We purchased this property in 2006 for $17 million and sold it in 2013 to Zurich for approximately $49 million. The property was already fully improved with furniture when we purchased the property. The property had been leased by Razor Fish and Sony. We did a lot of heavy lifting. The property suffered from a controversial zoning. We were forced to rezone the area and apply for conversion to an office building. We took the property through the financial crisis in 2009 and leased the building short term to seven start ups and then released 65% of the property to Adobe who highly improved the space. Up it goes until it blows, and the higher it goes–the bigger it blows.
Source: Clarion Partners to Buy 410 Townsend in San Francisco for $86MM – The Registry