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California  + Bay Area  + Office  | 

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.

604 Mission Credit Vantage Point Photography

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

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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