New York Life & Bridgeton Purchase SoMa Office In San Francisco For $22M

A building in San Francisco's SoMa district, once a hub for tech startups, was sold for $22 million. The property, located at 410 Townsend Street, spans 78,000 square feet with a price per square foot of $282. The sale was completed on April 18, 2024, with New York Life Real Estate Investors and Bridgeton as the buyers. The transaction was facilitated by CBRE, with the buyers banking on the property's history and prime location near a Caltrain stop to attract tech tenants amidst signs of market recovery despite recent high office vacancies in the city.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $22,000,000
• Market: San Francisco
• Buyer: Albert Pura - New York Life Real Estate Investors; Akash Sharma - Bridgeton

Albert Pura representing New York Life Real Estate Investors, and Akash Sharma from Bridgeton were the key individuals behind the deal for the office property on Townsend Street. Both buyers saw potential in the property's location and historical significance, aligning with their strategy to attract tech tenants post-market recovery.