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9/30/20
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Paceline Investors and Rialto Capital Management have acquired a 32.4k sf Production, Design and Repair (“PDR”) building in San Francisco’s South of the Market district. The property is located at 1155 Bryant St, a block from the confluence of I-80 and Hwy 101.
Located at Bryant and 10th Streets, the property occupies a prime SoMa location, in proximity to amenities and excellent freeway access. The property recently underwent a creative office renovation with a fully built out R&D laboratory component. Additionally, the building features high ceilings with skylights, a passenger elevator and I-80 Freeway signage visibility.
Mark Geisreiter and Charlie Withers with Newmark Knight Frank represented the buyers in the deal. Geisreiter and Withers are also the leasing agents of the property. The private seller was 1155 Bryant Street, L.P. A price was not given out.
“1155 Bryant is an outstanding renovated building with a significant lab buildout, which is very rare in San Francisco,” said Jay Atkinson, Managing Principal at Paceline Investors. “Demand for both lab and R&D space in San Francisco remains strong, and we anticipate a very positive reaction to the building by the tenant community.”
The San Francisco PDR market’s overall vacancy rate rose 160 basis points in 20Q2 to 4.8%, according to NKF Research. Asking rents decreased 2.5% in Q2, averaging $61.57 per square foot. Demand for high-quality PDR space remains healthy despite uncertainties in the overall market.
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