Developer Kilroy Realty Corporation has just spent $95 million to acquire a triangle-shaped 3.1 acre parcel in Mission Bay with plans to construct a 680,000 square-foot mid-rise office campus on the site. The developer will put a total of $450 million, include the land purchase price, into building out the land, which is adjacent to 16th Street and the 280 freeway. When finished, the campus, designed by Perkins + Will, will hold two six-story and two 12-story office buildings with views of the Bay. There will also be a collection of outdoor decks and gathering places. The campus, according to the developers, is designed to attract "young, urban-oriented workers."
Kilroy has a track record of developing successful San Francisco office space projects, with 350 Mission Street and 333 Brannan leased to Salesforce and Dropbox respectively before construction is completed. The first phase of construction on the Mission Bay property will start early next year, adding to the 4.4 million square feet of office, research and biotech either already built or planned in the neighborhood.