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4/18/24
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A venture between New York Life Real Estate Investors (“NYLREI”) and Bridgeton has acquired 410 Townsend Street, a four-story, 78k sf office building in San Francisco’s south of market (SOMA) submarket, in a transaction priced at $22 mil ($282/sf).
NYLREI believes the property is appealing to technology related tenants given its proximity to Interstate 280, providing access to the San Francisco Peninsula, direct access to Caltrain and MUNI light rail, including the new Central Subway line, abundant on-site below grade parking, high ceilings, open floor plates and excellent north/south window lines with views to Downtown San Francisco and Mission Bay.
Known as the "Start-Up Village" by The Wall Street Journal, 410 Townsend has been the original headquarters for start-up companies like Yammer, Eventbrite, and Zendesk, and has continuously hosted high-profile tech/creative firms and Fortune 500 companies, such as Sony, Adobe, AOL, Stripe, and Pinterest. “This clearly demonstrates the buildings appeal to both high-growth and well-established companies seeking engaging workspaces for their teams”, said Akash Sharma.
NYLREI and Bridgeton were represented by Mike Taquino and Kyle Kovac of CBRE.
“It’s our opinion that this is the start of the recovery for the San Francisco real estate market and 410 Townsend provides us with the opportunity to acquire a best-in-class creative brick and beam office asset well below replacement cost and where the asset traded in 2013 and 2019,” said Albert Pura, Senior Director of Transactions for New York Life Real Estate Investors.
This represents the first partnership of NYLREI and Bridgeton. Bridgeton has owned/operated multiple assets in San Francisco, including 260 Townsend, 747 Front Street, 555 De Haro Street, Folsom Corner, 3180 18th Street (Pioneer Building) and 945 Bryant Street.
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