SAN FRANCISCO-GlobeSt.com recently reported 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.
According to Cypress Properties Group principal, Jeff Lee, “Buying a value-add building like 644 Broadway is exactly the type of creative real estate investing that we are in the market for.” He adds that the deal is “highly entrepreneurial and it is the type of deal that is typically overlooked by people in our industry.”
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. “We've already spoken with vocational and culinary school operators, restaurant operators, medical office users, event organizers, entertainment companies, a few nonprofits and an executive suite operator as prospective tenants, so we know there is demand from tenants who like 644 Broadway's great location and may have been displaced from other areas of the city by the wave of tech companies growing in every direction from SoMa and now of course the Mid-Market area,” says Glass.
According to Scanlon, “There are very few entire buildings available for lease in San Francisco and companies are excited by the type of neighborhood amenities that 644 Broadway has to offer.”
The location has one of the highest volumes of pedestrian and vehicular traffic in San Francisco, according to a prepared statement. The property offers prominent signage opportunities for primary occupiers, the statement says.
The building is 45-feet tall and can be increased another 65 feet in height with approval of a conditional-use permit. It has extensive commercial kitchen equipment and restaurant improvements on the first, second and third floors. The rooftop deck can be activated for use and offers views of San Francisco.
The seller, Goldman Holdings Inc., 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.
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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.
