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1/23/15
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Emmes Asset Management Company LLC closed on a San Francisco office buy, acquiring a 23-story, 307.4k sf building at 301 Howard Street, in the city’s South Financial District. The building, which includes ground floor retail, is centrally located on the corner of Howard and Beale Streets. Emmes purchased the property together with one of its U.S. pension fund partners.
The architecturally distinct property boasts a robust amenity base and is situated near to the $4.5 bil Transbay Transit Center currently in development. Built in 1988, 301 Howard appeals to traditional office users as well as the new generation of users, particularly technology and media companies.
Its central location at the corner of Howard and Beale Streets within downtown San Francisco’s public transit nexus supports easy access to SOMA and the greater Bay Area. Within the building, creative layouts with open ceilings predominate the floorplans, meeting the needs and wants of today’s tenants. The building has recently attracted technology tenants such as Teradata, Chegg, Dell, Deem, Path, Disqus, Dropcam (Google) and Demandbase.
The seller, Embarcadero Capital, was represented by Stephen Van Dusen of Eastdil Secured. Embarcadero Realty Services will be retained to provide property management services.
“Our acquisition of 301 Howard was the ideal opportunity to broaden our presence in the San Francisco market. With its excellent location next to the Transbay Terminal, great access to amenities, and open creative floor plates, the building provides the features that tenants are seeking today” said William Bond, a managing director with Emmes. “These features will be further enhanced when we reposition the building’s lobby and streetscape to fully capitalize on the transformation in the market,” Bond added.
The building is currently well leased but Emmes plans to reposition the asset, strengthening its appeal within the market. Major improvements will be made to the entrance, lobby and other public building areas. Wes Powell and Chris Holland of JLL have the listing assignment for the new ownership.
This transaction follows the firm’s recent acquisitions of 45 West 45th Street in New York, NY and The Seneca Apartments, located in Chicago, IL. Emmes, a multi-strategy real estate investment company, specializes in equity and credit investing and origination strategies.
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