Market Knowledge Results in Successful Sale of Convention Plaza, San Francisco
The challange was to conduct an off-market sale process with six to 12 investors on this 12-story 310,000-square-foot, 95%-leased office building, well-located in the heart of the South of Market, tech/social-networking area. In-place rents were approximately 40% below current market.
Our team targeted a select and limited group of all-cash investors with a strong desire to invest in this submarket. Understanding the dynamics of the tech/social-network/gaming-software industry was key to pushing value.
The client received a strong and competitive response from the target list and selected a publicly traded REIT as the buyer. Closing was efficient and timely at a price of $102 million.