Rubicon Pays $72M for San Francisco Office Asset

The Townsend Building, converted in 2000 from industrial use, is home to Paybal, Braintree and Al Jazeera America, among others. Image courtesy of CommercialEdge

Rubicon Point Partners has purchased The Townsend Building, a 137,000-square-foot office property in San Francisco, for $72 million. CBRE Investment Management sold the asset, according to CommercialEdge data.

CBRE IM previously acquired the property three years ago from Manchester Capital Management for $132.6 million, the same source shows.

Converted in 2000 from its initial industrial use to office, the property underwent another major renovation in 2004. The six-story building features a fitness center, three passenger elevators, parking spaces and controlled access. The LEED Silver certified, transit-oriented and brick and timber building is home to companies including Paypal, Braintree, Samba TV, Al Jazeera America, Reflektive and Quizlet, CommercialEdge also shows.

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Located at 123 Townsend St. directly across the Embarcadero from Oracle Park, the property is situated in a neighborhood with an abundance of retail centers. The Townsend Building is within walking distance of the San Francisco Caltrain station and the Muni Central Subway, providing convenient transit access.

The acquisition of The Townsend Building is part of the woman- and minority-owned private real estate investment and operating company’s strategy to invest in high-quality properties on the West Coast.