The real estate operating company makes their first Mid-Market purchase
(EDITOR’S NOTE: As The Registry had reported on April 5th, 2018, San Francisco-based Swift Real Estate Partners has been awarded a contract to acquire the 1390 Market office building in San Francisco for $110 million, according to sources familiar with the sale of the property.)
San Francisco, Calif. (May 18th, 2018) — Swift Real Estate Partners (“Swift”) acquires 1390 Market Street, formerly Fox Plaza, a Mid-Market asset located in San Francisco, California. This is Swift’s first foray into San Francisco’s Mid-Market district.
Swift is acquiring the first twelve floors of the twenty-nine-floor building. Essex Property Trust will remain owners of the residential and retail portions of the asset, while Swift is purchasing the condominium interest in the office, which also includes ground floor retail. Swift purchased 1390 Market from Broadreach Capital Partners who was represented by Michael Leggett, Gerry Rohm, David Dokko, Benn Bullock, and Thomas Foley at HFF.
The 220,000 square foot office asset is home to Twitter, Arista Networks and several branch offices of the City of San Francisco. The LEED-Gold asset is currently 89% leased and is undergoing a voluntary seismic upgrade that will be complete early next year. Swift plans to further improve the building by renovating the asset’s lobby, common areas and enhancing the building’s exterior. This transit-oriented asset is two blocks from the Civic Center BART/Muni Station in San Francisco’s technology hub.
“We are pleased with the acquisition of 1390 Market Street and are excited to expand our presence in San Francisco. We believe 1390 Market has the potential to be Mid-Market’s premiere multi-tenant destination appealing to a wide array of tenants, including those in government and tech,” said Tommy Christman, the Asset Manager of the acquisition. Swift has engaged J.D. Lumpkin, Dave Young, Sam Wasserstein and Susie Hall from Cushman and Wakefield to handle the office and retail leasing. “We are thrilled to partner with Swift on such an exciting asset and look forward to participating in the building’s transformation,” said J.D. Lumpkin, Executive Managing Director at Cushman & Wakefield.
About Swift Real Estate Partners
Headquartered in San Francisco, Swift Real Estate Partners (“Swift”) is a vertically integrated real estate investment firm which seeks to generate attractive risk-adjusted returns for its investors. Swift acquires and repositions office and industrial assets in select West Coast markets, identifying unique opportunities and executing well-defined business plans while providing real-time, day-to-day oversight for each investment. Since inception, Swift has owned and operated real estate valued in excess of $3 billion across more than 8 million square feet. Swift’s professionals bring experience encompassing all aspects of real estate investment and management, including acquisition, financing, leasing, disposition, construction management, property management and creative and marketing services. Swift was founded in 2010 by Christopher Peatross.