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Presidio Bay and Bridges Capital take ownership of 301 Battery St
The ownership transfer follows their July 1 acquisition of the loan tied to the former Federal Reserve Bank of San Francisco building.
Presidio Bay and Bridges Capital have formally taken ownership of 301 Battery St., a circa 1924 former Federal Reserve Bank of San Francisco building, in San Francisco, according to ConnectCRE.
The title transfer was completed through a deed-in-lieu transaction, after Presidio Bay and Bridges Capital acquired the loan secured by the property on July 1.
With ownership now in place, Presidio Bay plans to reintroduce the 210,000-square-foot landmark as The Reserve, and it has tapped San Francisco-based PLEASE Management to lead the building’s historic event space.
ConnectCRE reports that the firms described the acquisition as an opportunity to restore the landmark’s purpose, with comments from K. Cyrus Sanandaji, founder and managing partner of Bridges Capital.