A fund sponsored by CBRE Global Investors has acquired 123 Townsend Street, a 137,625-square-foot office building in San Francisco’s SoMa neighborhood. The purchase price was not disclosed.
123 Townsend Street is a historic six-story brick-and-timber building that 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.
“123 Townsend Street is listed with the Historic Preservation Office as one of the few buildings to survive the great San Francisco earthquake in 1906. Because of this, much of the property’s historic features remain intact, though now with significant upgrades that have modernized and safe-guarded the building against seismic activity,” said Kim Hourihan, Senior Managing Director and Portfolio Manager for CBRE Global Investors.
123 Townsend Street is surrounded by an abundance of restaurants, bars and entertainment options. The property benefits from multiple transit options nearby, including the CalTrain, which provides direct connectivity between San Francisco and Silicon Valley; the MUNI Metro Rail that provides convenient citywide access and links to the BART, which services San Francisco and the East Bay; and the MUNI Rapid Bus, providing direct access to eight different routes throughout the city.
“We believe that the SoMa neighborhood in San Francisco is well-positioned for long-term growth due to its superior accessibility,” said Gary Jaye, Senior Managing Director and Head of Commercial Acquisitions for CBRE Global Investors. “San Francisco is considered by many as the financial capital of the west coast. We believe the city benefits from strong-performing submarkets – thanks in part to new-economy tenants – and world-class education, healthcare and cultural institutions. 123 Townsend Street is ideally situation within the city, affording excellent walkability and easy access to the area’s major freeways, I-80 and I-280, which are both less than a half mile away.”
The property was previously ENERGY STAR-rated, and the CBRE Global Investors team plans to pursue ENERGY STAR recertification and LEED certification.