Bridgeton Holdings Acquires SoMa Office
Bridgeton Holdings bought 945 Bryant St. for $27M ($647/SF) in an off-market transaction. The South of Market 42K SF office building is leased to creative/technology tenants. This is Bridgeton’s fifth San Francisco acquisition and its second for 2017. Bridgeton also sold the Pioneer Building in July for double what it paid for in 2014.
“Bridgeton is confident that SoMa will continue attracting nationally recognized firms furthering the district’s historic growth,” Bridgeton Holdings CEO Atit Jariwala said.
The building has 15-foot ceilings, natural light and provides ample parking and a private deck on the third floor, according to Jariwala.
“The immediate area around 945 Bryant is ripe for transformation and experiencing exceptional growth,” Bridgeton Holding Managing Director Akash Sharma said.
Airbnb’s headquarters is adjacent to 945 Bryant and Pinterest is one block away, according to Sharma. Over 400 luxury residential units also were recently delivered on Brannan and several hundred more units are expected.
Newmark Knight Frank Capital Markets Executive Managing Directors Kyle Kovac, Michael Taquino and Daniel Cressman and Associate Director Mandy Lee facilitated the off-market transaction. Bridgeton secured financing with Silverpeak Argentic.
With the 945 Bryant transaction, NKF's Kovac, Taquino and Cressman represent 40% of the active or closed listings for 2017 in the San Francisco office investment sales market in the range of $25M to $150M.
According to NKF, San Francisco continues to be a top-performing leasing and investment market in the U.S., driven by more than 6M SF of tenant demand, which includes many venture capital-backed technology companies. Average Class-A rents are $74/SF and vacancy remains steady at 6.1%.
