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Rubicon Point Acquires PayPal-Leased Townsend Building in SF
Rubicon Point Partners has acquired The Townsend Building, a six-story, transit-oriented, brick and timber building located at 123 Townsend St. in San Francisco’s SoMa district. Although the company did not disclose the purchase price, published reports put it at $73 million, slightly more than half the $140 million CBRE Global Investors paid in July 2020 but nonetheless among the highest per-square-foot prices paid locally in recent years.
The acquisition is part of Rubicon’s strategy to invest in high-quality properties on the West Coast. Rubicon makes investment decisions with proprietary data, analytics and AI applications that measure factors such as traffic and return-to-office metrics to help identify the best opportunities.
“We are optimistic that there are many other potential opportunities to apply this framework in our target markets,” said Ani Vartanian, co-managing Partner of locally based Rubicon. The 137,600-square-foot office property is leased to PayPal through 2028.
- ◦Sale/Acquisition
