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3/13/19
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Invesco Real Estate and TMG Partners acquired 600 Battery Street, a Class A, 118k sf creative office building in San Francisco’s Jackson Square submarket. Orignally constructed in 1938, the building was fully renovated in 2000, and in January 2019.
Although we don’t have the final transaction price, we can tell you the purchase was financed with a loan for $106.2 mil that was originated by Square Mile Capital LLC. The financing includes proceeds to fund the acquisition as well as future proceeds to fund leasing costs and capital expenditures. Michael Walker and Brad Zampa of CBRE’s Debt & Structured Finance Group in San Francisco arranged the financing.
Square Mile Capital Principal Eric Cohen said, “We are pleased to continue our lending relationship with Invesco and build new ties with TMG Partners, an experienced owner and operator of San Francisco real estate with deep local market expertise.
According to Square Mile Capital Principal Eric Cohen, San Francisco continues to be a target market for the firm, which sees this building as an attractive, institutional-quality addition to their growing Bay Area portfolio.
The Jackson Square submarket is characterized by boutique commercial buildings, art galleries, upscale retail, and award-winning restaurants. The area is popular with tenants such as VC companies, boutique law and financial firms, along with technology/creative tenants that are drawn to establishing a full-building identity and accessing a highly walkable amenity base.
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