(EDITOR’S NOTE: According to public documents, the sale closed for $49 million, or roughly $671 per square foot. The seller of the property was Pasadena-based Alexandria Real Estate Equities, which had owned the property since March of 2019. At that time, Alexandria paid $66 million, or $904 per square foot.)
San Francisco – August 2nd, 2021 – CBRE announced the sale of a creative office building at 260 Townsend Street in San Francisco to a joint venture between Bridgeton and STARS REI for an undisclosed price. Bridgeton is a San Francisco and New York-based investor and operator with over $1 billion in assets under management. STARS REI is a Chile-based investor with over $1 billion in real estate holdings across the United States.
Located in the SoMa neighborhood, the 73,000 square-foot property has over 375 feet of frontage along Townsend and Lusk Streets. The seven-story creative office building features private terrace spaces, a 73-space garage and single-tenant, side-core floor plates with expansive windows.
“We have had tremendous success in San Francisco and continue to have firm conviction in the long-term performance of this market,” said Akash Sharma, CIO of Bridgeton. “This is our seventh investment in this market and we are delighted to partner with STARS REI in reimagining this asset. We plan to make recognizable upgrades to the exterior and to the lobby in the near-term to capitalize on an uptick in demand as people return to work.”
“Despite the disturbances from COVID-19, we maintain our positive long-term view on the Bay Area´s fundamentals and on its unique creative ecosystem,” said Felipe Bertoni, Vice President of STARS. “This is especially true for assets like 260 Townsend, which offers quality space and excellent connectivity in a micro-location that should continue to benefit from a further revival.”
The property is currently 80 percent leased to a diverse tenant base with long-term leases, including Battery Ventures and Swinerton. Located one-half block from the 4th Street Caltrain Station and new Central Subway line, 260 Townsend benefits from direct access to public transportation and immediate proximity to many of the city’s top restaurants and amenities, including Oracle Park.
Since March 2020, the CBRE team has sold or has pending approximately $3 billion in property sales and financings in San Francisco.
Established in 2012 as a partner for investors seeking value-add real estate investments, Bridgeton is a full-service real estate firm with in-depth expertise in investment management, development, property management and hotel management. Bridgeton has significant strength in value-add strategies and proven investment discipline across property types, including office, hospitality and residential. Bridgeton’s investments are focused primarily in New York, San Francisco and Boston.
Over the past 9 years, Bridgeton has been involved in over 60 acquisitions. For more information, visit: https://bridgeton.com/.
STARS REI is the real estate arm of STARS Investments and focuses on real estate investment activities in the US and UK. STARS REI has completed over 35 acquisitions since its establishment in 2009 and manages a portfolio of assets in excess of $1bn including properties in San Francisco, Boston, Denver, Seattle, Washington DC, New York and London.
For more information visit: www.starsrei.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.