November 2, 2016 Comments Off on Alexandria, TMG Acquiring SoMa Dev Site for $140M Views: 489 Bay Area, California News, West

Alexandria, TMG Acquiring SoMa Dev Site for $140M

Pasadena, CA-based Alexandria Real Estate Equities executed an agreement to acquire 88 Bluxome Street in San Francisco’s SoMa market from the Bay Club for $140 million. The REIT and its development partner, San Francisco-based TMG Partners, are working on securing entitlements for a mixed-use project.

Plans for the 2.6-acre site include more than one million square feet of office, retail and PDR space in two buildings slated to be constructed in separate phases. The closing date of the acquisition may be deferred to Q1 2017.

Currently, the site is home to the San Francisco Tennis Club. The seller may lease the property for a year or more upon completion of the deal.

Read More at The Registry

Connect with Alexandria Real Estate Equities

Connect with TMG Partners

For comments, questions or concerns, please contact Dennis Kaiser

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