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Flynn Sells 200 Kansas--Again

Flynn Properties and an affiliate of GEM Realty Capital just sold 200 Kansas, a 90k SF Class-A creative workspace building in SoMa. It's the second time Flynn has owned the building, having last sold it in 2006. An affiliate of Ascent Real Estate Advisors and a separate account relationship was the buyer. HFF, which repped the seller, tells us there was a "deep buy pool of national private equity firms." Originally constructed in 1931, the seller spent the past three years and $3M into turning it from a showroom-centric building into a creative workspace. The building features skylights, a two-story glass-enclosed stairwell, modern finishes and a new lobby. Tenants in industries like education and design occupy the 84% leased site.