San Francisco, CA

S.F. office tower that was sold at a steep discount lands first new tenant

Published

4 months ago

January 9, 2024

S.F. office tower that was sold at a steep discount lands first new tenant

The Swig Co. and SKS Partners purchased 350 California St. in downtown San Francisco in August at a steep discount. Now, the office building has its first new tenant.

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Some five months later, the longtime home of the Union Bank at 350 California St. has landed its first new tenant.

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The Swig Co. and SKS Partners — the joint venture that acquired 350 California St. for $61 million at the end of August — announced Tuesday that it has signed a long-term lease with affordable housing developer Bridge Housing, which is planning to relocate its headquarters to the building.

“The San Francisco market’s reset creates a tremendous opportunity for nonprofits, growth companies and other mid-size users to solidify their place in the city’s office ecosystem,” said Paul Stein, managing partner of SKS. “This is good for tenants and landlords as well as the long-term outlook for our local economy moving forward.”

Bridge was founded in San Francisco in 1983 and is currently headquartered two blocks over from 350 California, at 600 California St.

In a statement provided to the Chronicle, Bridge CEO and President Ken Lombard described 350 California as a “first-rate building with extensive amenities that will provide a comfortable, healthy and productive environment for the BRIDGE Housing team as we pursue our affordable housing mission.

“We look forward to beginning a new chapter of our long legacy in San Francisco in our new corporate home,” Lombard said.

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The developer did not immediately respond to a message seeking additional comment, and it is unclear what motivated the relocation at this time.

According to 350 California’s new owners, Bridge will move its headquarters to the building’s 16th floor, which spans about 16,105 square feet.

“One of the reasons we like the building, and a motivating factor for us as an investor, is that we believe the 16,000-square-foot floor plates hit a sweet spot sought by the widest range of tenants in the current market and for the foreseeable future,” said Connor Kidd, Swig’s CEO.

The tower itself encompasses roughly 300,000 leasable square feet, a third of which is still occupied by its previous owner, Mitsubishi UFJ Financial Group.

MUFG acquired a stake in what was Union Bank starting in the 1990s before selling its operations to U.S. Bancorp last year. The global financial group first listed 350 California for sale in 2020, and at that time sought $250 million for the building.

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But like most other buildings in San Francisco, the COVID-19 pandemic and subsequent rise in office vacancy in San Francisco has caused building values to plummet. In the months leading up to the pandemic, the city recorded a vacancy rate in the single digits — by year-end 2023, vacancy spiked to 35.9%.

MUFG selected Swig and SKS as the building’s buyer in May, and at the time agreed to a short-term lease back of some of its office space.

The building’s high-profile sale came as two other office towers traded in what is known as fire sales to local buyers with “patient capital” — in other words, investors who aren’t expecting a quick profit, but instead are looking further down the road.

And in September, Peninsula-based investor Roger Fields picked up the 355,000-square-foot 550 California St. property that once housed Wells Fargo Bank for just over $40 million, or $114 per square foot — less than half of what it was worth nearly two decades ago.

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San Francisco, CA

This Week: Happy Hour, Bike to Wherever, Housing – Streetsblog San Francisco

Published

6 hours ago

May 13, 2024

Press Room

This Week: Happy Hour, Bike to Wherever, Housing – Streetsblog San Francisco

Here is a list of events this week.

Tuesday East Bay Car Free Happy Hour. Whether you’re car free, car light, or just want to hang out with fun people and have nerdy urbanist conversations, everyone is welcome. Tuesday, May 14, 5:30 p.m. Triple Rock Brewing, 1920 Shattuck Ave., Berkeley.
Thursday Bike to Wherever Day San Francisco and Bike to Wherever Day East Bay. Join people all over the city in riding your bike to get to wherever you need to go. Thursday, May 16. Location: all over.
Thursday Bike with your Oakland Electeds. Walk Oakland Bike Oakland has organized a ride with Oakland’s mayor and other elected officials. Thursday, May 16. Meet at the 81st Ave Library at 7 a.m., roll out at 7:30 a.m., stop at the Fruitvale BART Station, and end at Frank Ogawa Plaza around 8:30 a.m.
Thursday State Housing Legislation Roundup and Budget Update. Join SPUR and hear from veteran Sacramento lobbyists and senior housing advocates about several of the key state housing bills currently making their way through the legislative process. Thursday, May 16, 12:30-1:30 p.m. Register for Zoom link.
Thursday Bike to Wherever Day Happy Hour. Celebrate Bike to Wherever Day in Old Oakland. Come together for Drake’s Beer, a pedal-powered DJ set by Rock the Bike, and conversation with local bike and transportation-focused community members and organizations. Thursday, May 16, 4-8 p.m. Old Oakland, Washington Street at 10th Street, Oakland.
Saturday 81st Street Workshop/Calm East Oakland Streets. OakDOT is reaching out to the community about this project as they enter the design phase. Saturday’s meeting will focus on 81st Avenue. Saturday, May 18, 11 a.m.-1 p.m. 81st Ave Library (1021 81st Ave, Oakland.

Got an event we should know about? Drop us a line.

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San Francisco, CA

PTO announce women's wildcards for San Francisco T100 Triathlon World Tour

Published

13 hours ago

May 13, 2024

Press Room

PTO announce women's wildcards for San Francisco T100 Triathlon World Tour

The PTO have revealed the wildcard picks for the women’s race at the San Francisco T100, which will be held next month in California.

The third leg of the brand new T100 Triathlon World Tour, San Francisco follows the Miami T100 and the Singapore T100 in the eight-race series this season.

With the contracted races already announced, the four additional wildcards look set to add an additional dimension to an exciting field of professional athletes.

Metzler looks to continue early season form

PTO World #40 Jeanni Metzler will make her first appearance of the season over the 100km distance in San Francisco, after the South African opened up 2024 with a fourth place finish at IRONMAN 70.3 St. George.

[Photo credit: Jacob Kupferman / Getty Images for IRONMAN]

Grace Thek, who also finished fourth in her last outing at IRONMAN 70.3 Oceanside, has also been named as a wildcard, and the Australian will race her first PTO event since the European Open last May.

Making up the quartet are Estonian Olympian Kaidi Kivioja, who was tenth in Miami and ninth in Singapore, plus Jocelyn McCauley, who was 13th in Singapore and finished third at IRONMAN New Zealand earlier this season.

The full list of athletes racing is as follows:

Ashleigh Gentle (AUS)
Taylor Knibb (USA)
Anny Haug (GER)
Daniela Ryf (SUI)
Laura Philipp (GER)
Paula Findlay (CAN)
Emma Pallant-Browne (GBR)
Kat Matthews (GBR)
India Lee (GBR)
Chelsea Sodaro (USA)
Imogen Simmonds (SUI)
Lucy Byram (GBR)
Amelia Watkinson (NZL)
Marjolaine Pierre (FRA)
Skye Moench (USA)
Tamara Jewett (CAN)
Kaidi Kivioja (EST)
Jocelyn McCauley (USA)
Grace Thek (AUS)
Jeanni Metzler (RSA)

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San Francisco, CA

1 injured in San Francisco morning hotel fire

Published

20 hours ago

May 12, 2024

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1 injured in San Francisco morning hotel fire

SAN FRANCISCO – A fire that damaged a hotel in San Francisco’s Russian Hill neighborhood, injured one person and closed nearby streets has been completely extinguished, a fire department spokesman said Sunday morning.

The fire at the Broadway Hotel at 2048 Polk St. was reported just after 6 a.m. and was swiftly knocked down, said San Francisco Fire Department spokesman Justin Schorr. Residents who were evacuated have returned and Broadway and Polk streets reopened around 8 a.m., he said.

One person sustained minor injuries in the blaze. The victim had not been transported to the hospital as of early Sunday morning.

After containing the blaze, firefighters remained on the scene until around 9 a.m. checking the building to ensure the blaze was completely out, Schorr said.

The spokesman said that after swiftly knocking a fire down, one of the challenges is ensuring that all of the embers in older buildings like the hotel are chased down and there is no lingering threat.

“A fire can double in size every 60 seconds,” the spokesman said. “It’s our goal to arrive quickly, knock down the fire and then do our investigation to determine if the fire has been completely extinguished.”

Often, firefighters will extinguish the main fire and for a considerable time afterwards will be opening ceilings and floors to ensure the fire is completely extinguished, Schorr said.

The cause of the fire is under investigation, Schorr said.

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