Newly constructed 7-story Class A building located in SoMa Neighborhood
SAN FRANCISCO, Calif. – February 8, 2023 – Cushman & Wakefield announced the firm has represented Taipei Economic and Cultural Office (TECO) in its acquisition of a brand new Class A office building totaling 56,000 square feet in San Francisco’s South of Market (SoMa) neighborhood. The seven-story building is located at 345 4th St and was completed in 2022.
TECO purchased the property for $52.8 million (around $943 per square foot) and will occupy the entire building. TECO is relocating from a nearby address in the city at 555 Montgomery St that currently houses its San Francisco office. TECO in San Francisco is one of thirteen representative offices for the Republic of China on Taiwan in the United States.
TECO’s new San Francisco office will include its Consular Division, Education Division, Economic Division, Tourism Division, Immigration Division and OCAC Culture Center in San Francisco.
Tenny Tsai, Tom Christian and Andrew Hsu with Cushman & Wakefield in collaboration with Danny Yu of SV Commercial Property Brokerage, Inc. represented TECO in the sale. Barry Bram of Brookwood Starboard represented the seller, 4th & Harrison SF, LLC (Ed. note: an entity associated with Newport Beach, Calif.-based T2 Hospitality), in the transaction. The building was designed by Stanton Architecture.
“We are very honored to have been selected to represent Taipei Economic and Cultural Office in acquiring this brand-new state-of-the-art building that will serve as its new office location in the San Francisco community,” said Senior Managing Director Tenny Tsai.
345 4th Street provides ample street frontage and features outdoor space dispersed between a grade level passageway, office-level balconies, and a roof terrace that allows for dramatic views of the downtown skyline. The project’s sustainable features include exterior sunshades, a photovoltaic canopy, and a vegetated roof.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services.