SAN FRANCISCO- Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the news, but GlobeSt.com has learned that the Swig Co. has completed the purchase of 901 Battery St., an office building with an accompanying parking structure located at 998 Sansome St. The seller was a partnership that had owned the property for several decades.
While sources close to the deal remain mum, an unidentified industry source tells GlobeSt.com that the 88,668-square-foot building went for around $22 million. Brokers Tony Crossley and Erik Hanson of Colliers International represented the seller in the transaction. HSBC Bank, represented by Mee Mee Kiong and Peter Nelson, provided acquisition financing.
This is the Swig Co.’s second purchase in the North Waterfront market in recent years. Earlier this year, in partnership with Angelo Gordon, the company sold One Beach Street, a property it had acquired in April 2008, as GlobeSt.com reported.
Tomas Schoenberg, director of investments for the firm, says that “The North Waterfront has proven to be a resilient and vibrant submarket for long established media, design and public relations firms, and has lately attracted up-and-coming creative and tech tenants typically associated with the SOMA submarket.” He adds that “This building offers very high volume creative space with great natural light, operable windows and wonderful views—all of which appeal to a broad array of tenants in today’s market.”
901 Battery is a four-story plus basement, 88,668-square-foot office building, located in the Jackson Square-North Waterfront submarket. It was constructed in 1927 as a manufacturing and distribution warehouse for the Petri Cigar Co. and was later the home of Manning Bakery. Today it caters to several creative design, media and public relations firms including KMD Architects, Viscira, MediaOne, Fox News and New Deal Design, according to a prepared statement. The building is fully leased.
And in other Swig Co. NorCal news, the firm recently signed a few new leases at 501 Second St. in San Francisco. The leases are: Synapse Product Development LLC, a mechanical, electrical and software engineering service, signed their five-year lease for 13,100-square-foot in December; Buddy Media, a social media enterprise software company, expanded its operations from New York and signed their five-year lease for 11,467 square feet; Jive Software, a social business solution company, expanded from Palo Alto and signed their four-year lease for 6,729 square feet. And earlier in 2012, One Medical Group signed a 10-year lease in August 2012 for 4,772 square feet; and Formation8 Partners LLC signed a five-year lease for 7,016 square feet.
501 Second St. is a seven-story, 207,809-square-foot office building centrally located along the Second Street Corridor.