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PCCP Snags Potrero Hill Asset for $120M

PCCP, LLC acquired a four-story, 138,393-square-foot, Class A office building in San Francisco from Lincoln Property Company for $120 million. The 100% occupied multi-tenant property at 350 Rhode Island St. is within the Potrero Hill neighborhood and the Showplace Square office submarket.

PCCP’s Dorian Farhang says, “350 Rhode Island presented a compelling opportunity to participate in San Francisco’s robust and technology-centered office market, and do so with an attractive current yield and at a basis below today’s replacement cost.” He notes the property “is a quality creative office building, with large floor plates and above-market parking that will support the asset’s long-term relevance within the leasing market.”

The property features 35,000-square-foot floor plates and a modern, distinctive architectural design. Constructed in 2001, 350 Rhode Island was completed as two interconnected, four story office buildings over three levels of subterranean parking. The buildings are now under separate ownership.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition