New York – December 2020 – Thor Equities Group, a global leader in urban real estate development, leasing and management has announced the $55M sale of 634 2nd Street, a 46,752-square-foot mixed-use building in San Francisco’s SOMA neighborhood, a prime area known as the birthplace for some of the nation’s most prominent technology companies.
With an unparalleled location in the heart of SOMA, 634 2nd Street spans three stories with a roof deck and 100 feet of frontage along 2nd Street. The property is currently leased to high-flying cloud security company Okta and hosting provider Cloudflare, with a restaurant amenity space leased to the popular Sajj Mediterranean restaurant. Situated just two blocks from MLB’s Oracle Park, home to the San Francisco Giants, 634 2nd Street also neighbors the venture capital landmark South Park and a number of coffee shops, bars and trendy restaurants including Marlowe, Cockscomb and Zen Izakaya.
“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 SOMA neighborhood has been a cradle for a number of influential tech giants including social media platforms Twitter and Pinterest. Data firm Splunk and hosting companies Dropbox and Github are also based in the area. A former warehouse district, the area’s popularity with creatives and technology workers continues to expand, as it has become a 24/7 neighborhood replete with stylish restaurants, galleries, clubs and high-end high-rises.
ABOUT THOR EQUITIES GROUP:
Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.