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Vanbarton Group's Recent San Francisco Purchase Caps Off Active Q2 For Office Sales

Vanbarton Group's Recent San Francisco Purchase Caps Off Active Q2 For Office Sales
101 Mission St.

Vanbarton Group and one of its U.S. pension fund partners have acquired 101 Mission St. in San Francisco for an undisclosed amount. The Class-A, 21-story, 206K SF office tower includes ground-floor retail. Seller PGIM owned the building since 2013 when it purchased the property for $100M, according to property records.

The property, formerly known as 100 Spear St., was built in 1984 and features column-free interiors, a corner-block location and adjacent outdoor garden.

Several buildings have changed hands in downtown San Francisco during the quarter. Swift Real Estate Partners purchased 1390 Market St. for $110M in May. The Seavest Investment Group, assisted by Meridian, purchased 939 Ellis St. for $49M, and Frontier Group bought 570 Market St. for $14.5M in June. Heitman is in the process of buying 500 Pine St. for a reported $70M.

Other big sales have yet to finalize. EQ Office, formerly Equity Office, is narrowing down a buyer for the ground lease at the Ferry Building, which could sell for $300M, making it one of the largest sales of the year. Transamerica Corp. also is selling a partial stake in Transamerica Pyramid.

Vanbarton Group's Recent San Francisco Purchase Caps Off Active Q2 For Office Sales
Interior of 101 Mission St.

Vanbarton plans to implement a leasing and value enhancement program at 101 Mission St. similar to what it executed at 301 Howard St. The program will involve adding new tenant amenities, common area upgrades and a comprehensive lobby repositioning.

The company also will build out vacant and rolling space to incorporate elements like open layouts, exposed ceilings, polished concrete floors and maximization of views.

The property is close to the Salesforce Transit Center, which recently opened bus service. It also has access to BART and Muni.

This transaction follows the firm’s most recent acquisitions of 6725 Sunset Blvd. in Los Angeles and 305 East 46th St. and 990 Avenue of the Americas in New York City. In addition to 101 Mission St., Vanbarton also owns and manages nearby 301 Howard St., 100 Montgomery St., 115 Sansome St. and 39 Stockton St. in San Francisco. 

JLL International Director Wes Powell and Executive Vice President Chris Holland will handle exclusive leasing for 101 Mission.