(EDITOR’S NOTE: According to sources with knowledge of the transaction detail, the property sold for $131 million, or just around $1,329 per square foot, to Tokyo Trust. CIM had purchased the asset in January of 2014 for $39,000,000. The property was fully leased to San Francisco financial technology company SoFi. The listing agent on the sale was the CBRE office in San Francisco. Those working on the sale were Russell Ingrum, Kyle Kovac and Michael Taquino. CBRE declined to comment when contacted for this story.)
SAN FRANCISCO-CIM Group announced today that it has sold One Tehama, a five-story creative office building totaling approximately 98,600 square feet located at 246 1st Street in San Francisco’s South Financial District.
After acquiring the property in 2014, CIM carefully planned and renovated the building, which included adding a floor by converting and expanding the first-floor mezzanine level to an entire floor; building a roof top deck, which provides San Francisco skyline and Bay views; and activated the basement level into occupiable space. The updated creative office building is fully leased to SoFi.
Built in 1929, One Tehama is on the California Historic Register and was designated by the San Francisco Planning Department as a Category I (Significant) Historic Structure. The building has Art Deco accents on the façade and features 13- to 14-foot tall ceilings on the upper levels, with an original 20.5-foot-tall ceiling on the ground floor.
One Tehama is well located on the corner of 1st Street and Tehama Street and is a block-and-a-half from the new Transbay Transit Center and Salesforce Park. The building is also convenient to other Bay Area transportation networks including the adjacent on- and off-ramps of the I-80 Freeway and is three blocks from the Montgomery BART and MUNI station. In addition, the future Yerba Buena/Moscone station of the upcoming Central Subway is a short three block walk.
For almost 20 years CIM has been an active owner, operator, and developer of properties in the San Francisco Bay Area, bringing quality real estate uses to support the area as it does in other communities across North America.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in metropolitan communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.