November 2, 2016
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.
For comments, questions or concerns, please contact Dennis Kaiser