(EDITOR’S NOTE: The Registry reported on December 9, 2015 that the sale of this building was in contract for around $70 million or $665 per square foot.)
San Francisco, CA (April 18, 2016) – The Swig Company has completed the sale of 274 Brannan Street, a 105,800 square foot, six-story office and telecom building in San Francisco’s SoMa district. The buyer was Los Angeles-based CIM Group.
The Swig Company has owned the building since 2007 and during its ownership instituted key improvements to make the asset more appealing to institutional ownership. In addition to common area renovations and reconfiguration of some tenant spaces to make the building more efficient, The Swig Company converted and master- leased underutilized basement space as a ‘Meet-Me’ room – a facility within a colocation or data center where telecommunications providers can physically connect to each others services without incurring local loop fees — thereby adding value to the property. The company also re-positioned the top two floors of the building so that they can be marketed as “creative office” by future owners, if desired.
“274 Brannan has been an excellent property to own over the last nine or so years and, in addition to adding real value to the property through our hands-on asset and property management approach, we believe we have created a great asset for the next phase of ownership,” said Connor Kidd, The Swig Company.
Michel Seifer, Robert Hielscher and Erik Hanson of JLL Capital Markets represented The Swig Company in the sale of 274 Brannan. Anthony Ratner at Farella Braun and Martel acted as legal counsel to the seller.
The Swig Company continues to own and operate a number of properties in San Francisco including 220 Montgomery, 633 Folsom, 369 Pine, 501 Second Street and 901 Battery. It also owns an interest in the Russ Building (235 Montgomery). The company owns other Bay Area properties including the almost one million square foot Kaiser Center mixed-use complex in Oakland’s Uptown-Lake Merritt as well as buildings in Los Angeles, New York and Mountain View.
About The Swig Company
The Swig Company, LLC is a privately-owned, San Francisco-based real estate operator with a 75+ 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: www.swigco.com.