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Swig Co. Adds 115 Sansome to Portfolio

SAN FRANCISCO-For a price believed to be just north of $30 million, the locally based private company acquires the 128,838-sf financial district office building that is well leased for the near term.

By Brian K. Miller | Updated on October 08, 2006

SAN FRANCISCO-The Swig Co. has added 115 Sansome to its portfolio for just north of $30 million, local industry sources tell GlobeSt.com. The historic, 128,838-sf financial district office building at Bush and Sansome streets is 95% leased but has substantial near-term rollover. The seller was an affiliate of Prudential Insurance Co.

Jeanne Myerson, CEO of the locally based buyer, says the 14-story building will provide expansion options for tenants in its other office buildings. Indeed, almost the entire building will need to be released over the course of the next three years. Nearly half of the building (59,000 sf) is controlled by the NYSE under a master lease that expires in 2009.

The first 10 floors of the North Financial District building were constructed in 1912 as the headquarters for Standard Oil. The next three floors were constructed a few years later. The 14th floor and the roof-deck surrounded 15th-floor penthouse were added in 1945. The building sits on a 9,200-sf lot and most floors have 9,000-sf floor plates.

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