#1 TCN Worldwide Member Transaction Closing in Q1, 2023
Office Building in SOMA Once Entirely Leased by WeWork Sold to Taipei Economic and Cultural Office (TECO) For $52.8 Million
In January Starboard CRE/TCN Worldwide closed 22 deals and had the best month ever in the 32-year history of their company, which included the sale of 345-4th Street in San Francisco. This year Starboard CRE celebrates 25 years of membership with TCN Worldwide representing TCN in San Francisco and throughout the Bay Area.
Congratulations to Barry R. Bram who facilitated this transaction! We proudly announce that Barry Bram has secured first place among the Top 10 TCN Worldwide Member Deals closing during the 1st quarter of 2023!
Starboard CRE/TCN Worldwide announced the sale of 345 4th Street for $52.8 Million! The office building in SOMA once entirely leased by WeWork sold to Taipei Economic and Cultural Office (TECO) which will occupy the entire building.
The newly constructed 7-story office building is located in San Francisco’s SOMA district near Moscone Center and was previously entirely leased by WeWork. The building consists of 56,000 square feet of office space atop grade-level retail, includes three sides of natural light, office-level balconies, and a large, landscaped rooftop terrace that boasts dramatic views of the downtown skyline. The deal was facilitated by Brookwood | Starboard CRE broker, Barry R. Bram, who represented the seller from Southern California, also the developer of the building.
“The property is conveniently located one block from the new central subway extension, and highway 80 which easily accesses the east bay and SFO, while also just three blocks from BART, making it readily accessible from all points around the Bay,” said Barry Bram.
Taipei Economic and Cultural Office (TECO) purchased the property for $52.8 million and will occupy the entire building. TECO is relocating from a nearby address at 555 Montgomery Street that currently houses its San Francisco office. TECO in San Francisco is one of thirteen representative offices for the Republic of China on Taiwan in the United States.
The deal closed in early January, in the midst of widespread Bay Area tech layoffs, where vacancy levels continue to reach new highs, and transaction velocity and rental rates have hit their lowest levels in over a decade.
“While the San Francisco office market has seen much better days, there are still buyers with office space needs who seek to purchase the right property for their long-term use and investment” explained Barry. “A key characteristic of Brookwood | Starboard CRE’s approach is to be flexible, creative, and nimble allowing us to capture our client’s goals and connect them with solutions, often times not obvious.”
Brookwood | Starboard CRE is a California general partnership between Brookwood Group, Inc. and Starboard Commercial Real Estate, Inc. The partnership is a comprehensive real estate services provider with the ability to invest in and develop projects as a principal. The Brookwood | Starboard CRE Team includes individuals with skill sets and experiences in San Francisco Bay Area market analyses, project planning, entitlements, purchase transactions, project capitalization, development, and marketing (including leasing and sales).
About Starboard CRE/TCN Worldwide:
As the largest, independently-owned commercial real estate firm in San Francisco, Starboard CRE provides boutique, all-inclusive, client-oriented expertise while offering a global reach through its national and international affiliates. Established in 1991, along with a combined total of 70 years of experience, Starboard CRE has organically cultivated substantial relationships with investors, tenants, developers, architects, hoteliers, and accountants throughout the San Francisco Bay Area. Locally based, and technology-forward, our brokers are highly qualified experts backed by a full-service, in-house support team who understand the intricacies of San Francisco real estate. Starboard CRE brings decades of brokerage experience representing over 600 million square feet of space with an aggregate lease value of over 10 billion and investments sold over 3 billion.
In 1998, Starboard CRE became the San Francisco member of TCN Worldwide Real Estate Services, an international affiliation of independent real estate firms located in more than 200 markets with over 70 offices in 8 countries, including North and South America, Europe, and Asia. Using national and international real estate expertise, Starboard provides clients with local know-how on a global scale.
To learn more about Starboard CRE/TCN Worldwide, visit starboardcre.com.
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