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SAN FRANCISCO-CalSmart is partnering with TMG Partners to rehab a 430,000-sf (net rentable) three-building property in San Francisco’s South Financial District. CalSmart, an investment partnership of Rreef and the California Public Employees Retirement System, acquired the vacant former SBC property at Third and Folsom streets in February for $83.8 million.

CalSmart and TMG intend to completely rehabilitate the 1960′s-era buildings including a new building skin, seismic upgrade, all new building systems and a public plaza. The property will be developed to achieve no less than a LEED Silver rating from the US Green Building Council. Skidmore Owings and Merrill is the design architect for the undertaking. Plant Construction is the general contractor and Tipping Mar is the structural engineer.

Located three blocks from Market Street and all major transportation systems, the property holds three buildings built in 1965: a 12-story, class B tower at 680 Folsom with 33,000-sf floor plates, a connected three-story annex building at 50 Hawthorne with 20,000-sf floor plates, and an adjacent two-story warehouse. The two connected buildings have approximately 400,000 sf of net rentable office space; the warehouse totals 29,188 sf. The two connected building feature 15-ft tall ceilings and provide Downtown and Bay views.

TMG principal Michael Covarrubias could not be reached Thursday afternoon for comment. “It’s the first time that this property will be offered to the market as it was only occupied by SBC, the original owner,” says Matt Field, managing partner at TMG Partners, in a prepared statement. “We expect that the large floor plates, fantastic views, state-of-the-art design and the large contiguous block of space will appeal to a wide range of tenants.”

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