Thor Equities Acquires $40M SoMa Office Asset
- Feb 21, 2017
San Francisco—Thor Equities recently announced that it has closed the acquisition of 634 Second St., a 46,750-square-foot office building situated in the SoMa neighborhood of San Francisco. The property was bought for $40 million from MCM Real Estate Services, a subsidiary of Manchester Capital Management LLC.
The seller was represented by Kyle Kovac, Michael Taquino and Daniel Cressman, executive managing directors of NGKF Capital Markets, and by Newmark Cornish & Carey’s Executive Managing Directors Michael Brown and Bill Benton, who also represented MCM in the lease-up of the property. As part of the transaction, Thor Equities engaged NGKF to both secure the acquisition financing and handle property management of the asset moving forward.
Situated in the SoMa area of San Francisco, 634 Second St. was built in 1927 as the Crane Co. Warehouse building. The property has been fully upgraded with large floor plates, high ceilings, new elevators, indoor bicycle storage and a private rooftop deck, but has also maintained original design elements. The three-story building includes more than 45,000 square feet of office space, fully leased to Okta, a cloud computing company. and approximately 1,720 square feet of ground-floor retail leased to Sajj Mediterranean.
Located between Brannan and Townsend streets, two blocks from AT&T Park and in close proximity to the 2nd Street Caltrain station, as well as interstates 80 and 280, the asset provides convenient access to other regions. The corporate headquarters of numerous technology firms, including Dropbox, GitHub and Lyft, are located nearby, as well as a plethora of dining options.
“We continue to believe strongly in the real estate market in San Francisco, and 634 Second Street presented us with an ideal opportunity to own a prime property in SoMa, the most in-demand office submarket in the city,” said Joseph Sitt, CEO of Thor Equities, in a prepared statement.
Image courtesy of Thor Equities