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9/24/26
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An affiliate of Zurich Alternative Asset Management has acquired 410 Townsend, a historic 78.5k sf office building in downtown San Francisco, for $47.4 mil ($603/sf). Located in the heart of San Francisco’s SoMa district, 410 Townsend offers convenient access to major transit options including nearby BART, Caltrain and Muni stations, as well as proximity to major roadways and public parking facilities.
Built in 1912, 410 Townsend features exposed brick and heavy timber construction while offering a range of modern amenities and flexible office layouts. With its current 65% occupancy, the property provides significant potential for additional leasing and value creation.
The property was sold by New York Life Real Estate Investors and Bridgeton Holdings. Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets Team led the transaction. Sean Bannon and Luis Gordillo spearheaded the acquisition in-house for of Zurich Alternative Asset Management.
“410 Townsend is a compelling example of San Francisco’s rapid rebound and the opportunity to capitalize on the market’s strengthening fundamentals; this is the first ‘round trip’ for a San Francisco office building!” said Siegel, Executive Managing Director at Cushman & Wakefield. “The combination of its historic character, central SoMa location and substantial leasing potential attracted a sophisticated institutional investor with a long-term perspective on the market. Transactions like this demonstrate that investors are taking a closer look at San Francisco assets where the right combination of location, quality and basis can create meaningful opportunities.”
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