Wilson Meany: 244 California

Flowed financial benefits to owners and tenants in net leases

Wilson Meany is a privately owned real estate investment and development firm focused on urban infill real estate in the Western United States.

The firm has managed and developed more than 10 million square feet of mixed-use, residential, retail and office properties. Assets under management are leased through a mix of net, modified gross and full-service gross leases.

244 California is a historic, 39,000 square foot, seven story building in downtown San Francisco. The building is located in the heart of San Francisco’s Financial District and the ground floor retail is home to award winning Michael Mina restaurant.

39,000 sq ft

$.13/sq ft Upfront Project Investment

14% Unlevered IRR

Find out how much ROI we can produce.

Financials

Wilson Meany paid a small portion of the project costs up front, and deferred the majority of costs through a 3-year Energy Services Contract: paid monthly and passed through to tenants. This enabled an immediate net reduction in the expense pool while providing a financial return to ownership. The result was a boost to ownership from an unlevered 14% to a levered 22%.

The Nuts & Bolts: Our Process

Measurement and verification demonstrated that the building is saving almost exactly what was predicted. Additionally, measurement and verification revealed that due to faster than expected increases in utility rates, in year 1 the Carbon Lighthouse energy projects buffered the building against what would have been a utility cost increase of 9%.

ClientWilson Meany
Project244 California
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