Shorenstein family buys SoMa building from TMG and Farallon for $25M

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August 27, 2012
San Francisco Business Times
Shorenstein family buys SoMa building from TMG and Farallon for $25M

San Francisco's Shorenstein family has acquired 208 Utah St. for about $25 million, a deal that gives the investment group a classic brick-and-beam foothold in trendy Showplace Square.

The seller was San Francisco-based developed TMG Partners Farallon Capital Management, LLC, a global investment firm that manages capital on behalf of institutions and individuals. The buyer was the Shorenstein family, rather than a fund Shorenstein Properties controls.

TMG Partners and Farrallon Capital Management bought the building in 2010 for just under $8 million and immediately went to work on securing new tenants for it, including Metaswitch Networks and Warner Bros. Renovations included improvements to the lobby and common areas as well as sandblasting and opening up tenants suites to take full advantage of the building's interior spaces.

The partnership spent at least $2.5 million on the improvements, according to permits on file with the city's department of building inspection.

Daniel Cressman, Mike Taquino and Kyle Kovac of Newmark Knight Frank Cornish & Carey Commercial Capital Group represented the seller in the transaction.

"The building is a well-positioned asset in the thriving SOMA market," said TMG Partners chairman and CEO Michael Covarrubias. "Both TMG and Farallon are pleased to have improved the property by reprising much of the original historic integrity while updating the building's systems and technology to support cutting-edge media tenants."

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