Intern- San Francisco Business Times
Pembroke Real Estate bought 100 California St. and is investing to reposition the 288,619-square-foot office property for tech tenants. This is the first foray into Bay Area real estate for Boston-based Pembroke, a real estate investment firm.
The price was not disclosed.
Pembroke bought the property from Embarcadero Capital Partners, Broadway Partners, and PCCP, LLC, who were all represented by Eastdil Secured.
Situated in the northern financial district at the intersection of California and Davis, the building is currently 83 percent leased, with the average lease ending four years from now. Some current tenants include Traveler’s Insurance and Samsung.
“San Francisco has a strong foundation for long-term economic growth and provides geographic and economic diversification to our global portfolio,” said David Lucey, senior vice president and head of U.S. operations for Pembroke, which currently manages 6.2 million square feet of real estate across Europe, North America, Asia, and Australia.
Pembroke has been trying to break into the S.F. real estate market for the past 18 months, and looked at purchasing several buildings, including 60 Spear Street, 101 Second Street, 650 California Street and 600 California Street. Lucey said one of the appealing aspects of 100 California is that it has high ceilings, which appeal to tech tenants.
“One of the things that attracted us to S.F. was that we’re looking at gateway cities,” Lucey said. “(San Francisco) has a tremendous tenant base. When we looked west, S.F. stood out as a tremendous market.”
The firm plans to begin renovating the space at 100 California this year, beginning with the restrooms, lobbies, and other public areas.
Richard Procter is an intern for the San Francisco Business Times.