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A joint venture of Turnbridge Equities, a New York City-based, privately held full-service real estate investment and development firm, and Harbor Group International, purchased the 540,103-square-foot property from PNY Technologies.
Real estate investors use 1031s or like-kind exchange strategies to maintain strong portfolios, apply more capital towards current real estate opportunities and maximize tax savings.
Toyota, Liberty Mutual and JP Morgan Chase have recently relocated major operations to the Legacy area and are expected to generate more than 20,000 jobs with a projected economic impact of $11 billion.
Currently, San Francisco tenant demand of 7.6 million square feet outpaces availability at 7.4 million square feet, mainly in the large user category, and absorption should remain strong for the remainder of the year.