NKF Capital Markets has arranged the placement of a $26.2 million loan with PCCP for a San Francisco office building located at 55 Green Street, as part of a plan to acquire and reposition the asset. Brick and Timber Collective―a local real estate development and management company―bought the property for $29 million, or $566 per square foot, from Triton International, which had occupied the premises for more than 20 years. The building is currently vacant.
The 54,414-square-foot Class A office building sits at the corner of Green and Front streets, less than a block away from the Embarcadero and provides an unobstructed view of the San Francisco Bay. It also offers access to several means of transportation including the MUNI light rail, MUNI bus lines, BART, Golden Gate Transit and San Francisco Bay Ferry. The property comes with a basement parking garage with 17 secured spots. The new owner’s plans include turning the building into a creative office space and adding a rooftop deck.
The NKF Capital Markets team responsible for securing the loan included Senior Managing Director Chris Moritz and Vice Chairman Ramsey Daya. “Given the quality of the asset and extensive experience of our client in the submarket, the debt markets showed a strong interest in this opportunity. PCCP demonstrated a real understanding of the submarket and all of the drivers of tenant demand, and our NKF Capital Markets team is pleased to have successfully closed on this transaction with them on behalf of Brick and Timber,” Moritz declared about the acquisition of the five-story North Waterfront office space.