(EDITOR’S NOTE: 524 Howard, LLC is an entity associated with San Francisco-based Chad Mitchell Associates who is part of the development team and will be working with the new owners, a Hong Kong-based family.)
SAN FRANCISCO – (May 6, 2019) – The entity 524 Howard, LLC announced today the acquisition of a 12,261-square-foot parcel at 524 Howard Street from Crescent Heights for $78 million.
The buyers, who are the owners of the neighboring 530 Howard building, intend to combine the two parcels for greater efficiency and advance an appropriate design for one of the final significant developments in the neighborhood.
“It is an honor to be able to work on the development of a tower in the Transbay neighborhood,” said project team lead Chad Elkin. “We take the responsibility seriously, and look forward to being thoughtful and collaborative as we work alongside the neighbors and City officials towards that goal.”
In the new epicenter of West Coast business activity and within the greater South of Market (SOMA) District, the development site is adjacent to the Transbay Transit Center on the north side of Howard Street at the western end of the Transit Center. It is at the intersection of the Yerba Buena cultural district and Rincon Hill residential neighborhood.
Colliers International Executive Vice President Tony Crossley represented the sellers in the transaction.
The site will benefit from its proximity to the Transbay Transit Center, a revolutionary transportation facility that has already transformed the South of Market neighborhood into the new heart of downtown. The transit hub will ultimately connect to the San Francisco-Oakland Bay Bridge, eight Bay Area counties and 11 transit systems via the above-grade bus level, ground-floor concourse, and two below-grade rail levels serving Caltrain and the future High Speed Rail.