TMG Partners has won awards for many projects
including honors for “Best Mixed Use,”
“Best Office,” and “Best Historic Rehabilitation”.
Now comes the interesting part.
State Comp Insurance has completed its $44 million sale of 1275 Market St. to DivcoWest and TMG Partners. (The price was about $2 million more than we originally reported.)
Now the new owners have to find tenants for the vacant property, which will require a seismic upgrade and other improvements before its ready for occupancy. State Comp vacated the building earlier this year, moving executives to 333 Bush St. and spreading other workers on offices around greater Bay Area.
Still, the Mid-Market building could provide an attractive alternative for companies squeezed out of SoMa. The building, a stone's throw from Twitters new headquarters at 1355 Market St., has about 30 private desks on the southern and eastern side of the building and one of the larger parking garages in the city.
The building was originally put into escrow by TMG and Fortress Investment Group. After Fortress Investment Group decided not to go forward, the seller went to Divco, which had been the No. 2 bidder in the first round. Angelo, Gordon also took a hard run at the building.
Bob Gilley and Steve Hermann, who recently left CB Richard Ellis for Cassidy Turley BT Commercial, brokered the deal for the seller.