Lincoln Property Company Partners with New York Life Real Estate Investors to Acquire 494,552-SF of San Francisco Office Space

600 Townsend and 353 Sacramento are prime well-positioned class A office assets

DALLAS--(BUSINESS WIRE)--Lincoln Property Company (“Lincoln”), an international full-service real estate firm, today announced the acquisition of two Class A office buildings in San Francisco under a joint venture partnership with New York Life Real Estate Investors (“NYLREI”). The properties, 353 Sacramento Street and 600 Townsend Street, are located in the heart of the Financial District and the Design District submarket, respectively.

Located between Jackson Square and the North Financial District, 353 Sacramento is a 284,751 sq. ft. 23-story Class A office tower offering views of the Bay, Transamerica Pyramid and the Ferry Building. Current tenants include Wells Fargo, Ramp, Merge and Even-up Law. The building has undergone extensive renovations since 2016 including a new lobby, upgraded elevator systems and modernized elevator lobbies, and restroom renovations. Attractive amenities are offered on site including lockers, showers and a bike room. Lincoln and NYLREI will build out a full-floor amenity center inclusive of two outdoor terraces, a fitness center, conferencing facilities, and a tenant lounge in addition to move-in ready tenant spec suites.

600 Townsend is a 209,801 sq. ft. five-story multi-tenant Class A creative office asset brought to market for the first time. Located in the Showplace Square submarket, the space has undergone substantial renovations including high-end creative improvements, a significant solar project overhaul, a modernized lobby, and an outdoor patio/lounge. The building is nearly fully leased by SS&C Advent and PagerDuty. Features include a dramatic lobby, outdoor common area, and secure on-site parking. The prime location provides immediate access to San Francisco’s transit network and staple San Francisco attractions such as the Chase Center and Oracle Park.

“These high-quality assets are value-adds to our San Francisco real estate portfolio,” said Albert Pura, Senior Director with New York Life Real Estate Investors. “The properties provide in-place cash flow in key submarkets poised for continued strong momentum.”

“Downtown San Francisco has shown positive signs of recovery with a thriving local economy. It has become a sought after location as return-to-office mandates and increased office demands of AI companies drive activity,” said Brandon Wang, Executive Vice President, Northern California at Lincoln. “Our deep understanding of the market enabled us to acquire these high-quality assets at compelling relative value. We are grateful to partner with NYLREI on these properties and look forward to identifying more opportunities as we continue to believe in the long-term recovery and resurgence of San Francisco’s office market.”

About Lincoln Property Company

Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, multifamily, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-use properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 680 million square feet of commercial space. For more information, visit: www.lpc.com.