Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO-A low-rise, 73,755-sf office building built here in 1912 has changed hands for $16.8 million, or about $228 per sf. The four-story brick-and-timber building is located at 410 Townsend St. in the South of Market area.

The property was last renovated in 1999 and is 100% leased. Tenants include Wells Fargo, Sony and Avenue A/Razorfish.

PMI Properties of Beverly Hills is the new owner. The seller was Rosenberg SOMA Investments. Tony Crossley and Frank Wheeler of Colliers International had the disposition assignment. Neither Wheeler nor PMI Properties could be reached Monday afternoon for comment on who the largest tenants are and when their leases are set to expire.

In September, 650 Townsend St., a low-rise, 672,000-sf office property that was 50% leased, changed hands for just under $200 per sf. Tenants include Sega of America, Nokia, Harmonics Communications Corp. and Twin Capital Mortgage. A significant renovation is planned.

Michael Covarrubias, chief executive of the new owner, TMG Partners of San Francisco, told GlobeSt.com at that time that the area around the building is changing rapidly. “We recognize the property’s potential as this area continues to improve with new buildings, businesses and services cropping up all around this core of SOMA,” Covarrubias said. “We foresee offering tenants an efficient lower-cost option as rates are now rising and vacancies are tightening.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.