Search
 

Swig Co. Picks Up SOMA Office Building

SAN FRANCISCO-The locally based private real estate company acquires a seven-story 208,000-sf office building on the Second Street Corridor between Interstate 80 and SBC Park.

By Brian K. Miller | Updated on October 31, 2005

SAN FRANCISCO-The Swig Co. has acquired 501 Second St., a seven-story warehouse-turned-class B office building on Second Street near Interstate 80 and SBC Park. The 207,809-sf building is 95% leased.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.