Sherwin Warehouse Adaptive Reuse Plan Approved, Sold to Real Estate Investment Firm
Plans for the adaptive reuse of the former Sherwin Williams factory warehouse in Emeryville were unanimously approved by the planning committee Meeting on December 10th.
The historic Sherwin warehouse along Horton was the only building that remained when the former Sherwin Williams paint factory was demolished in 2006. The building once supported the iconic neon sign “Cover The Earth”, its story We were in the spotlight last year.
The 3-story building consists of 72,000 square meters and is part of a larger one 7.9 acres FDP This includes 500 residential units, more than two hectares of parkland, commercial space on the ground floor, the continuation of the greenway and those financed by the city Bike / pedestrian bridge to Bay Street.
DES architects presented their plans to renovate and modernize the building to attract life science startups and office tenants.
The most dramatic update to the building will be the creation of a passageway through “Alley” on 45th Street, which will enable a bicycle and pedestrian street and break up the superb block of the long structure. The feature was a concession to the neighbors of the 45th Street Artists’ Cooperative that gave them more convenient access to the upcoming parking lot.
The passage also includes recessed, linear downlighting and illuminated bollards. Renovations also include road and landscaping improvements, accessibility updates, and roof shades to hide unsightly ventilation and mechanical equipment.
Shortly after the plans were approved, a sale of the building between Lennar Multifamily and Chicago was announced Walton Street Capital. The deal was made by New York-based commercial real estate broker the The Newmark Group.
“1450 Sherwin is a rare opportunity for an investor to acquire a fully-fledged, large-scale block with the ideal foundation for repositioning life sciences in one of the hottest life science markets in the region,” said Steven Golubchik, director of Northern California Capital Markets in Newmark a press release.
Newmark said Walton Street Capital is actively acquiring other life science opportunities located in the primary Bay Area clusters and is looking for acquisitions.
Emeryville appears to be in a strong position to build in its place as a hub for the burgeoning life sciences sector. In addition to this project, the city has recently completed the EmeryStation West Tower, approved plans for the public market Package B. and the sale of the nearby Novartis property BioMed Realty with plans to build another 561,000 square meters of office space.
When these projects are completed, the Berkeley-Emeryville Biotech Corridor, in which more than 150 life science companies already operate, will be expanded.
According to Newmark research, the life sciences “footprint” in the Northern East Bay is more than four million square feet and accounts for 15% of the total market in the Bay Area. Together they have an availability rate of just 5.6% with current tenant demand of 630,000 square feet.
“The sale and repositioning of Sherwin’s life sciences in 1450 are tailored to meet the growing space needs of tenants in the Emeryville Life Science Cluster,” said SethMcKinnon, senior managing director of Newmark.
The sales price was not given and has yet to be entered in the district’s database. Read the full employee report and plans Emeryville.org.
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