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Zurich Affiliate Acquires San Francisco Offices with Leasing Upside
Cushman & Wakefield has arranged the sale of 410 Townsend, a historic 78,455-square-foot office building in downtown San Francisco. An affiliate of Zurich Alternative Asset Management purchased the building for $47.4 million from New York Life Real Estate Investors and Bridgeton Holdings. Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets Team led the transaction.
“410 Townsend is a compelling example of San Francisco’s rapid rebound and the opportunity to capitalize on the market’s strengthening fundamentals; this is the first ‘round trip’ for a San Francisco office building,” said Siegel. “Transactions like this demonstrate that investors are taking a closer look at San Francisco assets where the right combination of location, quality and basis can create meaningful opportunities.”
Built in 1912, 410 Townsend features exposed brick and heavy timber construction while offering a range of modern amenities and flexible office layouts. With its current 65% occupancy, the property provides significant potential for additional leasing and value creation.
- ◦Sale/Acquisition
