Brick and Timber Acquires San Francisco Office Property
- Apr 26, 2018
Brick and Timber Collective has secured $26.2 million financing for its acquisition and repositioning of 55 Green, a Class A office building in San Francisco‘s North Waterfront submarket. NKF Capital Markets arranged the financing through PCCP on behalf of the buyer, as well as represented the seller, Triton International, in the transaction. Prior to this sale, Triton owned and operated the asset for more than 20 years.
Located at 55 Green St., the property comprises 54,414 square feet across five stories. Constructed in 1984, the building features views of San Francisco Bay, 17 secured parking spots in the basement garage and is within close proximity to several transportation methods including the MUNI light rail, BART, San Francisco Bay Ferry, MUNI bus lines and Golden Gate Transit. The asset is currently vacant.
NKF Capital Markets’ Executive Managing Directors Michael Taquino, Kyle Kovac and Daniel Cressman represented the seller in the transaction. Senior Managing Director Chris Moritz and Vice Chairman Ramsey Daya arranged the financing.
“Given the quality of the asset and extensive experience of our client in the submarket, the debt markets showed a strong interest in this opportunity. PCCP demonstrated a real understanding of the submarket and all of the drivers of tenant demand, and our NKF Capital Markets team is pleased to have successfully closed on this transaction with them on behalf of Brick and Timber,” said Moritz, in a prepared statement. “55 Green presents a rare opportunity to reposition a high-quality, Bay-facing asset in one of the fastest growing submarkets in San Francisco.”
Image courtesy of NKF Capital Markets