|
5/02/19
|
A 42k sf office building located in the SoMa submarket of San Francisco was acquired by Chilean-based Stars Investments in partnership with San Francisco-based The Swig Company. The building, situated on a 50k sf lot at 945 Bryant St, was sold by Bridgeton Holdings. Although the price was not given out, industry sources suggest the deal was worth around $42 mil, or $1,000/sf.
The three-story building is fully leased to the City and County of San Francisco for a 20-year term. The City will phase into the building between now and 2020 as in-place tenant leases expire. Substantially renovated in 1999 and 2013, the property has been substantially improved including open floor plans, exposed ceilings, and a private deck.
Ideally positioned in San Francisco’s SoMa district, which is regarded as one of the nation’s epicenters of technology and innovation, 945 Bryant Street is adjacent to the headquarters of several prominent Bay Area tech firms. At approximately $87 per square foot, average Class A asking rates in the submarket are among the highest in the United States with vacancy rates at 4.5%, continuing their historic lows.
945 Bryant Street is conveniently located near public transit with multiple Muni lines at its doorstep, immediate access to I-80 and I-280 and the San Francisco Caltrain station just four blocks away, making it an ideal long-term home for the City and County of San Francisco.
Kyle Kovac, Michael Taquino, Mandy Lee, and Giancarlo Sangiacomo of CBRE Capital Markets represented the buyer in the transaction. CBRE’s Debt and Structured finance team led by Mike Walker and Brad Zampa arranged the financing on behalf of the buyer.
This marks Bridgeton’s second office exit in San Francisco after the Pioneer Building. Bridgeton acquired the building in late 2017 for $27 mil to capitalize on the near-term expiration of tenants paying significantly below market rents. At the time, the building was leased to a mix of technology and professional services tenants.
|
|
Return to the Archive page
|
|
|
|
|