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BAY AREA NEWS
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Thor Equities Spends $40 Mil on San Francisco Office Asset

2/16/17

In a recent San Francisco office buy, Thor Equities paid $40 mil for 634 Second Street, a 46.8k sf ($855/sf) office/retail property in the city’s SOMA District. It was sold by MCM Real Estate Services, part of Manchester Capital Management LLC, who acquired the asset in 2007 for around $16 mil, prior to renovations.

The sellers had spent over $6 mil in property upgrades in addition to about $2.5 mil in improvements for the tenant, Okta, a cloud computing firm that leased the building’s office space through 2024. There is a restaurant, Merigan’s Café, in the ground floor space.

Kyle Kovac, Michael Taquino and Daniel Cressman with NGKF Capital Market advised MCM in the property’s disposition and were joined by Newmark Cornish & Carey’s Michael Brown and Bill Benton, who also represented MCM in the successful lease-up of the property. As part of the transaction, Thor also engaged Newmark Grubb Knight Frank to both secure its acquisition financing and begin the property management of the asset moving forward.

San Francisco-based Thor Equities has invested heavily in the San Francisco, Silicon Valley and Oakland markets over the past year. The firm sold the historic Phelan Building at 760 Market Street in San Francisco last year for $374 mil.

“Ideally positioned on the Second Street Corridor of San Francisco’s South of Market Area, 634 Second Street lies within the most innovative and mature technology submarket in the country,” said Kovac. “The creative property is proximate to the best and most diverse amenity base in the city — and is just one-and-a-half blocks from AT&T Park.”





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