SAN FRANCISCO- Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the news, but GlobeSt.com has learned that the Swig Co. has completed the purchase of 901 Battery St., an office building with an accompanying parking structure located at 998 Sansome St. The seller was a partnership that had owned the property for several decades.
While sources close to the deal remain mum, an unidentified industry source tells GlobeSt.com that the 88,668-square-foot building went for around $22 million. Brokers Tony Crossley and Erik Hanson of Colliers International represented the seller in the transaction. HSBC Bank, represented by Mee Mee Kiong and Peter Nelson, provided acquisition financing.
This is the Swig Co.'s second purchase in the North Waterfront market in recent years. Earlier this year, in partnership with Angelo Gordon, the company sold One Beach Street, a property it had acquired in April 2008, as GlobeSt.com reported.
Tomas Schoenberg, director of investments for the firm, says that “The North Waterfront has proven to be a resilient and vibrant submarket for long established media, design and public relations firms, and has lately attracted up-and-coming creative and tech tenants typically associated with the SOMA submarket.” He adds that “This building offers very high volume creative space with great natural light, operable windows and wonderful views—all of which appeal to a broad array of tenants in today's market.”
901 Battery is a four-story plus basement, 88,668-square-foot office building, located in the Jackson Square-North Waterfront submarket. It was constructed in 1927 as a manufacturing and distribution warehouse for the Petri Cigar Co. and was later the home of Manning Bakery. Today it caters to several creative design, media and public relations firms including KMD Architects, Viscira, MediaOne, Fox News and New Deal Design, according to a prepared statement. The building is fully leased.
And in other Swig Co. NorCal news, the firm recently signed a few new leases at 501 Second St. in San Francisco. The leases are: Synapse Product Development LLC, a mechanical, electrical and software engineering service, signed their five-year lease for 13,100-square-foot in December; Buddy Media, a social media enterprise software company, expanded its operations from New York and signed their five-year lease for 11,467 square feet; Jive Software, a social business solution company, expanded from Palo Alto and signed their four-year lease for 6,729 square feet. And earlier in 2012, One Medical Group signed a 10-year lease in August 2012 for 4,772 square feet; and Formation8 Partners LLC signed a five-year lease for 7,016 square feet.
501 Second St. is a seven-story, 207,809-square-foot office building centrally located along the Second Street Corridor.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
