CBRE Global Investors Acquires Historic San Francisco Building
- Jul 14, 2020
A fund sponsored by CBRE Global Investors has acquired a 137,625-square-foot historic office building in San Francisco from Manchester Capital Management. The sale price was $140 million, according to San Francisco Business Times.
The six-story property underwent a full renovation in 2000, which included seismic structural upgrades, a new roof and the addition of elevators and skylights. Common-area amenities include a fitness center, bike storage and rooftop deck. The buyer plans to pursue ENERGY STAR and LEED certifications.
The historic brick-and-timber property was built in 1903 and was one of the few buildings to survive the San Francisco earthquake of 1906, which destroyed some 28,000 buildings and killed more than 3,000 residents.
Located at 123 Townsend St., within the SoMa neighborhood, the asset is just off Interstate 80. The surrounding area has several public transportation options, including the Caltrain, which connects San Francisco and Silicon Valley, the MUNI metro rail and BART, which services the city and the East Bay.
In April, CBRE Global Investors purchased a warehouse distribution center in Copenhagen, on behalf of a separate account client. Worldwide Flight Services Denmark traded the asset in a sale-leaseback deal.