Tech Firm's San Francisco Office Sells For $40M
Thor Equities is betting on tech with its latest acquisition. It just bought tech unicorn Okta’s office in SoMa for $40M from MCM Real Estate Services, more than double what MCM paid for the building.
MCM, a division of Manchester Capital Management, bought the 46,752 SF building at 634 Second St. in 2007 for $16M and spent $8.6M on the building and tenant improvements, according to the San Francisco Business Times. Okta is valued at $1.2B and employs 500 in the Second Street office and its 301 Brannan St. office.
The building includes 1,720 SF of ground-floor retail, which is leased to SAJJ Mediterranean. Current zoning allows for an additional two floors or 23,392 SF to be built atop the structure.
Newmark Cornish & Carey executive managing director Kyle Kovac, managing director Michael Taquino and executive managing director Daniel Cressman repped the seller, and leasing agents senior vice presidents Michael Brown and Bill Benton advised.
