Lincoln Property Company has partnered with New York Life Real Estate Investors (NYLREI) on the acquisition of 600 Townsend West, a Class A office building in San Francisco’s Design District.
The five-story building encompasses nearly 210,000 square feet and is 90% leased. The property includes a top floor terrace and outdoor courtyard, and it is also earned LEED Gold Certification. The new ownership plan further enhancements at the property, including curated activation of the lobby and outdoor courtyard, amenity upgrades, and market-ready improvements.
This is the first time since its development in 1989 that the property changed hands, with JLL brokering the deal. The financial terms of the deal were not disclosed.
The deal is the second recent joint acquisition between Lincoln Property Company and NYLREI, following the loan acquisition in June of 353 Sacramento, a 23-story Class A office tower in the Financial District.
“600 Townsend West is a prize creative office asset in one of the most dynamic and innovative business environments in the world,” said Lincoln Property Company Executive Vice President Brandon Wang. “We’re delighted to join with New York Life as the first new owners of this renowned property since it was first developed, deepening our presence in the resurgent San Francisco market.”
Wang added the San Francisco city government expedited a needed zoning change for the site prior to the acquisition.
“I’d like to extend our sincere thanks to the San Francisco Board of Supervisors and Planning Department for working expeditiously on the approvals needed to allow the completion of this transaction,” Wang said. “This kind of responsive and creative partnership helps inspire true confidence in the current direction of the city.”
Photo courtesy of JLL
