Thor Equities Group announced the sale of 634 2nd Street, a 46,752-square-foot mixed-use building in San Francisco, California’s SOMA neighborhood, a prime area known as the birthplace for some of the nation’s most prominent technology companies. Terms were not disclosed.
The three-story building offers a roof deck and 100 feet of frontage along 2nd Street. The property is currently leased to cloud security company Okta and hosting provider Cloudflare, with a restaurant amenity space leased to popular Sajj Mediterranean restaurant. Situated just two blocks from Major League Baseball’s Oracle Park, home to the San Francisco Giants, 634 2nd Street also is close to the venture capital landmark South Park.
“Our sale of 634 2nd Street represents the culmination of our targeted investment strategy within the SOMA market. We have added value to the property and are confident in the capabilities of its next stewards,” said Joseph Sitt, chairman of Thor Equities. “We look forward to taking our next steps growing our Bay Area portfolio of tech office, R&D and lab spaces.”
In the past 20 years, the former warehouse district has been an incubator for tech giants including social media platforms Twitter and Pinterest. Data firm Splunk and hosting companies Dropbox and Github are also based in the area.
Representing Thor Equities on the deal was a CBRE team comprising executive vice presidents Kyle Kovac and Mike Taquino and senior vice president Mandy Lee. Acting as counsel on the transaction on behalf of Thor Equities were attorneys Ben Vago and Avram Posner at Wachtel Missry LLP.
