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| 604 MIssion Office Building, Transbay District San Francisco, CA (Photo by Venture Point Photography) |
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| Thomas S. Foley |
The sale represented a new high-water mark for boutique
south financial office properties at $1,080 PSF.
“We’ve broken the $1,000+ PSF barrier on multiple
HFF-led transactions this year with 604 Mission, 500 Pine and 270 Brannan,” Thomas
Foley a director at HFF said.
“Investor sentiment
for high-quality, irreplaceable real estate in the best market in the country
continues to strengthen.
"Supply constraints and demand drivers will continue to drive rent growth and we feel there is still plenty of room to run.”
The HFF team represented the seller, 604 Costa LLC, an
affiliate of Market Street Real Estate Partners, LLC, and procured the buyer,
Toy Real Estate Investment Company, who was in a 1031 exchange trade.
"Supply constraints and demand drivers will continue to drive rent growth and we feel there is still plenty of room to run.”
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| Jordan Angel |
The buyer assumed a CMBS loan that HFF had recently secured for the seller. HFF assisted the buyer through the loan assumption process.
“CMBS assumptions are complicated and while at times a loan assumption requirement can limit buyers, HFF’s expertise in working with loan servicers on loan assumptions allows buyers to take advantage of existing debt for accretive loans, especially in a rising rate environment,” said senior director Jordan Angel.
“Our job is not to just procure the best buyer, but to
ensure they are able to get the financing needed to close.”
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| Christina Chung |
Originally built in 1905, 604 Mission Street has been
renovated into a modern creative office space while maintaining its historic
look and feel with exposed brick walls, high ceilings and floorplates averaging
2,622 square feet.
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| David Dokko |
604 Mission has a
transit-oriented location in the heart of San Francisco’s highly sought-after
Transbay District just one block from the Montgomery St. BART/Muni Station and
adjacent to Transbay Terminal.
Additionally, the
property has access to an abundance of amenities within a two-block radius,
giving the property an exceptional Walk Score® of 96.
“Market Street has done an incredible job with 604 Mission through their best in class creative office improvements,” senior director David Dokko said. “They were a great seller and we truly appreciate the opportunity to work with talented, passionate real estate professionals like them.”
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| Ben Bullock |
The buyer was represented by Christina Chung of Coldwell Banker in the transaction.
Holliday GP Corp. ("HFF") is a real estate
broker licensed with the California Department of Real Estate, License Number
01385740.
Market Street Real Estate Partners (MSREP) is a fully integrated investment firm whose principals have over 50 collective years of both private and institutional experience acquiring, repositioning and managing commercial real estate assets throughout the United States.
MSREP
has consistently executed its proven strategy of identifying underutilized
commercial properties via predominantly “off-market” acquisitions for the
purpose of repositioning to generate favorable risk-adjusted returns for investors.
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| Kenny Bruzzone |
Since inception in 2012 and having closed approximately $600 million in transactions since, the company seeks to establish strategic, long-term relationships with private and institutional partners to pursue value-add commercial real estate acquisitions in primary and select secondary markets throughout the United States.
CONTACTS:
DAVID
DOKKO
CA
Lic. #01960806
HFF
Senior Director
(415)
276-6300
THOMAS
FOLEY
CA
Lic. #01997105
HFF
Director
(415)
276-6300
KRISTEN MURPHY
HFF
Director, Public Relations
(617) 338-0990
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