TMG Partners has won awards for many projects
including honors for “Best Mixed Use,”
“Best Office,” and “Best Historic Rehabilitation”.
SAN FRANCISCO - (January 30, 2019) –TMG Partners (TMG), one of the Bay Area’s largest mixed-use property developers, and Invesco Real Estate, a global real estate investment manager, announced the acquisition of 600 Battery Street, an approximately 120,000-square-foot historic building in Jackson Square.
TMG and Invesco Real Estate were attracted to the building for its approximately 40,000-square-foot floorplates and a contemporary aesthetic with tall, exposed concrete ceilings, polished floors, and high- quality interior improvements, all highly desirable to today’s tenants. The property has a roof deck with views of the Bay Bridge, Coit Tower, and the Transamerica Pyramid. The property is one of a very few large blocks of space that will come available when the lease in the building expires in mid-2020.
“It’s a rare opportunity to acquire a property whose history you know this well,” said TMG Partners’ CIO Matt Field. “The building is an ideal combination of a rare large block of contiguous creative space in a historic building -- and with which we have a relationship with the tenant who has occupied the space for so long. We look forward to a second opportunity to own this amazing asset.”
TMG completed the original renovation on the property in 1998 and sold the building to the current seller, a joint venture of M&J Wilkow and the National Real Estate Advisors LLC. The tenant in the building is the same tenant which TMG leased the building to 20 years ago.
The building was built in two phases between 1927 and 1938, and was completely renovated to Class A standards in 2000 when the current tenant took occupancy. The property benefits from the neighborhood mix of outdoor spaces, such as the adjacent Sydney Walton Park, great restaurants including Kokarri and Roka Akor, and social institutions such as The Battery.
Mike Taquino and Kyle Kovac of CBRE represented the seller in the transaction.
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 30 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Mountain View, Novato, San Bruno, San Jose and San Francisco. One of the most active developers in this area, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For detailed information, visit www.TMGPartners.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $64.1 billion in real estate assets under management, 491 employees and 21 regional offices across the U.S., Europe and Asia (as of 09/30/18). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.