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TMG Closes on Hawthorne Plaza Buildings for $127M

SAN FRANCISCO-The locally based developer acquires the two-building, 418,668-sf office complex from G REIT, which acquired the property in early 2004 for $97 million. Vacancy is in the high single digits.

By Brian K. Miller | Updated on September 14, 2006

SAN FRANCISCO-Locally based developer TMG Partners on Thursday closed on its $127-million acquisition of the 75 and 95 Hawthorne Plaza office buildings here from G REIT. Santa Ana-based G REIT acquired the building in early 2004 for $97 million.

The 418,668-sf complex located South of Market is anchored by multiple federal government agencies. The larger property, 75 Hawthorne, holds 334,400 sf in 20 stories. It was built in 1987 and is 92% occupied. The other property, 95 Hawthorne, is a five-story building constructed in 1910 (renovated 1990). It has 84,200 sf of rentable space that is fully occupied.

Tenants in the buildings include the Environmental Protection Agency, the Health Care Financial Administration and the US Department of Agriculture. The EPA leases 259,000 sf in the complex through September 2009; its annual rent at the end of 2005 was $7.12 million ($27.50 per sf), according to SEC filings. The total annual rental income from the complex was $10.76 million ($28.49 per sf) at the end of 2005, according to SEC filings.

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