Newmark Cornish and Carey Commercial Capital Markets (NewmarkC&CC Capital Markets) is marketing for sale 500 Townsend Street, a unique infill site ideal for office development at the heart of San Francisco’s coveted South of Market (SoMa) district.
The 1.23-acre site in the 500 block of Townsend Street, just west of the I-280 exit at Sixth Street, is zoned to allow as much as 300,000 square feet of commercial space, and creates a rare headquarters opportunity where a user can rub elbows with neighbors that include Salesforce, Dropbox, Adobe, Amazon.com and Pinterest in one of the nation’s top-performing submarkets.
Dan Cressman, executive managing director, and managing directors Mike Taquino and Kyle Kovac are marketing the property for the owner.
“SoMa is the most sought after submarket in the country for technology users, and Dropbox underscored that demand with its announced plans for a campus of nearly 300,000 square feet on Brannan Street, just a few blocks away from this site,” Mr. Cressman said. “500 Townsend Street offers a rare opportunity to create a similarly sized office environment in the same neighborhood, with massive floor plates and exceptional access to highways, rail, and all the amenities that South of Market has to offer.”
The NewmarkC&CC Capital Markets team originally sold the 333 Brannan Street parcel to Kilroy Realty Corp. and its partner Cornish & Carey Commercial Newmark represented Breevast, the adjacent owner at 345 Brannan Street, in its lease to Dropbox for the future development of its headquarters at the sites.
The un-entitled 500 Townsend Street offers 50,000 square feet of commercial space in four existing structures that a buyer could lease for interim income while working through the development process. And, because the project falls under the Western SoMa Community Plan, which includes a comprehensive environmental impact report, a buyer will have a running start in pursuing entitlements.
The property’s amenity-rich location serves as a gateway to Mission Bay, Potrero Hill and the Mission District, and includes convenient access to thousands of newly constructed or proposed residential units, restaurants, and AT&T Park. San Francisco’s main Caltrain Station at 4th and Townsend Streets is two blocks to the east, serving approximately 50,000 daily passengers to and from SoMa and the Silicon Valley.
With area office properties trading in excess of replacement costs, 500 Townsend Street is ripe for development, according to Mr. Taquino.
“This is the perfect location for a corporate headquarters,” he said, “and now is the perfect time to build one.”
About Cornish & Carey Commercial Newmark
A dominant regional real estate force since 1935, Cornish & Carey Commercial Newmark (C&CCNewmark) has an expansive reach as part of one of the largest commercial real estate service firms in the U.S. Regionally, C&CCNewmark has more than 310 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.ccareynkf.com.
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 320 offices in established and emerging property markets on five 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 primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.