San Francisco, CA
90,000 SF | Residences | Private Transaction
250 Brannan represents the opportunistic acquisition of a fully equipped office building left vacant in the SOMA district in the wake of the dot-com meltdown. The Peebles Corporation purchased the 90,000-square-foot property and its 175 parking spaces at a significant discount to its intrinsic value, and successfully rezoned it to accommodate a residential conversion that would capitalize on the location and premium for convenient parking. While preparing to initiate sales, the SOMA office market took a favorable turn, and The Peebles Corporation profited from an attractive risk-adjusted return through the sale of the property on an as-is basis. The outcome was in line with the company’s core strategy of enhanced value captured by the initial investment and subsequent expansion through redevelopment, repositioning and/or zoning modification.