SAN FRANCISCO—According to Newmark Knight Frank, San Francisco continues to be a top-performing US leasing and investment market, driven by more than 6 million square feet of tenant demand which includes many venture capital-backed technology companies. Average class-A office rents stand at $74 per square foot and vacancy remains steady at 6.1%.
In line with that intense demand, Bridgeton Holdings recently acquired 945 Bryant St. for $27 million or $647 per square foot through an off-market transaction. The property is a 41,745-square-foot office building located in SOMA leased to creative/technology tenants.
This marks Bridgeton's fifth acquisition in San Francisco and the second for 2017. Its most recent Bay Area acquisition prior to Bryant Street was 555 De Haro St. In July, Bridgeton sold the Pioneer Building for double what it paid in 2014. Bridgeton currently owns and/or operates more than 60 properties.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
