Olivia Cruses & Resorts closed escrow on 434 Brannan Street on June 11th. The three story 25,634 square foot building and parking lot, originally built in 1929 by Schilling Spices as a production facility, will now serve as Olivia's national headquarters. Mike Tobin of Pacific Union Commercial Brokerage represented Olivia in this endeavor.

Olivia was created for women, by women. It is the No. 1 provider of travel and entertainment for women. Founded in 1973 by Judy Dlugacz, Olivia will be relocating from its present headquarters in Oakland to San Francisco shortly after Labor Day. The addition of Olivia to the community will add 30-50 new, local jobs; as well reinforcing San Francisco's already bright image as the country's leader in attracting and creating diversity in all aspects of its social, economic and political fabric.

Tobin notes that the San Francisco Investment Office market has been very active this year (this is his third "owner-user" investment transaction this quarter), and has maintained its value much better than the Leasing market. He looks for the Investment market to remain strong as good product is scarce and the economy is definitely improving. Tobin does, however, expect the Leasing market to remain "very much a tenant's market" for the next year or two. San Francisco rents are at levels not seen since 1993.

Jul. 21, 2005