Swift Real Estate Partners snatch up two historic San Francisco buildings
December 8, 2018
Swift Real Estate Partners recently acquired two San Francisco properties, but not just any properties.
As reported recently in The San Francisco Business Times, one of those buildings is the historic Sharon Building at 55 New Montgomery St., where the popular House of Shields bar is housed. Swift bought it from a private owner for $64.25 million or nearly $641 per square foot for the eight-story, 100,183-square-foot building.
“This is our third acquisition in San Francisco for the year and we’re thrilled to add another historic building to our diverse portfolio,” said Tommy Christman, who handled the deal for the firm.
For $21 million, Swift also purchased 101 Utah St., a 74,000-square-foot light industrial building where the Jewelry Center in the Showplace Square District is. With half of the building being occupied, Swift has an opportunity to add a “modern, creative workspace.”
“We jumped on the opportunity to purchase 101 Utah,” said Nate Carlson, an asset manager with Swift. “We understand the building’s complexity and are excited to see how we can reposition and add value.”
In San Francisco, Swift also owns 53,000-square-foot 260 California St., 220,000-square-foot 1390 Market St. and 37,000-square-foot 140 Second St.
Founded by Chris Peatross, the firm aims to find properties in need of fixing up.
The Sharon Building, which was constructed in 1912, was fully leased to nearly 80 tenants when it hit the market. The building was known as one of the last remaining San Francisco properties where small tenants could lease space but the office market is moving toward large tenants occupying large chunks of space while small tenants move into co-working spaces.
Swift plans to renovate the building and rebrand it as 55 New Montgomery, removing the Sharon name.
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