SOMA Office Building Commands $228 Per SF

SAN FRANCISCO-A low-rise, 73,755-sf office building built here in 1912 has changed hands for $16.8 million, or about $228 per sf. The four-story brick-and-timber building is located at 410 Townsend St. in the South of Market area.

The property was last renovated in 1999 and is 100% leased. Tenants include Wells Fargo, Sony and Avenue A/Razorfish.

PMI Properties of Beverly Hills is the new owner. The seller was Rosenberg SOMA Investments. Tony Crossley and Frank Wheeler of Colliers International had the disposition assignment. Neither Wheeler nor PMI Properties could be reached Monday afternoon for comment on who the largest tenants are and when their leases are set to expire.

In September, 650 Townsend St., a low-rise, 672,000-sf office property that was 50% leased, changed hands for just under $200 per sf. Tenants include Sega of America, Nokia, Harmonics Communications Corp. and Twin Capital Mortgage. A significant renovation is planned.

Michael Covarrubias, chief executive of the new owner, TMG Partners of San Francisco, told GlobeSt.com at that time that the area around the building is changing rapidly. “We recognize the property’s potential as this area continues to improve with new buildings, businesses and services cropping up all around this core of SOMA,” Covarrubias said. “We foresee offering tenants an efficient lower-cost option as rates are now rising and vacancies are tightening.”