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10/17/14
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In a recent sale in San Francisco’s SOMA District, New York-based Brickman Real Estate purchased a 40k sf building at 945 Bryant St, for an undisclosed sum. The 40k sf, three-story building, located at the intersection with 7th St, a few blocks west of Mission Bay, is fully leased to a diverse mix of innovative tenants.
Kyle Kovac, Daniel Cressman and Michael Taquino of NGKF Capital Markets represented the seller, SOMA Bryant LLC, in the transaction.
According to Kovac, the property benefits from stable existing cash flow from a strong tenant base and virtually all of the rents in the building are now below market rates. The seller executed three new leases, while also renovating the asset to meet creative standards, during its ownership period.
For Brickman Real Estate, it is the firm's second investment in the San Francisco property market. In 2013, it acquired 550 Kearny Street, located in San Francisco’s Financial District.
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