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Bridgeton Holdings has acquired 945 Bryant Street for $27 million or $647 per square foot through an off-market transaction. The property is a 41,745-square-foot office building located in the heart of San Francisco’s SOMA district and is leased to creative/technology tenants. This marks Bridgeton’s fifth acquisition in San Francisco and second for 2017. In July, Bridgeton sold the Pioneer Building for double what it paid in 2014.
“Bridgeton continues to seek deep value-add office properties in the Bay Area. 945 Bryant is a fantastic addition to our holdings. The open floor plates, 15-foot ceilings and significant natural light are well-suited for creative and technology tenants. The building also features unique characteristics including ample parking and a private deck on the third floor. Bridgeton is confident that SOMA will continue attracting nationally-recognized firms furthering the district’s historic growth.” said Atit Jariwala, CEO of Bridgeton Holdings.
Newmark’s (Newmark) Capital Markets Executive Managing Directors Kyle Kovac, Michael Taquino and Daniel Cressman along with Associate Director Mandy Lee facilitated the off-market transaction. Bridgeton secured financing with Silverpeak Argentic.
“Bridgeton recognized an excellent opportunity to acquire a well-located cash flowing asset in San Francisco, a market in which there is very little product available for sale,” noted Kovac.
“The immediate area around 945 Bryant is ripe for transformation and experiencing exceptional growth. Airbnb’s headquarters is adjacent to 945 Bryant and Pinterest is located just one block away” said Bridgeton Holdings’ Managing Director in San Francisco, Akash Sharma. “Additionally, more than 400 luxury residential units were recently delivered across the street on Brannan and several hundred more are expected.”
With the 945 Bryant transaction, Newmark’s Kovac, Taquino, and Cressman represent 40 percent of the active or closed listings for 2017 in the San Francisco office investment sales market in the range of $25 million to $150 million.
According to Newmark, San Francisco continues to be a top-performing leasing and investment market in the US, driven by more than 6 million square feet of tenant demand which includes many venture capital-backed technology companies. Average class A rents stand at $74 per square foot and vacancy remains steady at 6.1%.
About Bridgeton Holdings LLC
Bridgeton Holdings is a vertically integrated investor, owner, developer and manager of commercial and residential real estate. Bridgeton invests in a range of real estate asset classes, including office, hospitality and residential properties throughout the United States.
Bridgeton currently owns and/or operates over 60 properties, including four properties in San Francisco. Its most recent acquisition in the Bay Area was 555 DeHaro Street. Bridgeton Holdings is headquartered in New York, with offices in San Francisco, CA and St. Louis, MO. Website - www.bridgeton.com.
About Newmark
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’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, valuation and advisory 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 www.ngkf.com.
Newmark 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 www.bgcpartners.com.