Newmark announced it has arranged the sale of 1155 Bryant Street, a 32,421-square-foot Production, Design and Repair (“PDR”) building in San Francisco’s South of the Market (“SoMa”) for an undisclosed amount.
Newmark’s Executive Managing Directors Mark Geisreiter and Charlie Withers represented the buyers – Paceline Investors and Rialto Capital Management. The private seller was 1155 Bryant Street, L.P.
“1155 Bryant is an outstanding renovated building with a significant lab buildout which is very rare in San Francisco,” said Jay Atkinson, Managing Principal at Paceline Investors. “Demand for both lab and R&D space in San Francisco remains strong, and we anticipate a very positive reaction to the building by the tenant community.”
Located at Bryant and 10th Streets, the property occupies a prime SoMa location, in proximity to amenities and excellent freeway access. The property recently underwent a creative office renovation with a fully built out R&D laboratory component. Additionally, the building features high ceilings with skylights, a passenger elevator and I-80 Freeway signage visibility.
Newmark’s Geisreiter and Withers are also the leasing agents of the property.
The San Francisco PDR market’s overall vacancy rate rose 160 basis points in 20Q2 to 4.8 percent, according to Newmark Research. Asking rents decreased 2.5 percent in Q2, averaging $61.57 per square foot. Demand for high-quality PDR space remains healthy despite uncertainties in the overall market.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,800 professionals operate from approximately 500 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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