In two separate transactions, Broadreach Capital Partners has acquired two class B commercial office buildings in downtown San Francisco for approximately $100.7 million.
In the larger of the two deals, Broadreach purchased off-market from Bay Pacific Corp. a 10-story building at 550 Kearny St. for $58 million. Originally constructed in 1956 as a six-story building with 19,000-square-foot floor plates, an additional four floors were added to the building in 1981, creating a total of 196,630 square feet. The property also contains a two-story subterranean parking structure that holds more than 150 cars.
According to Trevor Wilson, senior director who oversees the company’s investment activities in San Francisco and the Pacific Northwest, Broadreach plans to invest capital to improve the exterior and common areas.
In a separate deal, Broadreach has acquired from Archstone-Smith the office component of Fox Plaza, a 29-story mixed-use tower located at 1390 Market St. The transaction, which involves the building’s first 12 floors totaling 216,600 square feet, was valued at approximately $42.7 million.
The transaction involved obtaining a condominium map to separate the distinct uses within the building. At closing the project was approximately 84 percent leased.