July 15, 2020
A fund sponsored by CBRE Global Investors acquired 123 Townsend Street, a historic office building in San Francisco from Vermont-based Manchester Capital LLC for reportedly $140 million. The 137,625-square-foot office building is located in the SoMa neighborhood.
CBRE Global Investors’ Gary Jaye says, “We believe that the SoMa neighborhood in San Francisco is well-positioned for long-term growth due to its superior accessibility.”
The six-story brick-and-timber building was built in 1903 and underwent a full renovation in 2000, including significant seismic structural upgrades, a new roof, new systems and the addition of elevators and skylights. The low-rise property benefits from multiple stairwells and large, flexible floorplates. On-site amenities include a state-of-the-art fitness center, bike storage and a rooftop deck with panoramic views of the city. It is one of the few buildings to survive the 1906 earthquake.
The acquisition is part of the fund’s broader strategy to invest in target office markets across the U.S.
NKF represented the seller in the transaction.
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