By Jon Cowan, UCLA Anderson FEMBA Class of 2014
On April 10, 2014 another successful Anderson Real Estate Association (AREA) Day on the Job (‘DOJ’) occurred in San Francisco. The trip was organized by entrepreneurial UCLA Anderson students interested in working in the Bay Area post-graduation. Even for those who will remain in Southern California after school, it was a great opportunity to get to learn more about the booming San Francisco real estate market.
The day began with a visit to Forest City’s innovative 5M Project. Participants saw the creative for-profit and non-profit office space which the developer has programmed in the historic San Francisco Chronicle building prior to an ambitious development that will occur on site. Forest City Project Manager Andy Wang lead a tour of the site, pointing out how the company has been experimenting with public art and community events to activate the space and generate positive community attention. The team then met with Project Director Audrey Tendell to discuss the company’s approach to development in the Bay Area. Forest City is now working on the entitlements for the project.
Next, the students met Anderson alumnus Jaime Zadra, Principal, Prudential Mortgage Capital Company, at the Emerald Fund’s 100 Van Ness project. Marc Babsin, a Principal at Emerald Fund provided a tour of the building. DOJ participants were able to ride to the rooftop terrace where there were sweeping views of the Bay and Golden Gate Bridges, as well as of the more modern Twitter lunch commissary. There was also the opportunity to see several model units, to learn about the development process for the building, as well as Marc’s perspective on the lucrative San Francisco multifamily rental market.
The Anderson students also met with recent MBA graduate Sean Sullivan of Merlone Geier. Sean presented on the retail market, Merlone Geier’s investment philosophy and successful track record, as well as a detailed look at value-add business plans that were being implemented at two different properties.
Following these site visits, everyone attended a happy hour event co-sponsored by AREA and the Ziman Center for Real Estate. Dozens of participants attended from real estate and finance companies in San Francisco, providing a unique opportunity for students to network with Anderson alumni as well as other Bay Area real estate professionals.
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