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650 Townsend St. Changes Hands for $131M-Plus

SAN FRANCISCO-The new owner plans improve access to and through the low-rise, 672,000-sf office building, which is 50% vacant.

By Brian K. Miller | Updated on September 07, 2006

SAN FRANCISCO-Locally based TMG Partners has acquired 650 Townsend St. for slightly less than $200 per sf, according to local industry sources. The low-rise, 672,000-sf office property in the South of Market area is 50% leased.

Located South of Market between Seventh and Eighth streets, 650 Townsend is one of the nicer office buildings in the SOMA area. The largest tenant is Sega of America, which leases 160,000 sf. The newest tenant is Twin Capital Mortgage, which leased about 17,000 sf in June. Other tenants include Nokia and Harmonics Communications Corp. The building has on-site rooftop parking.

TMG Partners chief executive Michael Covarrubias tells GlobeSt.com that the first order of business will be to cut in another entrance and add a new bank of elevators to improve access to and through the massive building. The plans also include activating the now quiet atrium area with a coffee shop and maybe a fitness center.

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