By Jon Peterson
San Francisco-based Brick and Timber Collective has acquired the 54,414 square-foot office and parking space property located at 55 Green Street in San Francisco for $29 million, or just under $533 per square foot, according to the buyer.
The seller of the property was Triton Container International. It was represented in the transaction by the San Francisco office of Newmark Knight Frank. Those involved in the sale included Michael Taquino, Kyle Kovac and Daniel Cressman, all executive managing directors, and Mandy Lee, director. Newmark declined to comment when contacted for this story.
Triton is a shipping container leasing and logistics company that bills itself as world’s largest and most efficient intermodal container leasing company. It had owned and occupied the property since the 1980s. The property has become a vacant building since the sale has now become a reality. The new owner is planning to substantially renovate the existing building, and it will be seeking a creative user to potentially occupy all of the space in the office portion. This could be a good fit for a company to make the building its headquarters or base its regional operations at the property. The building could also be used for a build-to-suit scenario.
The sales price on the building comes in at well below replacement cost. 55 Green was acquired for $533 per square foot, and replacement cost for office buildings in San Francisco are now pegged at around $1,000 per square foot, according to sources that track this information in the San Francisco office market.
55 Green is a five-story complex, and it has an office component of 42,628 square feet. There is a parking facility that amounts to 8,937 square feet of lower level parking for 17 vehicles.
Brick and Timber has been an active buyer of assets in San Francisco. Some of its other recent deals have included 353 Kearny, which has been pre-leased to Canopy, a shared workspace that targets the higher end-users, 590 Pacific, 855 Front and 243 Vallejo. The company also owns a portfolio of assets in Pasadena, California.