SAN FRANCISCO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announces the $27M sale of 555 De Haro, a 50,021-square-foot flex office building in San Francisco, California in an off-market transaction to Bridgeton Holdings.
The HFF team represented the seller, The Swig Company, procured the buyer, Bridgeton Holdings, and secured financing on behalf of the buyer with Silverpeak Argentic.
“555 De Haro is an attractive acquisition because it is a creative use building that is centrally located in a supply constrained neighborhood. The building has a unique history, which adds to its character and the open floor plans with abundant natural light bode well for creative and high tech uses. Bridgeton believes in the long term growth prospects of the San Francisco market and the Potrero Hill neighborhood, which has a significant amount of large scale residential developments.” said Atit Jariwala, CEO of Bridgeton Holdings.
555 De Haro is located in San Francisco’s desirable Potrero Hill District, which is positioned between U.S. Route 101 and Interstate 280 providing access to the greater Bay Area. This location is within close proximity of UCSF Medical Center at Mission Bay, Zuckerberg San Francisco General Hospital and San Francisco’s Dogpatch neighborhood that features numerous bars and eateries. Building was originally a soap factory located at the South East Corner of Rhode Island and 17th (Santa Clara) Street and the building was relocated two blocks to its current location in 1917, redeveloped for office use in 1980 and since 2014, it has been continually upgraded. The Property is fully leased to a mix of PDR, technology, creative and institutional use tenants. The four-story building features exposed wood beams and open floors plans, outdoor patios with seating, on-site parking, bicycle storage, and solar panels on the roof.
“As great stewards of historical properties in San Francisco, we saw the opportunity to implement a sensitive renovation of the property to enhance aesthetics and to modernize building systems to heighten the building’s appeal to creative workspace occupiers being priced out of SOMA”, said Connor Kidd, Swig’s Vice President of Investments. “555 De Haro is a beautiful gem with its exposed wood beams, open floor plans, and overall charm and character. We are proud of our contributions to the success of this building and for our role in positioning this wonderful property to attract users long into the future.”
The HFF investment sales team representing the seller included Director David Dokko and real estate analyst Austin White. The HFF finance team that represented the buyer was led by Senior Director Jordan Angel.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About The Swig Company
The Swig Company, LLC is a privately-owned, San Francisco-based real estate operator with an 80 year history of investment, development, partnership and management of commercial real estate properties in major US markets. Founded by Benjamin Swig, The Swig Company is guided by a long-term investment perspective that has proven adept at stewarding investors safely through multiple market cycles. The company’s vertically-integrated operational platform, which includes investment, asset and property management expertise, uses flexibility, generational thinking and a sensitivity to sustainable practices to stay at the forefront of emerging trends in the commercial real estate industry. For more information, visit: swigco.com.
About Bridgeton Holdings
Bridgeton Holdings is a vertically integrated investor, owner, developer and manager of commercial and residential real estate. Bridgeton invests in a range of real estate asset classes, including office, hospitality and residential properties throughout the United States.
Bridgeton currently owns and/or operates over 60 properties, and this is Bridgeton’s fourth acquisition in San Francisco. Bridgeton Holdings is headquartered in New York, with offices in San Francisco, CA and St. Louis, MO. Website – www.bridgeton.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.