New York, NY – January 22, 2015 – Emmes Asset Management Company LLC, together with one of its U.S. pension fund partners, has acquired 301 Howard Street in San Francisco, CA. The 23-story office building with ground floor retail is centrally located on the corner of Howard and Beale Streets in the city’s South Financial District. The seller, Embarcadero Capital, was represented by Stephen Van Dusen of Eastdil Secured, and Embarcadero Realty Services will be retained to provide property management services.
The architecturally distinct Property has both a robust amenity base and direct access to the $4.5 billion Transbay Transit Center currently in development. Built in 1988, 301 Howard appeals to traditional office users as well as the new generation of users, particularly technology and media companies. Its central location at the corner of Howard and Beale Streets within downtown San Francisco’s public transit nexus supports easy access to SOMA and the greater Bay Area. Within the building, creative layouts with open ceilings predominate the floorplans meeting the needs and wants of today’s tenants. The building has recently attracted technology tenants such as Teradata, Chegg, Dell, Deem, Path, Disqus, Dropcam (Google) and Demandbase.
“Our acquisition of 301 Howard was the ideal opportunity to broaden our presence in the San Francisco market. With its excellent location next to the Transbay Terminal, great access to amenities, and open creative floor plates, the building provides the features that tenants are seeking today” said William Bond, a managing director with Emmes. “These features will be further enhanced when we reposition the building’s lobby and streetscape to fully capitalize on the transformation in the market,” Bond added.
The building is currently well leased but Emmes plans to reposition the asset, strengthening its appeal within the market. Major improvements will be made to the entrance, lobby and other public building areas. “This is a building that over the next five years will rise in stature within this market because of its premier location and accessibility and it is exciting to be able to take the journey to the next level with an experienced and visionary owner such as Emmes Asset Management Company,” said Wes Powell, International Director, JLL. Emmes confirmed that JLL will handle exclusive leasing for the 307,396 sf office property. Wes Powell and Chris Holland of JLL have the listing.
This transaction follows the firm’s recent acquisitions of 45 West 45th Street in New York, NY and The Seneca Apartments, located in Chicago, IL. Emmes, a multi-strategy real estate investment company, specializes in equity and credit investing and origination strategies.
Founded in 1992, Emmes is a Registered Investment Advisor and a fully integrated commercial real estate investment owner. The Emmes investment portfolio spans office, retail and multifamily properties in 19 states. It is headquartered in New York City.
To find out more about Emmes, please call 212-293-8900, or visit the firm’s website at www.emmesco.com.