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Boston Rumored To Pay $340M For SoMa Properties

SAN FRANCISCO-The REIT purchases the office buildings at 680 Folsom St. and 50 Hawthorne St. at the corner of 690 Folsom St. from a TMG Partners JV.

By Carrie Rossenfeld | Updated on August 30, 2012

SAN FRANCISCO-TMG Partners and Rockwood Capital have sold two office buildings in the SoMa submarket to Boston Properties, a self-managed and self-administered REIT, for what industry sources unrelated to the deal say is rumored to be $340 million. The properties are located at 680 Folsom St. and 50 Hawthorne St. at the corner of 690 Folsom. Tony Natsis of Allen Matkins Leck Gamble Mallory & Natsis provided the legal counsel to Boston Properties for the transaction.

TMG will continue as development manager for the 680 Folsom Street and 50 Hawthorne St. properties and will be responsible for managing ongoing construction at both locations. When major construction is complete, anchor tenants Riverbed Technology Inc. and Macy’s.com will occupy the majority of 680 Folsom. Macy’s will occupy 242,753 square feet in the top seven floors beginning January 2014 on a 15-year lease, while Riverbed will occupy 202,467 square feet on six floors on a 10-year lease.

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