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Transbay District Sale Sets New High-Water Mark
Toy Real Estate Investment Company acquired 604 Mission Street, a 26,796-square-foot creative office building in San Francisco for $29 million in a 1031 exchange trade that involved a CMBS loan assumption. The seller of the Transbay District asset was 604 Costa LLC, an affiliate of Market Street Real Estate Partners, LLC.
The transaction represented a new high-water mark for boutique south financial office properties at $1,080-per-square-foot.
HFF’s Thomas Foley says, “We’ve broken the $1,000+ PSF barrier on multiple HFF-led transactions this year with 604 Mission, 500 Pine and 270 Brannan. Investor sentiment for high-quality, irreplaceable real estate in the best market in the country continues to strengthen.”
The 1905-built property was renovated into a modern creative office space while maintaining its historic look and feel with exposed brick walls, high ceilings and floorplates averaging 2,622 square feet. The 10-story, fully-leased property features a penthouse unit and ground floor retail.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition



