SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that one of the investment entities of Cypress Properties Group has acquired a vacant 42,500-square-foot office building that includes a 437-seat theater at 644 Broadway in San Francisco. The seller was Goldman Holdings Inc. and was represented by Pius Lee of California Realty & Land Inc.
Senior director Kelly Glass and associate director David Scanlon with Cushman & Wakefield assisted Cypress Properties during the $8.5-million acquisition and they have been retained to market the building and manage leasing. Glass is an office specialist while Scanlon specializes in retail brokerage services.
Cypress Properties Group principal Chris Wight, says that the building is relatively new, and is located “at the confluence of some of the most dynamic submarkets in San Francisco. We made this investment because we believe this unique property offers the kind of creative space demanded by today's diverse tenant market.” Wight adds that the $200 per-square-foot purchase price will also help keep rents attractive and competitive for such quality space in a great location.
644 Broadway is near Columbus Avenue on the edge of Chinatown, borders the North Beach neighborhood and is near Jackson Square and the North Waterfront submarkets of San Francisco. The building is four stories with floorplates of approximately 9,000 square feet. It was previously occupied by Gold Mountain Restaurant, which took the first three floors and was considered to be one of the largest dim sum restaurants in the US The restaurant was shuttered about 18 months ago.
The sellers owned the property for 20 years, managed the restaurant and wanted to retire, according to Wight. The building site was originally a movie theater starting circa 1906 in North Beach. The old structure was torn down in 1982 and the existing building re-opened in 1984 with a smaller theater. The reinforced concrete and steel building is well designed and features many of today's seismic standards for commercial buildings, according to a prepared statement.
The new ownership plans to improve the façade, add additional windows, upgrade the infrastructure and be prepared to do tenant improvements based on the types of tenants that ultimately lease the space.
Check back with GlobeSt.com for more details behind the deal.
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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.
