76,453 Square Foot Office Building Underwent Rehab and Re-tenanting in SOMA’s Showplace Square
SAN FRANCISCO (Aug. 27, 2012) – In a joint venture, TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, and Farallon Capital Management, LLC, global investment firm that manages capital on behalf of institutions and individuals, announced today the sale of 208 Utah Street, a 76,453 square foot office building in San Francisco’s South of Market (SOMA) to 208 Utah Associates LLC.
“The building is a well-positioned asset in the thriving SOMA market,” said TMG Partners chairman and CEO Michael Covarrubias. “Both TMG and Farallon are pleased to have improved the property by reprising much of the original historic integrity while updating the building’s systems and technology to support cutting-edge media tenants.”
TMG and Farallon purchased the four-story building located in Potrero Hill/Showplace Square in 2010 and immediately went to work on securing new tenants for the building such as Metaswitch Networks and Warner Bros. Renovations of this classic “brick and timber” building included improvements to the lobby and common areas as well as sandblasting and opening up tenants suites to take full advantage of the building’s interior spaces.
Daniel Cressman, Mike Taquino and Kyle Kovac of Newmark Knight Frank Cornish & Carey Commercial Capital Group represented the seller in the transaction.
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 18 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Novato, Palo Alto, San Bruno, San Jose and San Francisco. One of the most active developers in this area in the last decade, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For detailed information, visit www.tmgpartners.com.
Farallon Capital Management, L.L.C. was founded in March 1986 by Thomas F. Steyer. Farallon is based in San Francisco, California, and is a registered investment adviser with the U.S. Securities and Exchange Commission. The firm manages equity capital for institutions and high net worth individuals. More information regarding Farallon may be found at www.faralloncapital.com.