NGKF Capital Markets represented SOMA Bryant, LLC in the sale of 945 Bryant Street in San Francisco’s South of Market area to New York-based Brickman Real Estate for an undisclosed sum. The 40,000-square-foot, three-story building is fully leased to a diverse mix of innovative tenants.
“945 Bryant Street is ideally positioned within San Francisco’s tech-centric ‘SoMa’ district, one of the top performing submarkets in the country,” said Managing Director Kyle Kovac, who represented the seller with Executive Managing Director Daniel Cressman and Managing Director Michael Taquino in the transaction.
According to Kovac, the property benefits from stable existing cash flow from a strong tenant base and virtually all of the rents in the building are now below market rates. The seller executed three new leases, while also renovating the asset to meet creative standards, during its ownership period.
Aaron Lazovik, who led the Brickman team in the acquisition, said, “We are very excited to be acquiring our first SoMa asset and look forward to expanding our footprint in San Francisco.”
For Brickman Real Estate, it is the firm’s second investment in the San Francisco property market. In 2013, it acquired 550 Kearny Street, located in San Francisco’s Financial District.
The transaction marks the 10th sale that the Cressman, Kovac and Taquino team has completed this year in San Francisco.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets. For further information, visit www.bgcpartners.com.