NGKF Arranges Sale of 634 Second Street in San Francisco to Thor Equities for $40MM

NGKF Capital Markets, Newmark Cornish & Carey, San Francisco, MCM Real Estate Services, Manchester Capital Management, 634 Second Street, Thor Equities, Okta, Silicon Valley, Oakland

NGKF Capital Markets Completes Sale of 634 Second Street to Thor Equities

San Francisco, CA — Newmark Cornish & Carey is pleased to announce that its San Francisco NGKF Capital Markets team has advised MCM Real Estate Services, part of Manchester Capital Management, LLC, in the disposition of 634 Second Street in San Francisco to New York-based developer Thor Equities for $40 million. The property has benefitted from a significant recent capital expenditure program which includes full building upgrades and modern, creative tenant finishes showcasing its large floor plates and abundant natural light. The property is fully leased to Okta, a leading provider of identity for the enterprise.

NGKF Capital Markets’ Executive Managing Directors Kyle Kovac, Michael Taquino and Daniel Cressman advised MCM in the property’s disposition and were joined by Newmark Cornish & Carey’s Executive Managing Directors Michael Brown and Bill Benton who also represented MCM in the successful lease-up of the property.

MCM acquired 634 Second Street in 2007 and completed significant base building renovations and state-of-the-art improvements in anticipation of Okta’s tenancy. This sale represents MCM’s second San Francisco property to trade hands in the past two weeks, following the recent sale of 200 California Street to a private family trust, also handled by NGKF Capital Markets.

Thor Equities has invested heavily in the San Francisco, Silicon Valley and Oakland markets over the past year. Notably, Thor Equities sold the historic Phelan Building at 760 Market Street in San Francisco last year for $374 million.

“Ideally positioned on the Second Street Corridor of San Francisco’s South of Market Area, 634 Second Street lies within the most innovative and mature technology submarket in the country,” said Kovac. “The creative property is proximate to the best and most diverse amenity base in the city — and is just one-and-a-half blocks from AT&T Park.”

The sale marks the third significant investment transaction this year for Kovac, Taquino, and Cressman who have closed in excess of $200 million worth of product in San Francisco in 2017 including 634 Second Street, 200 California Street and the San Francisco Tennis Club.

As part of the transaction, Thor also engaged Newmark Grubb Knight Frank to both secure its acquisition financing and begin the property management of the asset moving forward.

About Thor Equities
Thor Equities is a leader in the development, leasing and management of commercial, residential, retail, hotel and mixed-use assets in premier urban locations worldwide. The company maximizes returns for investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. Thor Equities is also the exclusive representative of global retailers through Thor Retail Advisors, a premier leasing agent for marquee properties worldwide. For more information, visit

About MCM Real Estate Services
MCM Real Estate Services was established by Manchester Capital Management in 2003 to act exclusively as a real estate acquisition, development, and management service for Ultra-High Net Worth clients. The group acquires and manages, on behalf of Ultra-High Net Worth clients, institutional-grade real estate assets, working to align a client family’s long-term investment objectives and possible desire to own multi-generational legacy assets. For further information on MCM, visit

About Newmark Cornish & Carey
A dominant regional real estate force since 1935, Newmark Cornish & Carey has an expansive reach as part of Newmark Grubb Knight Frank, one of the world’s leading commercial real estate advisory firms. Regionally, Newmark Cornish & Carey has more than 280 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit

About Newmark Grubb Knight Frank
Newmark Grubb Knight
Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.

With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’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; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit

NGKF 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

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