San Francisco Office Sub-Market All A-Twitter
Wall Street Journal reports: After Twitter Inc decided in April to move its corporate headquarters to 1355 Market St, an office tower on a gritty six-block stretch of San Francisco’s Market Street that borders the southern line of the city’s Tenderloin district, the area’s prospects have significantly brightened. Just a few blocks away from the new hub-of-tweets, privately held TMG Partners recently entered into contract for 1275 Market Street, and may be paying up to $48 million for the 17-story office tower, according to a article in the Wall Street Journal.
The firm, which has put up about 20 million square feet of office space in the San Francisco metro in previous years, is betting large that other technology firms will “follow” Twitter in moving out of the more-pricy downtown area to places such as Market Street. The Journal relied on data collected by Real Capital Analytics to state that in May of this year, TMG also purchased a vacant building located at 500 Terry Francois Boulevard, paying $300 per-square-foot for the see-through property. The current leaseholders at 1275 Market Street plan to vacate the building as of October, freeing up more space for TMG to lure tech firms into the area.
To read the case made for and against TMG’s strategy, please see the full article on the Journal’s site.
View the full article on Wall Street Journal: San Francisco Office Sub-Market All A-Twitter
Articles related to this topic:
Investment Sales Rise as US Office Vacancy Inches Down
Opportunities Seen in the Motor City
Private Equity Firms Pair-Off and Line Up for Anglo Irish's US Loan Portfolio
Suburban Office Prices Still Waiting for a Rebound
Low-Cost Loans Help Fill Stalled Development Site in Queens, NY
The Manhattanization of Downtown L.A.
CommonWealth REIT Buying NOLA's Tallest Skyscraper
Google Expands Real Estate Strategy in Silicon Valley
Posted by: Nina Turner