Translation: someone with deep pockets bought a parking lot in San Francisco. They intend to build an office tower in that space. They have not yet signed any tenants for this tower. They are not borrowing money to build this tower.
I initially read this or similar coverage on my iPhone while out on the bikes with my son T. He was playing down a cul-de-sac and I was waiting at the intersection with the slightly busier through street, reading news. When I saw this, I started doing a happy-dance-on-bicycle (mostly riding around in tight circles), because this piece of news fits in with so very many of my research themes AND is a fantastically good Sign in general. If you're thinking, those people are crazy things are still tough all over did you see that jobs report and blah blah bleeping blah, well, _yeah_. These things happen in stages, and CRE in SF is what we call a "leading indicator". Especially when it's CRE aimed at tech companies.
More coverage here, with more context for the SF CRE market, and the participants in the deal: