San Francisco-based DivcoWest has closed on the purchase of the 180 Townsend Street office building in San Francisco for just over $28 million, according to sources with direct knowledge of the transaction. The sale closed on Friday, January 19th.
Company representatives of DivcoWest declined to comment when contacted for this story. The potential sales price on the 41,125 square foot building would come in at around $681 per square foot.
The property is occupied by a San Francisco-based technology company Say Media, which creates solutions for publishing and media enterprises around the globe. The building itself is in a desirable part of San Francisco in close proximity to the AT&T Park, just blocks away from the Caltrain King Street station and access to both highways 101 and 280.
The current owner of the building is the Santa Clara-based Katie Petrucela Trust, according to public records. The transaction was an off-market sale, which is done through the San Francisco office of Newmark Knight Frank.
This company is representing both the buyer and seller of the property. The listing agents involved with the deal are Michael Taquino, Kyle Kovac and Daniel Cressman. All three of them are executive managing directors of the company.
“This sale should be a strong leasing opportunity for DivcoWest. The property will have short-term vacancy once Say Media moves out. I would think that the ideal scenario is that the property could be a headquarters building for a single tenant. The property is located in a strong location. The SOMA office market has continued to show steady rental rate growth. The vacancy for the type of space that DivcoWest bought is 3 percent,” said Michael Taquino.