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Zurich affiliate buys 410 Townsend office building in San Francisco
The 78,455-square-foot property is 65% occupied, creating room for additional leasing and value creation, according to the transaction details.
ConnectCRE reports that Cushman & Wakefield arranged the sale of 410 Townsend, a historic office building in downtown San Francisco.
An affiliate of Zurich Alternative Asset Management bought the 78,455-square-foot property for $47.4 million from New York Life Real Estate Investors and Bridgeton Holdings.
Cushman & Wakefield said the deal was led by Seth Siegel and Ryan Venezia of its Northern California Capital Markets Team.
Built in 1912, 410 Townsend includes exposed brick and heavy timber construction, and it currently has 65% occupancy, with the buyer positioned to pursue additional leasing upside as San Francisco’s office fundamentals strengthen, ConnectCRE reported.