Bridgeton and STARS REI Plan to Reimagine 260 Townsend

A seven-story creative office building at 260 Townsend St. in San Francisco recently sold to a joint venture between Bridgeton and STARS REI for an undisclosed price. The 73,000-square-foot property has more than 375 feet of frontage along Townsend and Lusk streets in the SoMa neighborhood.

“We have had tremendous success in San Francisco and continue to have firm conviction in the long-term performance of this market,” said Akash Sharma, CIO of Bridgeton. “This is our seventh investment in this market and we are delighted to partner with STARS REI in reimagining this asset. We plan to make recognizable upgrades to the exterior and to the lobby in the near term to capitalize on an uptick in demand as people return to work.”

The property is currently 80 percent leased to a diverse tenant base with long-term leases including Battery Ventures and Swinerton. Located one-half block from the 4th Street Caltrain station and new Central subway line, 260 Townsend also benefits from proximity to restaurants and amenities including Oracle Park.

“Despite the disturbances from COVID-19, we maintain our positive long-term view on the Bay Area´s fundamentals and on its unique creative ecosystem,” said Felipe Bertoni, vice president of STARS. “This is especially true for assets like 260 Townsend, which offers quality space and excellent connectivity in a micro-location that should continue to benefit from a further revival.”

Mike Taquino, Kyle Kovac and Giancarlo Sangiacomo of CBRE’s San Francisco office represented the undisclosed seller in the transaction.