(EDITOR’S NOTE: According to sources with knowledge of the transaction, the property sold for approximately $15 million.)
San Francisco, CA (December 21, 2017) — NKF Capital Markets has completed the sale of 401 Washington Street, a seven-story office building located in Downtown San Francisco’s North Financial District. Located at the corner of Washington and Battery streets, the property is fully occupied.
NKF Capital Markets Executive Managing Directors Kyle Kovac, Michael Taquino, Daniel Cressman and Associate Director Mandy Lee represented the Los Angeles based seller PMI Properties. Century | Urban, a real estate investment and advisory firm with $250 million of assets under management, acquired the property on behalf of a private client. “The combination of strong in-place income, prominent identity, and a quality, well-maintained building, adjacent to transit, in one of the most desirable submarkets in San Francisco, makes the acquisition a highly attractive investment opportunity” said Bryant Sparkman, Principal at Century | Urban.
This year-end transaction solidifies the NKF team of Kovac, Taquino and Cressman as having sold more San Francisco office buildings during 2017 than any other brokerage firm. “401 Washington Street is one of the few corner boutique office buildings in the North Financial District,” said Kovac. “Its strong curb appeal with floor-to-ceiling windows, combined with a historical occupancy of 98 percent during PMI’s hold period, present a highly attractive cash-flowing investment opportunity.”
NKF Capital Markets Managing Director Chris Moritz of the debt and structured finance team in the San Francisco office executed the financing on behalf of the buyer, Century | Urban. The loan was placed with Sun Life Assurance Company of Canada.
The North Financial District is one of San Francisco’s most desirable and recognized addresses, boasting a number of landmark buildings including the Embarcadero Center, the historic Ferry Building, and the iconic Transamerica Pyramid—a prominent focal point of the San Francisco skyline. 401 Washington Street is centrally located, just blocks from these landmark locations and benefits from the numerous and wide-range of nearby amenities which include over a hundred highly acclaimed restaurants, cafes, and bars that are among San Francisco’s best.
PMI is a thirty-year old commercial property investment and management company headquartered in Beverly Hills, CA. Starting in the 1990’s, PMI was one of the first in the creative office sector, by converting warehouse industrial facilities into flex creative space prior to the internet boom, and really honing in on the specific collaborative space needs for entertainment, tech and creative type companies. Starting in 2005, PMI turned its attention to creative office in San Francisco by investing and renovating old industrial buildings into open plan layouts, catering to tech startups including the likes of—Twitter, Yammer, Eventbrite, Zendesk and Scribd.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF’s strong foundation makes it one of the most trusted names in commercial real estate. NKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its NKF Capital Markets brand. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.