The class B building was originally a four-story Del Monte warehouse built in 1925. It was renovated, seismically upgraded and expanded to its current size in 1985. The property comes with parking for 141 vehicles via one level of underground parking, additional off-street parking and valet services. Swig will manage the building on its own.
The seller was a partnership of GEM Realty Capital and SKS Investments. Secured Capital had the disposition assignment. The sale price was not immediately available Monday morning. SKS reportedly acquired the building in 2000 for about $55 million, which was considered a top-of-the-market price. SKS acquired the building from a joint venture of Douglas Rosenberg and Lone Star Opportunity Fund, which reportedly paid $28 million for the building in 1997.
The current tenancy includes International Data Group, a technology media company on a long-term lease, and Time Warner. Together, the two lease more than half of the building. Swig will self-manage the building.
Swig Co. chief executive Jeanne Myerson says the building has good bones, loyal tenants and is located in the path of growth. "[It] is right in the middle of the positive transformation currently under way in San Francisco--the Mission Bay development, MUNI's Extension into Chinatown, the redevelopment of the Trans Bay terminal and Rincon Hill," she says.
The Swig Co. has purchased, sold or refinanced several properties in the past year, many in partnership with institutional investors, for total activity of more than $1 billion. The company's most recent purchase, in partnership with GMAC Institutional Advisors, was Kaiser Center, a one-million-sf Oakland asset in the Mid-town area adjacent to Lake Merritt. Swig paid $190 million for the property and, a couple of months later, sold its interest in the Chicago Fairmont Hotel for $155 million.
The company's portfolio includes over eight million sf of office buildings in markets such as New York, San Francisco and Southern California. The company also owns and controls over 1,600 full-service luxury hotel rooms, approximately 650,000 sf of industrial space, and an assortment of leased properties and land parcels. Its target markets include urban coastal Northern and Southern California, New York City and Washington, DC.
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