PMI Properties is pleased to announce the sale of a boutique office building located at 401 Washington Street in San Francisco. The seven story building is located in San Francisco’s North Financial District, one of the most desirable and iconic neighborhoods and just a mere block away from the landmark Transamerica building. The buyer was Century | Urban, a real estate investment and advisory firm located in San Francisco.
The North Financial District offers many amenities such as upscale restaurants, bars, cafes, nightlife and is centrally located to the Embarcadero Center and the historic Ferry Building all while being the hub of business in San Francisco.
The building is currently fully occupied and leased by a variety of companies. “The combination of strong in-place income, prominent identity, and a quality, well-maintained building, adjacent to transit, in one of the most desirable sub-markets in San Francisco, makes the acquisition a highly attractive investment opportunity” said Bryant Sparkman, Principal at Century | Urban. The building has maintained over 90% occupancy – even through the 2000 dot com bust and 2009 financial crisis.
PMI Properties bought the building in 2007 and after a 10 year holding period, sold the building to Century | Urban in 2017. Unlike PMI’s typical value add creative renovations, 401 Washington was a core property requiring little renovation , yet it achieved close to a doubling of value over the holding period. PMI entered the San Francisco market in 2005 after the end of the dot com bust and purchased five creative office buildings in addition to 401 Washington. PMI has so far sold four of its six San Francisco assets. PMI was represented by Dan Cressman and Kyle Kovac of Newmark, Knight, Frank.