Hamm's Building Sells to Downtown
Downtown Properties--the owner of LA's Roosevelt Hotel--just scooped up the iconic Hamm's Building, aka Mission's 1550 Bryant, a 12-story, 185k SF home to top tech tenants. The price was undisclosed but sources tell us it was around $90M, or $487/SF. It's the end of a two-year endeavor for sellers TMG Partners and Alcion Ventures, which bought the former brewery in 2012 and spilled about $15M of upgrades into it. Here's TMG's Matt Field chatting about 1550 at the annual WORKTech event last November, just days before the building officially hit the market. Now 95% leased, tenants include tech heavyweights Rdio and Asana (founded by some of the original backers of Skype and Facebook, respectively) and trendy restaurant Salumeria.
The building brewed Hamm’s Beer from the 1950s to 1970s and sat vacant until its office conversion in 1985. (It takes a lot to get the hops smell out of the walls.) TMG and Alcion's improvements include a new exterior brick façade, renovations of the common areas, lobbies, restrooms, and a renovated common meeting room and roof deck with 360-degree views. TMG did similar work for two other nearby buildings: 650 Townsend and 208 Utah. Other tech tenant-friendly features: It welcomes dogs and green transit, with a new bike garage and showers for tenants who bike to work. Colliers' Tony Crossley, Frank Wheeler and Erik Hanson repped the seller. The buyers repped themselves.