchtime for Weight Watchers and Yoga.
Participating tenants pay a fee for the class.
Tenant Focus Groups – Periodically, tenants
are given the opportunity to get together in
small “Focus Groups” where they can network,
learn about each other and their various
businesses, and perhaps find ways to be
mutually beneficial to one another.

Emergency Hotline - The building maintains

an emergency, toll-free hotline, which provides
updated information in the event of an
earthquake fire, or civil unrest for clients, their
employees and building staff members.
Building management employees update the
message on a regular basis to disseminate
current information on the status of the
building.
 SAMPLE BUILDING PLAN
777 Tower
“FirstClassService” Menu Items
Quarterly Service Excellence Award
Presented by ownership on a quarterly basis,
this award honors and recognizes the
exceptional performance and innovative
contributions of the recipient. The first award
was presented to the entire Swing Shift
Security Staff in appreciation of their
commitment to the building during a bomb
scare on March 31, 2003. In addition to the
award, the entire team received a catered dinner
from Morton’s compliments of ownership.
Future awards will include an Ownership and
Management lunch with the recipients for a
“Day at the Races.”
Executive Parking Privilege Programs
“Tuesday Car Wash” – Executives parkers
leave their car with a representative of Aztec
Auto Detail upon entering the Executive
Garage. As a service to our executives, their
vehicles will be washed and returned to their
spaces in the garage at a discount. Executive
Tuesday Car Wash Rates are $11 for standard
vehicles and $15 for SUV’s.
“Newspaper/Coffee Service” – As a unique
benefit to the executives who park below the
building, newspapers are stocked in the
Executive Elevator Lobby located on the
ground floor. In addition, free coffee coupons
are offered to the executive parkers when they
arrive at the security check-in.
“Dine with our Dignitaries” – As part of the
Leasing and Management Team’s outreach
program, a monthly invitation will be issued to
the executives (one tenant per month) to join us
for lunch. The “Dine with our Dignitaries”
lunch will allow us to gain feedback regarding
the services that we have implemented, and to
foster a better relationship with our tenants.
Show your Building Card and Save
An exclusive benefit to the tenants of 777
Tower, retailer discounts are provided when the
777 Tower Access Card is show. Retailers are
offered an opportunity to market their services
to the tenants of 777 Tower in exchange for an
exclusive discount to out tenants.
777 Tower Dollars (Employee Recognition
Program)
To encourage “FirstClassService,” our Client
Contacts will each receive two 777 Tower
Dollars. The dollars are to be used to recognize
the outstanding service they received from one
of the 777 Tower staff. Redemption of the
dollars entitles the recipient to a $20 instant
cash bonus.
Suite Service
Janitorial and Engineering staff will carry with
them candy tins to leave with tenants after
completing a service call. The candy will
contain our trademark “FirstClassService”
tagline, as well as the contact information for Ernst & Young Plaza Annual Tree Lighting
the Office of the Building.
Annually, 777 Tower and Trizec Properties
Career Development Program host the Official Christmas of Downtown Los
Angeles. The event is a fundraiser for local
777 Tower is committed to create a working charities and is sponsored by local media. The
environment where its building employees can program is a family event that normally draws
dream, achieve and grow. As such, a Career about 2,500 attendees.
Development Program has been created to
allow an opportunity for receipts of the Service “Books are Fun” Book Fair
Excellence Award to receive a $1,000 grant
towards their goals. The program is In conjunction with Reader’s Digest, the
coordinated by the General Manager. building hosts a Book Fair. Books and toys are
sold at a discount to the tenants of the building.
Weblink The proceeds of the event are donated to local
charities.
Our Web-based work-order system links to our
current MP2 work-order system. This
implementation allows our tenants to instantly
input their work orders via the Web, and allows
them the ability to receive e-mailed updates
regarding their work-order status.

Passage Point

By installing a visitor badging system, visitors

now can access the building more quickly. In
addition, Passage Point was installed on our
Web server, allowing tenants to pre-register
their guests. This makes the process more
streamlined.

777 Tower Website

The building web site at www.777Tower.com

includes information about the building,
amenities, leasing availabilities, and links to
our Web-based services. In addition, registered
users can access the complete Building
Handbook and tenant forms.

Quarterly Client Meetings

To keep our clients informed of building

projects and life safety information, we host
quarterly client meetings. These events
normally include a continental breakfast, and
are attended by our client contacts.
 SAMPLE BUILDING PLAN
MCI Center / Macy’s Plaza
700 S. Flower Street
Los Angeles, CA 90017
Tenant Retention Program
1. Annual Tenant Surveys
♦ Staff reviews surveys. Specific
problems or complaints are addressed
with the individual tenant. Common
complaints or problems are reviewed
and corrective measures determined by
department heads.
♦ Currently developing a program to
reduce tenant complaints and promote
customer service (Winning) habits.
• Goal - Top 2 complaints will be
reduced by 50% in the next survey.
• Goal – Winning habits will be
encouraged and rewarded through a
quarterly employee recognition
award.
2. Service Requests Reviewed Weekly
♦ All services requests are reviewed
weekly to determine if appropriate
service was provided. Reoccurring
requests are reviewed and the tenant is
followed up with via telephone.
♦ General Manager and Chief Engineer
will review and respond to habitual
problems. Outside consultants or C&W
corporate personnel will be brought in if
the problem warrants.
3. Tenant Newsletter
♦ Newsletter promotes the building and
C&W. Newsletter includes discounts
for the retail stores in Macy’s Plaza and
food court.
♦ The newsletter is written and produced
by the marketing director. Primary
distribution is via email; however
approximately 100 hard copies are
printed in house, which helps to reduce
the expense.
4. Tenant Appreciation Breakfasts
♦ Quarterly tenant breakfasts are held for
the office tower tenants. Building staff
(including the GM) serves the food to
promote tenant/staff interaction.
♦ Food for the event is purchased from
the tenants of Macy’s Plaza.
5. Concierge Services
♦ The building utilizes an outside
Concierge Service to come to the
building on Fridays to offer discount
tickets to the movies, the theater,
sporting events and theme parks. This is
at no cost to the building.
6. Tenant Lunches
♦ GM and PM take tenants (focus is on
decision-makers) to lunch. This builds
stronger relationships between the
management and the tenants. Gives
management the opportunity to better
understand the tenant’s business and
how we can partner with them.
7. Tenant Welcome Packages
♦ Building information package –
important information about the
building including, security procedures,
parking, retail mall, hotel and other
amenities.
♦ Tenant newsletter.
♦ Welcome basket (assorted muffins and
coffees).

8. Emergency Hotline
♦ The building has set-up an emergency
hotline to provide information about the
property in the event of an emergency.
Callers can get up-to-date information
about the status of the building.
Building management can update the
information from a remote location if
necessary. This is a great tool for
disseminating information to the tenants
of the building. The toll-free telephone
number is printed in the building
information packages and included in
our newsletter.
 Interview with Anne Stephens:
Client Solutions Branch Manager
Steve Monahan: Hi Anne, Thank you for taking the
time to meet with me.
Anne Stephens: No problem!
SM: What do you do as a Client Solutions Branch
Manager?
AS: I am in charge of the investor services side of
the business. Or in other words, when a building
owner is in the business of investing in buildings,
but not managing them, they hire me to look after
the building and ensure that it is running efficiently.
This includes every aspect of keeping the building
running: keeping track of the tenants, ensuring that
they pay on time, delegating individual property
managers to the buildings, tracking capital
improvements and keeping an operating budget.
SM: How large of a geographic area do you work
with?
AS: I work only in the Bay Area. I manage
eighteen million square feet of office, industrial and
retail.
SM: How is C&W poised to compete with other
brokerage firms that have Client Solutions
operations?
AS: All of the major players out there in the market
place have similar property management operations.
Jones Lange LaSalle and CBRE both have very
active operations in the Bay Area. Additionally the
CAC Group and Colliers are my competitors.
C&W competes very well with these other firms.
Although we are a large firm, we have a great
entrepreneurial feel to us, and people like our ability
to adapt to the market and provide first class service
in dynamic situations.
SM: What are some challenges with your position?
AS: Like all types of brokerage, this is a
relationship business. At one point or another you
will run into almost every player out there. It is
really important to generate good relationships and
keep them going. Additionally it is hard to find god
people to work with. Because it is such a
relationship business, the people that you have
interacting with clients on your behalf have to
represent you well. And of course there is then the
economy to deal with. I have to adjust my
management fees to stay competitive, and in a tight
economy, it becomes increasingly difficult to stay
competitive and still get a paycheck.
SM: What is your favorite thing about working with
C&W?
AS: Like I mentioned before, Cushman &
Wakefield has a very entrepreneurial spirit to it.
The corporate mandates that we receive have a great
feel to them, and are done in the best interest of our
employees and customers. We also have a great
team of people working here, who do their work
well and are fun to interact with. Coming to work is
fun, not a hassle.
SM: Finally, how does Anne Stephens unwind?
AS: Ha ha. Well I like to go to the gym after work,
and take my dog for walks around the
neighborhood. But I must confess that my true
calling is gardening. I love to work outside on the
weekends, and then relax with a nice glass of wine
and enjoy my handiwork.
 LIFE SCIENCE
SUBLEASE OPPORTUNITY

2401
14,875 SF
BONUS COMMISSION: $1.50 PSF / YEAR

MERCED STREET
SAN LEANDRO, CALIFORNIA

BUILDING FEATURES:
First Floor – 6,388 Square Feet
– Lab and R&D space
– Tile floor
– 1,500 square feet of Class 100K clean room
– Venting for hoods
FOR FURTHER INFORMATION, PLEASE CONTACT:

Second Floor – 8,487 Square Feet ED GRAMMENS

edward.grammens@cushwake.com
– Private offices and open area
– Divisible 415.773.3552
– Suites of 2,125 sf, 2,125 sf and 4,237 sf
Cushman & Wakefield of California, Inc.
– Kitchen area in each suite San Francisco Office
One Maritime Plaza, Suite 900
Š Sublease through February 28, 2012 San Francisco, CA 94111
Š Ideal for startup
Š Excellent freeway access
Š Amenities nearby
9 9 RHODE ISLAND
U P TO 6 0 , 0 0 0 S Q U A R E F E E T AVA I L A B L E
Š DIVISIBLE TO 20,000 RSF

Š PLUG & PLAY WITH FURNISHINGS

FOR FURTHER INFORMATION, PLEASE CONTACT:
Š $23/RSF FULL SERVICE!
BOB KRAYNAK
Š READY TO OCCUPY SENIOR DIRECTOR
415.658.3689
Š EXTREMELY EFFICIENT LAYOUT bob.kraynak@cushwake.com

Š HIGH CEILINGS
LISA CRACKNELL
SENIOR DIRECTOR
Š ABUNDANT NATURAL LIGHT
415.773.3569
lisa.cracknell@cushwake.com
Š POTENTIAL BUILDING SIGNAGE

Š CREDIT SUBLESSOR

Š SHUTTLE SERVICE TO BART AND CALTRAIN AVAILABLE

Editorials Section
The members of Team AWESOME give their
opinions on relevant Client Solutions related topics.
NOI Tonic
How to effectively make
proactive concessions, bolster retention and
preserve the bottom line in a soft Multi-Family
market
By Sean Merold
The recent downturn in a number of markets has
landlords looking for proactive, creative approaches
to shoring up net operating income. The multifamily
market has been hit also (excess vacancy,
competition among residents, sluggish job
numbers). Net income repairs requires assertive,
creative and proactive strategies. Holding onto
current residents are the cornerstone of rebuilding
net operating expenses. One should make it a point
to check in with them regularly to make sure they
are happy. Consistently providing extra attention to
tenants has a substantial effect on retention and net
income. Soft markets encourage concessions to be
competitive. One popular concession is free rent,
though this can have substantial consequences on
the tenant’s lease risk. Other value-added items to
“sell” are convenience services (auto detailing
services, discounts for local residents, short-term
stays for guests). Emphasizing customer service and
With these factors in mind, I have begun looking at
my buildings with a new mindset. I have come to
realize that like death and taxes, tenant turnover is
an issue I cannot escape. But rather than sweep this
problem under the rug, I have taken a new proactive
approach in the development, management and
marketing of my properties. I was recently
approached by several brokers from Cushman &
Wakefield who claimed they had a profound new
way of looking at managing and marketing my
properties. Despite my initial thoughts that this was
strategically marketing concessions will help shore
up NOI during trying market downturns and speed
recovery when the market improves. If there are
periods during which it is particularly hard to rent,
keep up on lease renewals. With attention to
renewing leases at the best times, seasonal exposure
can be substantially managed. If you know someone
is not going to stay, use early pre-emptive
marketing to get units shown to potential renters-
get a head start in exposing the unit to the market.
Death, Taxes, and Tenant Turnover
A look at the importance of developers and
landlords accepting and planning for tenant
turnover.
By Walt Stephenson
It has been said that you can count on two
events happening in a lifetime: Death & Taxes. As
a landlord, I would like to throw another event into
the mix – Tenant Turnover. As an owner of multi-
tenant properties, one of the last things I want is a
tenant to vacate my building. While in some cases,
it seems there are tenants who look for ways to
make my life miserable with their constant nagging
and ridiculous requests; but in the end, they still
have to send me a check every month, and it is hard
to let that go. In addition to this loss of income,
when a tenant vacates, there is an inherent down-
time from when they vacate the building until I can
even tour a prospective tenant through it. At a
minimum, I’m faced with the time and cost of
repainting and recarpeting the suite once they
vacate. This down-time creates a longer gap until I
can once again generate rental revenue.
a typical pitch to get the listing, I decided to meet
with this team.
Rather than bore you with the details of
lunch, I’ll cut directly to chase. The C&W group
was fantastic. Rather than discuss their resumes
and talk in industry specific jargon, they actually
addressed my concerns regarding tenant turnover
and the effect on me as a landlord. In addition to
meeting with the brokers, a member from the
property management department (PM) was
present. They explained how PM keeps in constant
communication with the existing tenants in regards
to their requests as well as future occupancy plans.
Once a tenant communicates to the PM they plan to
vacate the property, they directly communicate with
the brokers to begin marketing the property. While
the marketing effort is taking place, PM can take the
necessary steps to prepare the suite for occupancy,
thus eliminating much of the downtime and the
impending headache that this process used to
impose on me. They were able to add the value of
planning ahead to how the building was managed.
This ability was absent from the prior management
strategy.
Since contracting with C&W for the leasing
brokerage as well as management, there have been
several tenants who have come and gone, but I
certainly haven’t noticed this through a decrease in
the revenue stream. Suites that used to sit vacant
for 2-3 months or more are now leased within
weeks. Rather than spending my time negotiating
with tenants to keep them in the building at a lower
rent, C&W has devised a strategy to continually
look to the future and plan for new tenants that
would pay a significantly higher rent then I would
have received from an existing tenant.
The buildings I own have not changed; but
what has changed is a substantial increase on the
return of these investments. The down-time has
decreased while the revenue stream has constantly
increased. Such a result is one every landlord seeks
achieve, but few are able to accomplish. This result
has been made possible simply by implementing a
team that can adequately plan for tenant turnover
and aggressively capitalize on the opportunity it
presents. As a landlord, this shift in thinking is one
of the best things I could have done. Death, taxes
and tenant turnover may all be things I can count on
occurring in my lifetime, but at least now one of
these issues has been turned into a financial benefit.
Bird’s of Prey
Protecting you tenants from Tuberculosis and
Histoplamosis
By Matt Conti
Smart, tenacious and persistent birds pose a great
nuisance to real estate managers. The potential
problems range from unsightly messes, to
moderately annoying behaviors, to serious health
hazards. The real estate manager must protect the
properties bottom line from these pests, but how?
Humane methods do exist. Read further.
Birds often fly to flat areas where they can
easily land, rest, find food and shelter, and breed.
The roofs of commercial properties present an ideal
location for all of the above. The problems often
start with just a few birds landing on a building, but
they quickly multiply. Clumps of feathers and
nesting materials block roof drains resulting in
standing water which can damage the roof and lead
to costly repairs. Wherever birds travel, they leave
bird droppings behind. The highly acidic droppings
can damage wood, stone, concrete, marble and
shingles as well as sheet metal copper and steel.
Bird droppings pose the threat of slippery steps,
sidewalks, and fire escapes. Even more serious,
germs and parasites can be found in bird droppings
and may cause illnesses like tuberculosis and
histoplasmosis.
Scare Tactics
Scare devices play on a bird’s instincts to
avoid natural predators like hawks or owls. Such
devices are very effective, but must be moved
periodically to prevent familiarization, which would
render them useless. On commercial buildings with
ultraviolet-reducing coated windows, highly
reflective round diskettes can prevent birds from
crashing into the window.
Odor Tactics
When scare tactics fail, applying a non-toxic
and non-lethal, offensive smelling or tasting
substance to parts of a property will send birds
flying south. Ultra sonic devices which use
frequencies above the range of human hearing can
also be effective. These devices irritate birds by
replaying digital recordings of the bird’s natural
distress call.
 Installing a physical barrier such as landing
inhibitors is another potential solution and may be
the most effective. They are made of unbreakable
materials, require no maintenance and can be left in
place indefinitely so they continue working day and
night without causing any harm to birds.
The bottom line is that a bird free property
enhances the appearance of a building, reduces the
risk of health hazards and results in lower
maintenance and repair costs. When applying the
above methods, keep in mind that to eradicate pesty
bird from your property, thoroughly clean areas
before installing any control devices. Use a
sanitizer to kill any germs, viruses, and bacteria.
Wear a hat, goggles, mask, gloves, boots and
disposable or washable clothing.
WIDE OPEN SPACES
Rethinking the modern workspace and the
implications of an open-plan.
By Jon Dishotsky
The days of the mahogany board room and large
cigar filled corner private offices are relics of the
past. Modern office space has transformed to give
way for open-air, environmentally friendly, and
collaborative workstations complete with common
rooms, modular furniture, and more natural light.
The push away from the “Dilbert” style cubicle
farms is apparent now more than ever as work-
stations feature lower-paneling and the once-walled
off private offices are glass covered. This may
sound like a nightmare for building owners as
tenants can get away with leasing less space,
especially given that figures on a per employee
basis have dropped from 190 square feet to between
150 and 100 square feet. However, as tenants save
cost on real estate they can incorporate a larger
labor force and potentially increase productivity.
According to the Journal of Property Management,
the advent of wireless internet, laptop computers,
and voice-over internet protocol have increased the
flexibility and openness in offices. Employees now
have the freedom to work wherever they want and
collaboration between co-workers is readily
available when corridors and closed doors are not
impeding.
Technological innovation has really given
way to the ever-shrinking office space as well.
Large monitors have been replaced by sleek flat
screen panels. Bulky paper-filing cabinets have now
been replaced by thumb drives and servers. And
large profile wooden and metal desks have been
replaced by collapsible 120-degree aluminum
boomerang work benches. Architect Tom Polucci of
HOK Chicago figured that every cabinet he
eliminated in a clients space plan would save
$1,000 on an annual basis. The 30 cabinets that
were eventually removed saved the company
$30,000 annually on rent.
For landlords, utilizing the open plan for
their tenants is a value-play. Typically, less
additional work will be needed as the open plan
space comes available and furthermore modern
cabling and wiring allows most tenant to move in
on an “as is” basis. Underfloor systems can be a
great addition as well and can smooth the transition
as new tenants move into a building.
There are unseen costs however when
jumping on the open-plan bandwagon. According to
the Journal of Property Management, a landlord or
tenant can run into a great deal of unforeseen costs
such as HVAC issues, zoning laws and electrical
complications as they attempt to gut a space.
 The Vineyard
CLASS “A” OFFICE 495 N. Whisman Road, Suite 100
For Lease Mountain View

SUITE: Suite 100 SPACE AMENITIES:

• Below Market Rent
AREA: Approximately 2,958 RSF
(Expansion Possible) • Flexible Interior
RENTAL RATE: $2.00/NNN • Two On-Site Cafes
POSSESSION: Immediate • Neighbors companies such as Nokia,
Mercury Interactive, Symantec among
TERM: 3yr. Minimum others
FEATURES: • Close to VTA Light Rail, Local Retail &
• Currently in Finished Shell Condition Health Clubs, and the Sunnyvale
• Ideal Location Within Brand New High Municipal Golf Course
End Office Complex For More Information Please Contact Exclusive
Agents:
• Perfect for High Tech Start-Ups and
Professional Service Firms RUDY SILVERBERG
Senior Director
• Bank Use Possible 408.572.4116
Rudy.Silverberg@cushwake.com
• TI Money Available
• Prime Mountain View Location – WALT STEPHENSON
Immediate Access to Highway 85, 101, Associate
and 237 408.572.4151
Walt.Stephenson@cushwake.com
• Motivated Landlord

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and 560 S. Winchester Blvd., Suite 200
same is submitted subject to errors omissions, change of price, rental or other conditions, withdrawal without notice, and San Jose, CA 95128
to any specific listing conditions, imposed by our principals.
GREEN:
THE WAY OF THE FUTURE
Green is no longer about
hugging trees and not shaving
your legs.
By Steve Monahan
In a world where consumers are
increasingly informed in their
personal and business lives,
service providers are no longer
dictating the terms of doing
business with their clients. No
longer reign the times where
clients don’t know any better
about the products they are
buying. People know when
their coffee is not free trade.
People go online and research
the car seat for their kids before
they go to the store. Now, more
than ever, when people find
something they don’t like about
a product, there are twelve other
options that are slightly
different enough to change their
mind about the purchase. Even
something a basic as milk has
been “accessorized” to fit the
personal tastes of each
individual. Organic, fat free,
soy and acidophilus each have a
different twist and provide
different options to today’s
consumer.
The trend of increasing options,
divergent demands and
customer finickiness has
invaded something a simple as
property management. Tenants
are requiring that their building
owners provide new services,
advanced IT solutions, and
instant reactions to problems.
They want it, and they want it
now. If they don’t get it, they
go somewhere (across the
business park) to a building that
will accommodate them. The
latest trend in requests made by
tenants to their landlords is for
“green” amenities and practices
in their buildings.
“Green” you say? That costs
more. That takes more time.
That’s for hippies and tree
huggers. WRONG.
Landlords are realizing that
“green” is the way to go.
Leaseholders like to brag to
their fellows across the parking
lot that they have a green
building. They feel better about
being at work and reducing
their impact on the
environment. They advertise it
on their website. Their
customers “digg” it and
recommend it to their friends.
Pretty soon the parking lot is
full of Priuses.
Building owners tend to be on
the conservative side of any
argument, but especially when
it comes to them doling out
money for “non-essential”
expenditures. If and when they
capitulate and change their
buildings to “green” standards,
it changes their perception. It
makes their buildings attractive
to other like minded occupants,
is better for the environment
and, for the bottom line guys
out there, IT SAVES
MONEY!!!!!
Take the new building
developer. They know that in
San Francisco, (the urban center
for cutting edge “green”
movements, and the city where
the mayor has dictated that 75%
of new construction will be
“green”) people want “green”
buildings. The cost is 5 to 10
percent more than “non-green”
construction, there are many
more hoops to jump through on
both the local and state level to
get the building certified as
“green,” and usually requires
more, smaller sub-contractors to
get the job done (more moving
parts, more things to go wrong).
But when that building comes
to the market, companies are
bidding up the ask rate to get
space, and that is something that
no landlord will say no to.
Additionally when it comes to
the running of the building,
those extra insulated windows,
those solar panels on the roof
and that low power
consumption lighting system
that was such a hassle to install,
actually saves a ton of money
on operating costs. Feel good
and save money too? Tell me
more…..
LEED or Leader in Energy and
Environmental Design is the
standard in the Biz. The
program has been around since
1998, but only has caught on in
the last five years. There are
multiple classifications
(Certified, Silver, Gold and
Platinum) each with various
benchmarks on a 69 point scale.
The Highest levels of LEED
certification integrate
mechanical, electrical, waste,
plumbing, and environmental
aspects of design and
construction. In most cases,
getting all of these factors to
come into alignment is easier
said then done; moving one
duct can change the entire
design of the floor. Yet when
the whole orchestra comes
together, the end result is truly
wonderful. And saves money in
the long run.
Looking to the future, “green”
will the building of the future.
Every day suppliers, builders
and installers perfect their craft
and get better at what they do.
The price of green is dropping
to levels comparable with
traditional construction
materials. The “green” trend is
becoming more and more of a
mainstay every day.
It is finally ok to say that:
“Doing good for the
environment is doing good for
the bottom line,” with a straight
face.
Building
Amenities &
Service
By Trent Barmby
Because we see plenty of
buildings without any tennis
courts suspended from their
73rd floor in our own
neighborhoods.
Building amenities:
some would say that
they are simple methods
of attracting tenants.
Others agree that
without them there is no
point in getting up every
morning to go to work.
For example, workers at
the Google campus are
issued these things
with computers attached
to the top so they can
comfortably ride to the
closest Google game
room
or abundance of
common conference
rooms. At the end of the
day, it just came down
to the convenient
parking facilities.
without missing a single
draft pick in their
fantasy football league.
That’s called efficiency.
Of course, not every
amenity has to cost an Not that the fancy
arm and a leg to be amenities aren’t nice
appreciated. Do you take too. Trust me, after
working in this Hong
the TV in your office for
granted? Try telling that Kong building (winner
to George W Bush, who of world’s best
has been trying to figure bathroom 2007), toilet
out for 8 years how to seats that aren’t made
mount a flat screen in an exclusively from gold
oval office with no just seem tacky.
success. He will soon be
leaving the White House
as a result of his
frustration.
At the end of the day,
most Tenants would
agree that it is not the
elaborate amenities that
attract them, it’s the
basic ones. The Death
Star didn’t attract Vader
and his crew because of
its unobstructed views
Technology and its implications
By Kelly Myers

Tenant Friendly Web Features

- Credit Card Rent payment
- Account Information (balance, fees, deposits)
- Rent reminder
- Events calendar
- Listing of shops and restaurants
- Maintenance requests
- Lease renewal
- HVAC control s
- Roommate finder
- Security access for guests
- Emergency drill announcements
- Classified listings
- Common area reservations
- Utility connections
- Tenant coupons or discounts

The old ways of managing property have been thrown out the window as new web based
programs become the tool of the future. Property managers have seen huge improvements
in tenant satisfaction, lease renewals and a decrease in outlays all thanks to the internet
and new technologies created to streamline the relationship between building owner and
tenant.

Some of the advances in building management include an opportunity to entice potential

tenants by wowing them with high-pixel images. This advancement gives Landlords a
higher advantage over less savvy competition.

Project managers have implemented web based services and seen a huge increase in lease
renewals while decreasing paper processing. Service requests have been streamlined via
email using time of completion and alert notification to all on-site engineers. In effect the
call center budgets have seen a 70% decrease. Today, most managers use web based
products for 90% of building requests including janitorial and product requests.

It is evident building technologies have improved the management process by cutting

costs, building Landlord/Tenant relations and increasing time efficiencies.
G L OB A L
CL IEN T
SOL UT IO NS
GLOBAL CLIENT SOLUTIONS

Global Client Solutions, Cushman & Wakefield’s global services organization,

provides strategic real estate solutions that fully support both our investor

and corporate occupier clients. We treat real estate portfolios holistically,

delivering comprehensive, strategy-based solutions across a full range of

locations, properties, and business requirements.

Through the formation of high-level partnerships, our clients gain the ability

to focus on their value proposition, confident that real estate experts are

attending to every strategic and operational detail required to administer a

single- or multi-location property portfolio. Our services include:

CORPORATE SERVICES
Strategic Account Management
Facilities Management
Lease Administration
Project Management
Transaction Management

INVESTOR SERVICES
Strategic Account Management
Agency Leasing
Property Management
GLOBAL CLIENT SOLUTIONS

Through close working partnerships, our 1

professionals thoughtfully apply the most suitable STRATEGIC ACCOUNT
combination of real estate services needed to MANAGEMENT
support and maximize our clients’ overall
business objectives. By outsourcing major
Strategic Account Managers – your single point
operations such as property management and
of contact – drive the efficient, seamless delivery
agency leasing services to our experts, our
of multiple Client Solutions services. Our
clients gain significant efficiencies and, just as
professionals form close, hands-on partnerships
importantly, the ability to focus resources on
with our corporate and investor clients to
their core competitive strengths.
ensure that all services are coordinated and
focused. To help our clients align their real estate
Our comprehensive services are delivered
goals with their business objectives, the Strategic
seamlessly in conjunction with the limitless scope
Account Manager ensures that client results are
of Cushman & Wakefield’s integrated, full-
delivered with the support of a robust, globally-
services global platform in both established and
integrated platform, which in turn is backed by
emerging markets around the world.
advanced technology, process improvement,
continual best practices and extensive
professional development programs.

CORPORATE SERVICES

Facilities Management
Through our client partnerships with some of
the largest and most successful corporations in
the world, we provide efficient, sustainable and
cost-effective facilities management solutions.
Our services are dedicated to creating a safe and
healthy operating environment that maximizes
productivity and eliminates concerns about
building operations, which frees our clients to
focus on their core business.
GLOBAL CLIENT SOLUTIONS

Lease Administration Transaction Management 2

We help our clients actively control portfolio We take a comprehensive approach to trans-
costs and reduce risks, while enjoying the actions by working with clients to thoroughly
empowerment created by regular strategic understand their business objectives for each and
portfolio analysis. Our proven process of data every assignment. We then develop a
collection, abstraction, input, and ongoing transactional Process Guide that supports the
maintenance ensures clients comply with the efficient, transparent delivery of services. All
reporting and process requirements of Sarbanes- relevant business criteria affecting a portfolio
Oxley and other accounting regulations. strategy is carefully analyzed and incorporated
into each transaction. As well, transactions are
Project Management carefully monitored to ensure quality, cost savings
Whether you aim to establish single or multiple and consistent service delivery across multiple
operations locally, nationally or globally, you will tactical transaction providers, resulting in powerful
benefit from the expertise of our extensive team key performance indicators.
of more than 1,300 skilled project management
professionals who have an established reputation
for delivering consistent, reliable budget-based
solutions. We implement intelligent process and
budget models refined over years of experience.
This ensures clients are kept informed
throughout the construction process and that
projects are completed according to
specifications, on budget and on time.
GLOBAL CLIENT SOLUTIONS

Property Management 3
INVESTOR SERVICES We offer our clients around the world a complete,
global property management platform, along with
a time-honored reputation for outstanding client
service. Our expert teams work hand-in-hand
Agency Leasing
We deliver superior agency leasing results to
with our clients to increase property values and
our clients through the assembly of a team of
position an asset to align with ownerships’ short
landlord leasing experts from our brokerage,
and long term investment objectives. We uncover
asset and advisory service groups. Clients benefit
hidden costs, increase efficiencies, improve the
from a full spectrum of commercial leasing
quality of tenant service and enhance the value of
services, including strategic asset planning,
our clients’ properties. The close partnerships we
marketing and leasing, market intelligence, and
share with our clients, along with the sense of
customized accounting and tenant retention
pride and ownership we take in the solution-based
programs. Working in partnership with our
management of each property, are core values that
clients, we develop strategic solution-based plans
enable our team to minimize operating expenses
for each asset that are supported by superior
while maximizing revenues.
transaction execution, as well as timely, thorough
and accurate documentation processes. Our
professionals also develop custom research
systems and standardized reporting systems
based on the needs of each property.
CUSHMAN & WAKEFIELD:
Unlocking the hidden value of real estate

Why choose Cushman & Wakefield? We offer knowledge leadership, a full platform

of global, commercial real estate services and a proven track record for innovation

and change management. Our client-driven professionals, who offer expertise in

virtually every business sector and real estate class, will help you develop and

implement real estate solutions that fully support your organization’s objectives

and competitive position.

Our local market knowledge and best-practice global solutions are delivered by

more than 15,000 employees located in 221 key markets in 58 countries around the

world. We provide fully integrated services across our unrivaled geographical reach

and extensive service platform to ensure that each client benefits from the most

targeted solutions and intelligence needed to achieve their specific needs.

Let Cushman & Wakefield demonstrate how you can realize new efficiencies

and maximize your investment value through the customized application of our

integrated global real estate services.

www.cushmanwakefield.com

For industry-leading intelligence to support your real estate

and business decisions, go to Cushman & Wakefield’s
Knowledge Center at cushmanwakefield.com/knowledge