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New York Life Real Estate Investors makes a splash in San Francisco.
New York Life | August 1, 2024
Acquisition of “Start-Up Village” building highlights the "green shoots" of the San Francisco real estate market recovery.
Always on the lookout for attractive real estate opportunities in support of the company’s commitments to policy owners and ongoing financial strength, New York Life recently executed an especially notable transaction in San Francisco.
In partnership with real estate investment firm Bridgeton, we acquired 410 Townsend Street, a four-story, 77,000 square foot office building in San Francisco’s South of Market (SoMa) submarket. The transaction made New York Life the first advertised institutional investor to purchase an office asset in San Francisco following the COVID-19 pandemic.
Referred to as "Start-Up Village" by The Wall Street Journal, 410 Townsend has served as the original headquarters for start-ups that include Yammer, Eventbrite, and Zendesk, and has continuously hosted high-profile tech and creative firms and Fortune 500 companies including Sony, Adobe, AOL, Stripe, and Pinterest.
The price was right
“We’re starting to see the green shoots of a San Francisco real estate market recovery as both start-up and more established companies seek compelling workspaces,” says Albert Pura, senior director of Transactions for New York Life Real Estate Investors (NYLREI). “In 410 Townsend, we’ve acquired a best-in-class, well-located, brick-and-beam office asset well below where it traded in 2013 and 2019.”
San Francisco local media, as well as real estate trade outlets, took notice of the transaction itself as well as the burgeoning trend it potentially represents. According to the San Francisco Business Times, “The deal embodies the kind of optimistic investor sentiment that has slowly permeated San Francisco's office market in recent months. And though both Bridgeton and NYLREI parent company New York Life maintain offices in San Francisco, they are among the first buyers not based in the city to snap up one of its downtown area office buildings.”
Real Estate Investors is an investment division within NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Company.
Learn more about the work of New York Life Real Estate Investors here.
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Media contact
Kevin Maher
New York Life Insurance Company
(212) 576-7937
Kevin_B_Maher@newyorklife.com