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| 200 Kansas, occupies almost a full city block along Kansas Street from 15th to 16th Streets in the SoMa District of San Francisco, CA |
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| Steve Golubchik |
SAN FRANCISCO, CA – HFF announced today that it has closed
the sale of 200 Kansas, a 90,637-square-foot, Class A creative workspace
building in San Francisco’s SoMa District.
HFF
marketed the asset on behalf of the seller, Flynn Properties and an affiliate
of GEM Realty Capital.
This is the
second time Flynn Properties has owned the building, with its last ownership
period concluding in 2006. An affiliate
of Ascent Real Estate Advisors, LLC and a separate account relationship
purchased the property.
200 Kansas is situated on 1.55 acres and occupies almost a
full city block along Kansas from 15th to 16th Streets in the SoMa
District.
Originally constructed in
1931, the seller spent $3 million on property upgrades to tenant spaces and common
areas that were completed in 2014.
The building features skylights, two-story glass-enclosed
stairwell, modern finishes and a new lobby.
The 84-percent-leased asset includes tenants in the education, design
and manufacturing and healthcare industries.
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| John Simerlein |
“During the three years of our most recent ownership of the
property, we have repositioned 200 Kansas from a showroom-centric building to a
truly creative workspace reflecting the needs of San Francisco’s growing tenant
base,” said Greg Flynn, president and CEO of Flynn Holdings.
“More broadly, SoMa
continues to be a positively evolving submarket, and we are excited that 200
Kansas has contributed to that evolution.”
The
HFF investment sales team representing the seller was led by senior managing
director and co-head of HFF’s San Francisco office Steven Golubchik,
director John Simerlein, associate director David Dokko and
senior analyst Josh DiSalle.
Flynn
Properties has substantial experience in the West Coast commercial real estate
markets.
Directly and through its REOF
funds, Flynn Properties has owned in excess of three million square feet of
commercial real estate. It also owns,
in partnership, the super-luxury Auberge resort Esperanza, located in Los Cabos,
Mexico, as well as The Carneros Inn, a super-luxury resort in Napa,
California. For more information, visit
www.flynnholdings.com.
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| Greg Flynn |
Founded in 1994, GEM Realty Capital, Inc. (GEM) is an
integrated real estate investment company that invests in private-market real
estate assets and publicly traded real estate securities through two lines of
business, GEM Realty Properties and GEM Realty Securities.
GEM is currently investing capital for its
fifth discretionary private real estate fund, GEM Realty Fund V, L.P.
Ascent is an entrepreneurial investment, development and
consulting firm combining extensive real estate development, finance and
capital market expertise with a track record of successful transactional
experience.
Ascent is active on a
national basis and has been extremely active throughout the San
Francisco/Silicon Valley market for the past several years. Ascent seeks to add value through
development and significant asset repositioning. Learn more at www.ascentrea.com.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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