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November 24, 2020
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Embarcadero Capital Partners Acquires San Francisco Building for Conversion to Creative Space


Embarcadero Capital Partners has obtained a $34.14 mil loan for the acquisition and creative conversion of 62.2k sf building at 1035 Howard St in San Francisco’s SoMa District. Currently 100% vacant, the property offers Embarcadero the rare opportunity to immediately rebrand, reposition and renovate the building without the encumbrance of in-place leasing.

1035 Howard Street is a historic, three-story Art Deco manufacturing and office building with an adjacent vacant lot located in the SoMa West submarket of downtown San Francisco. The building features large floor plates, soaring ceilings, abundant natural light, and the industrial look much desired by today’s tenants. Proximate to a growing selection of retail and restaurant amenities, the property also offers convenient access to BART, Caltrain, Interstate 80 and U.S. Hwy 101.

Mike Walker, Brad Zampa, Megan Woodring, and Taylor Shepard of CBRE Capital Markets’ Debt & Structured Finance team in San Francisco arranged the balance sheet financing with a bank headquartered on the East Coast. The five-year, floating-rate financing was priced very competitively over 30-day LIBOR.

SoMa is considered “ground-zero” for the world’s most established technology firms and exciting startup companies. In the last few years, many of the city’s largest lease transactions have occurred within five blocks of 1035 Howard, illustrating the robust demand for this location. Notable surrounding occupiers include Adobe, Airbnb, Pinterest, Stripe, Atlassian and other industry leading companies.

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