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January 23, 2019
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Office Portion of San Francisco High-Rise Trades in $110 Mil Transaction


In a $109.8 mil San Francisco investment buy, Swift Real Estate Partners has acquired the 219.7k sf office portion of a 29-story office and residential tower in downtown San Francisco. The transit-oriented, mixed-use property, located at 1390 Market Street in the city’s Civic Center area, has a condo structure, with the office and 920 sf of retail space owned separately from the 443 residential units.

1390 Market Street, formerly known as Fox Plaza, is located at the edge of San Francisco’s Mid-Market area, which has become one of the most desirable neighborhoods for growing technology companies. This location along Market Street is just two blocks from the Civic Center BART/Muni station, providing all major forms of public transit to the San Francisco International Airport, Oakland and the greater Bay Area.

Originally built in 1967, 1390 Market Street was renovated in 2007. The LEED Gold certified building is leased to tenants, including Twitter, Jones Clifford and several branch offices of the City of San Francisco. The property also includes apartments on the top floors of the building, which were not a part of the sale or financing.

The office and retail space covers the first 12 floors of the tower, with the building mechanicals located on the 13th floor. The upper floors – 14 through 29 – contain the 443-unit residential portion, owned by Essex and not part of this transaction.

An HFF team of Michael Leggett, Gerry Rohm, David Dokko, Ben Bullock, Thomas Foley and Austin White represented the buyer and the seller, Broadreach Capital Partners. In addition, HFF’s Jordan Angel and Bercut Smith arranged the $103.61 mil, floating-rate acquisition loan through Brookfield.

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