Wells Fargo’s longtime S.F. HQ building sold for $55 million

https://www.sfchronicle.com/bayarea/article/wells-fargo-s-sf-hq-building-sold-for-55-million-21078483.php

Developer Redco has purchased Wells Fargo’s longtime San Francisco headquarters building for $55 million and has major plans to transform the 1959 building.

A new rooftop deck, ground-floor restaurant, café and martini bar are all part of a makeover planned for the 12-story property at 420 Montgomery St. An underground bank vault would become a fitness center, bowling alley and speakeasy under the plan.

The banking giant is leaving next year and has designated 333 Market St. as its new headquarters — although CEO Charles Scharf and other top executives work out of New York.

Redco bought Wells Fargo’s headquarters building for $55 million. Photo courtesy of Redco

The deal is another sign of increasing investor appetite for downtown offices, after an exodus of tenants during the pandemic and major price discounts. A return to office and a boom in artificial intelligence have added momentum to the city’s comeback.

Redco has purchased numerous Financial District buildings, including the neighboring 400 Montgomery St. and 300 California St. It saw an opportunity at the 400,000-square-foot Wells Fargo building, which had never been sold and is being rebranded as 450 California. Redco also obtained a major discount — the $55 million price was less than half of the property's $127.6 million city-assessed value.

“Once you get in, it’s really amazing,” said Chris Freise, Redco managing partner. “It’s got amazing bones.”

There’s already a Japanese Zen garden, views of the bay and the Transamerica Pyramid, and a penthouse attached to the planned new outdoor space. Wells Fargo has cut around half of its San Francisco office space since the pandemic and also sold 550 California St.

However, it renewed its lease in Concord for 257,000 square feet, the San Francisco Business Times reported. The bank didn’t immediately provide comment.

Redco plans to invest millions to renovate the building, Freise said. Construction is expected to start in the second half of next year and take around nine to twelve months, he said.

Floorplan of the new food and beverage amenities in the former Wells Fargo branch on California. Courtesy of Redco

An artist’s rendering of a new lobby at the former Wells Fargo headquarters, which would include a new cafe, restaurant and bar. Courtesy of Redco

Annual asking rent will be around the high $60s to low $70s per square foot, he said. That’s lower than the most expensive offices in the city, which can go for over $100 per square foot, and Freise expects the pricing to give Redco a competitive edge.

He also noted that there aren’t many other available listings for 400,000 square feet in contiguous vacant space that are in that pricing range.

Though another bidder had floated the idea of converting the building into housing, Freise said Redco was eager to capture the business growth in the city, which has been fueled in part by a boom in artificial intelligence.

“We believe in San Francisco. We believe in office. We believe in tenants growing in the city. We think this is a super compelling space offering for the right HQ user,” he said.

Redco buys Wells Fargo HQ building at 85% discount

Sale closed at $55M with plans to rebrand property, add amenities

Redco Development’s Chris and Jason Freise with 420 Montgomery Street (Getty, Redco Development)

https://therealdeal.com/san-francisco/2025/10/01/wells-fargo-headquarters-sells-to-redco-for-55-million/

Key Points

• Redco Development has purchased the former Wells Fargo headquarters at 420 Montgomery Street in San Francisco for $55 million, a significant discount from its pre-pandemic value.

• Redco plans to rebrand the property as "450 California" and transform the building with public-facing spaces, food and beverage tenants, and amenities like a speakeasy bar in the historic bank vault.

• This acquisition expands Redco's control of the California Street corridor, adding to previous purchases at 400 Montgomery Street and 300 California Street, and a recent acquisition in Showplace Square.

Redco Development has closed its purchase of a downtown San Francisco office building home to Wells Fargo’s former headquarters.

San Francisco-based Redco has acquired 420 Montgomery Street for $55 million, the San Francisco Standard reported. The sale price of approximately $150 per square foot for the part of the complex excluding the museum is more than 85 percent below the building’s pre-pandemic value of $370 million, or about $1,000 per square foot.

The 409,000-square-foot property contains the former Wells Fargo History Museum on Montgomery Street and a 12-story office building on California Street. The offices are mostly vacant after Wells Fargo moved much of its operations to a 620,000-square-foot lease at 333 Market Street last year.

The purchase comes after housing developer Forge Development Partners neared a deal to buy 420 Montgomery Street for a similar price with plans to convert the building into housing. The deal ended up falling through, leaving an opening for Redco.

Wells Fargo sunk more than $90 million in renovations on the property over the past decade. The office tower comes with a penthouse with a kitchen, dining hall, garden and rooftop deck that can be used for events.

Redco has big plans to remake the building, starting with rebranding the property as “450 California.” The company is looking to transform the lobby into a public-facing space with various food and beverage tenants including a coffee shop, bar and restauranAt the top of the building, Redco is hoping to bring in a single tenant to lease the upper four floors, including the penthouse. Each floor has about 27,000 square feet of offices that can be occupied by one tenant or divided between multiple.

Meanwhile, under the building, Redco plans to convert Wells Fargo’s historic bank vault with a speakeasy bar, fitness center, bowling alley and other amenities. The former Wells Fargo History Museum on the ground floor will turn into a dedicated entrance for a large tenant.

Redco’s acquisition gives the firm control of nearly two blocks on the California Street corridor. Last year, the company bought 400 Montgomery Street next door to the Wells Fargo building for $25 million and 300 California Street for $28.5 million.

Further south in Showplace Square, in May, Redco bought a 78,000-square-foot office building at 208 Utah Street for $15 million. That property was previously owned by Shorenstein and was vacant after anchor tenant Strava left for new offices downtown this year. 

Redco closes deal for Wells Fargo's longtime San Francisco headquarters, plans big upgrades to lure tech tenant

https://www.bizjournals.com/sanfrancisco/news/2025/10/01/redco-420-montgomery-close.html

Story Highlights

• Redco has acquired Wells Fargo's San Francisco headquarters for $55 million.

• Redco plans extensive renovations to attract a large 'tech user.'

• Wells Fargo has been steadily reducing its San Francisco office footprint.

Redco closed its acquisition of Wells Fargo’s (NYSE: WFC) longtime San Francisco headquarters on Tuesday, paying roughly $55 million for a building it plans to transform into a next-generation headquarters opportunity for a large tech user.

The San Francisco-based investor will immediately begin work on a multimillion-dollar renovation of 420 Montgomery St., a remaking that will cost more than what Redco paid to acquire the 400,000-square-foot building, Managing Partner Chris Freise told the Business Times.

Redco plans to renovate the lobby of 420 Montgomery St. to include several food and beverage tenants, including a coffee bar, pictured here in renderings.

Among the improvements Redco has planned: a full remaking of the lobby, which will transform from slightly dated Italianate-style space with a bank branch into a public-facing space featuring a roster of food and beverage tenants, including a coffee shop, a step-up bar and a restaurant. Patrons of the latter could walk through operable floor-to-ceiling windows to enjoy outdoor dining along a stretch of Leidesdorff Street between Halleck Alley and California Street. Redco also plans to transform multiple vaults in the lobby into a swanky, speakeasy-style amenity space and upgrade a 13th-floor penthouse, which already includes a full-service kitchen and multiple roof-decks, into modern amenity and service space.

The goal is to attract an anchor tenant — a user looking for 100,000 square feet or more in the building, Freise said. A tenant of that size could work with Redco to customize its renovation of 420 Montgomery St., which Redco will rebrand as 450 California St. (The T-shaped complex has a narrow arm to Montgomery but a larger frontage on California.) Rents could run in the $60 to $70 per square foot range depending on the intensity of the renovations a future tenant wants to implement, he said.

“We believe in the growing nature of big-block users,” Freise said. “And we think we’ve got — with the penthouse, the 28,000-square-foot floor plate, the location, the pricing — like, those four things really set it apart from all the other blocks of space."

Among the amenities Redco plans to unveil at 420 Montgomery, which will be rebranded as 450 California St.: a roof deck on the building's 13th floor, pictured here in renderings.

The deal comes together as there is a growing sense of optimism forming around the future of San Francisco’s office market. Tenant requirements — the amount of office space being sought by prospective users during a given period — hit 9 million square feet in the third quarter of this year, according to data from real estate services firm JLL. That is a notable uptick even from the beginning of this year, when requirements were hovering at around 6.5 million square feet. Freise said he’s aware of a number of tenants who are out looking for 100,000 square feet or more; as of the end of September, JLL was tracking 16 such requirements, the firm said.

Now Redco plans to capitalize on that growing demand — much of which is for highly amenitized, top-tier office space — at 420 Montgomery, which it will position as a sleek headquarters opportunity in downtown San Francisco. That is a pivot from even a year and a half ago, when Redco closed its first acquisition in the postpandemic era: it snapped up the 120,000-square-foot 300 California St., paying $28.5 million for a building it acquired in partnership with a handful of tenants who signed on to lease space in the building before the deal had officially closed, bolstering the building’s occupancy rate and helping Redco secure financing.

Wells Fargo officially relocated its San Francisco headquarters to a 620,000-square-foot leased office at 333 Market St. as of Sept. 15, it revealed in a regulatory filing that listed 420 Montgomery as a "former address."

With Redco having closed on 420 Montgomery, the bank has now shed more than half of its prepandemic San Francisco office footprint; in 2023, it sold an office tower at 550 California St. to Peninsula investor Roger Fields. The bank recently renewed for 257,000 square feet of space in the East Bay city of Concord.

Wells Fargo leased back approximately a quarter of 420 Montgomery for one year, according to Freise; the rest of the building could be delivered “tomorrow,” he said. The firm has plans to build out some speculative suites in the building, but details of its renovation could ultimately depend on the desires of an anchor tenant, should one appear.

“You can show up and choose your own adventure,” Freise said. “I think over the next year, that’s the opportunity, if the tenant presents themselves.”

Redco plans to turn basement-level vaults into speakeasy-style tenant amenties space, seen here in renderings.

An anchor tenant could, for example, decide whether to claim the 13th floor penthouse and roof-deck for itself or have that space open to all tenants, he said. Redco also plans to designate the building’s entrance along Montgomery Street as a private entry for a large user.

The 400,000-square-foot 420 Montgomery is Redco’s largest acquisition in San Francisco to date, bringing its San Francisco office portfolio to nearly 700,000 square feet. The Business Times named Freise its 2024 Dealmaker of the Year for Redco’s acquisitions of the beloved Financial District bar Harrington’s, 300 California and 400 Montomery, an 87,000-square-foot building that sits directly next door to 420 Montgomery.

Wells Fargo put 420 Montgomery on the market at the turn of the new year to a somewhat tepid reception from stakeholders, who said the building — which Wells had said it intends to vacate – would need significant investment before it would be attractive to today’s tenants. Freise, who spent two years walking past the building on his way to 400 Montgomery, said he too was somewhat skeptical about what the building had to offer, though that changed when he finally stepped inside.

Between the views of Jackson Square, the former executive office space on the 12th floor, and the 13th floor penthouse and roof-decks, which come with views of downtown and the San Francisco Bay, “I was like, this is really compelling,” Freise said. “It just felt like there was going to be someone at the right price point who was going to be very excited about it, too. And we firmly believe that.”

The Business Times first reported Redco had emerged as a buyer for the building this summer; the investor stepped in after a previous deal with Forge Development Partners failed to materialize.

Oakland Soccer Clubs Secure Long-Term Home with $24MM Alameda Facility Purchase by Redco Development

https://news.theregistrysf.com/oakland-soccer-clubs-secure-long-term-home-with-24mm-alameda-facility-purchase-by-redco-development/

A San Francisco development firm has stepped in to provide Oakland’s professional soccer teams with the stability they’ve been seeking, closing on the former Oakland Raiders training complex after a previous buyer withdrew from the deal.

Redco Development completed the $24 million acquisition of the 16.92-acre Alameda site on Thursday, immediately entering into a long-term lease agreement with the Oakland Roots and Oakland Soul soccer clubs, according to the firm. The transaction provides both the city of Oakland and Alameda County with much-needed revenue while securing the teams’ operational future in the East Bay.

The deal represents a significant turnaround from December 2024, when industrial giant Prologis abandoned its planned purchase of the Harbor Bay Parkway properties. That withdrawal had left Oakland facing additional budget pressures amid a $115 million deficit, while the soccer clubs confronted uncertainty about their training operations.

“This agreement is great news for Oakland and our entire sports community,” Oakland Mayor Barbara Lee said in a statement provided to the Business Times. “By securing a long-term home for the Oakland Roots and Soul, we’re not only ensuring the growth and success of these teams, but we’re also investing in our city’s future, building community pride, boosting the local economy, and continuing to position Oakland as a dynamic sports destination.”

The facility, located at 1150 and 1220 Harbor Bay Parkway in Alameda, now renamed the UCSF Health Oakland Roots and Soul Performance Center, encompasses two buildings totaling nearly 119,000 square feet along with professional-grade turf fields and training amenities. The property spans 16.92 acres and includes a 100,607-square-foot state-of-the-art headquarters building, an 18,240-square-foot indoor training center, and multiple outdoor soccer fields. Originally built to professional sports specifications, the facility features top-tier amenities such as full locker rooms, private offices, a media production suite, a theater, conference spaces, and wellness infrastructure including two indoor whirlpools, a plunge pool, and a steam room.

“Roots and Soul are building something really special here in the East Bay, and we’re honored to help anchor that vision with a permanent home,” said Redco’s Managing Partner Chris Freise in a statement. “It’s a win for the club, for the city, and sports fans across the Bay Area.”

Oakland Roots and Soul SC President Lindsay Barenz emphasized that having a strong training facility is vital to the club’s success and expressed gratitude to the city, county, and Redco for helping secure a long-term home near Oakland Airport, calling it a huge step toward sustainability in Oakland.

The transaction ranks among the most competitively priced industrial land sales along the highly desirable I-880 corridor. With proximity to I-880, Oakland International Airport, and Harbor Bay Ferry Terminal, the location offers strategic access to the greater Bay Area and is uniquely positioned for professional sports and large-scale community use.

Colliers’ Joe Yamin, Grant Diede and Will Semone brokered the transaction for the property where the Oakland Roots and Soul soccer clubs have operated for the past four years. The new fifteen-year lease will ensure the property continues to serve as a hub for athletic excellence and community engagement, preserving the legacy of a storied site while propelling it into its next chapter.

“It’s a win-win-win—a win for Oakland soccer, a win for the City of Oakland, and a win for Redco,” said Joe Yamin in the announcement. “We’re proud to have helped secure a permanent home for the Roots and Soul at this legendary facility with a partner like Redco, and we’re excited to see how the clubs continue to grow from here.”

The property is widely regarded as one of the top soccer facilities in the United Soccer League, thanks to world-class amenities inherited from its time as an NFL training headquarters. Chief Real Estate Officer Lydia Tan praised Redco’s creativity in structuring the rent as a market-rate deal that acknowledges the team’s early development phase, allowing sufficient room for investment and improvements while ensuring investors receive market returns.

Both Oakland and Alameda County, which jointly owned the property, will receive approximately $11 million each from the sale after closing costs. The jurisdictions had struggled to monetize the asset since acquiring it in December 2020, including a failed auction attempt in 2023 that generated 65 registered bidders but no successful sale.

The Roots, established in 2018 and competing in the USL Championship since 2021, are playing in the Oakland Coliseum this season and recently sold out their inaugural home opener against San Antonio FC with a record-breaking 26,575 attendance. The team’s commitment to the Coliseum and the city continues to energize Oakland’s community of sports fans.

Tan indicated that once the practice facility is stabilized, the team will focus intensively on securing a permanent venue for the gameday experience. The team is pursuing discussions with multiple parties, including the African American Sports Entertainment Group regarding Coliseum redevelopment and the Port of Oakland concerning Howard Terminal development opportunities.

Tan noted that the deal makes their ability to remain focused on Oakland and the East Bay much more real, allowing them to stay true to their purpose of uplifting the community.

The successful completion of this deal provides both immediate financial relief for local government entities and operational certainty for Oakland’s professional soccer presence, marking a positive development in the city’s ongoing efforts to retain and attract sports organizations.

Oakland Roots and Soul soccer clubs, with help from Redco, secure former Raiders HQ as a home: 'A huge step'

https://www.bizjournals.com/sanfrancisco/news/2025/06/26/redco-roots-soul-oakland-raiders-alameda.html

Story Highlights

• Redco Development buys former Raiders facility for $24 million.

• Oakland Roots and Soul secure long-term lease for practice facility.

• Deal generates $22 million for Oakland and Alameda County.

San Francisco-based investor Redco Development closed on a deal Thursday to buy the former Raiders headquarters and training facility, and will lease the buildings to the Oakland Roots and Oakland Soul soccer clubs.

The purchase, which totaled $24 million, comes after industrial giant Prologis backed out of its bid to buy the 16.84-acre site in Alameda last year, and gives the Roots and Soul a long-term practice facility, now named the UCSF Health Oakland Roots and Soul Performance Center.

“Having a strong training facility is vital to the success of our club,” Oakland Roots and Soul SC President Lindsay Barenz told the Business Times. “We are grateful to the City of Oakland, the County of Alameda, and Redco for helping us secure a long-term home next door to the Oakland Airport, which is a huge step toward our long-term sustainability in Oakland.”

Lindsay Barenz is president of the Oakland Roots and Soul soccer clubs.

The soccer club has leased the the two-building site and its turf soccer fields, training facilities, offices and surface parking from the city and county since 2021 on a year-to-year basis.

The deal will generate much-needed funds for the city of Oakland and Alameda County, which together own the site and each are estimated to make at least $11 million off of the transaction after closing costs. The pair has tried to sell off the properties at 1150 and 1220 Harbor Bay Pkwy. since the NFL's Raiders departed Oakland for Las Vegas in 2020.

“This agreement is great news for Oakland and our entire sports community,” Oakland Mayor Barbara Lee said in a statement. “By securing a long-term home for the Oakland Roots and Soul, we’re not only ensuring the growth and success of these teams, but we’re also investing in our city’s future, building community pride, boosting the local economy and continuing to position Oakland as a dynamic sports destination.”

The Oakland Raiders' former headquarters in Alameda has been sold to Redco, which will lease the facility to the Oakland Roots and Soul soccer clubs.

Lydia Tan, chief real estate officer for the Roots and Soul, said the team entered a 15-year lease with Redco that includes extension options for up to 25 years, starting with lower rent payments that increase over time. That will allow the team to make long-term investments and upgrades to the property, like expanding the fields and upgrading locker rooms, showers and other spaces.

“Redco has lived up to their reputation as being very creative, and the rent is structured as a market-rate deal, but it also acknowledges the team is still in the early phases of its existence,” Tan said. “(They are) allowing us to have enough room early on to really make the kind of investment and improvements we need while making sure that their investors are getting a market return at the end of all this.”

Redco co-founder Chris Freise called the purchase a win for both Oakland and the Roots and Soul, and said the well-priced and located properties will be an asset to the firm.

“With their fan base supporting them, they feel bullish enough to make such a large commitment,” Freise said. “We believe in them from an organizational standpoint, that they’re going to be successful.”

Teeing up tenants for assets before purchasing them has been a successful strategy for Redco, which has scooped up several San Francisco office properties in the past year or so with tenants in tow, including 300 California Street, 400 Montgomery and 208 Utah, as well as beloved downtown Irish bar Harrington’s. That strategy and those deals earned Freise the Business Times’ 2024 Dealmaker of the Year award.

The Roots, founded in 2018 and part of the USL Championship league since 2021, are playing in the Oakland Coliseum for the 2025 season and exploring all options for a permanent stadium in the East Bay. Tan said the club is in talks with the African American Sports Entertainment Group, which is trying to buy the Coliseum from the city and county and redevelop it into a mixed-use, sports-oriented facility. It is also in talks with the Port of Oakland, which recently opened a request for proposals for Howard Terminal, a site the Athletics considered before leaving town, to explore building a soccer stadium there.

“Once we get the practice facility stabilized and underway, we’re going to be very focused on our permanent venue for the gameday experience,” Tan said.

The Harbor Bay Parkway properties total 118,847 square feet and were used by the Raiders as its former training facility and headquarters. The county attempted to auction off the former Raiders headquarters in 2023 with a minimum bid price of $35.8 million, but ultimately postponed the auction without reason or notice.

The former headquarters has a locker room, media production rooms, conference rooms, two indoor whirlpools with a steam room and a fenced and gated parking lot. The training facility has an indoor fitness space, an exterior pool and a large grass field.

“It makes our ability to continue to be focused on Oakland and focused on the East Bay that much more real,” Tan said. “It allows us to make sure that we are continuing to stay true to our purpose, which is all about uplifting the community. We’re really excited about it.”

Andytown Coffee to open a third S.F. Financial District cafe

https://www.bizjournals.com/sanfrancisco/news/2025/06/16/andytown-coffee-300-california.html

Story Highlights:

• Andytown has landed a lease for a signature lobby space at 300 California St.

• The coffee and breakfast sandwich specialist just opened a cafe on Front Street in May.

• The building's owner says Andytown is "a big selling point" for the future.

Andytown will be part of a redesigned lobby space on the ground level of 300 California St., and is shooting for an April 2026 opening, according to building owner Redco Development. It will be the ninth cafe for the darling coffee brand of the Outer Sunset and its third downtown after a 2019 flagship near Salesforce Park and a new cafe at 747 Front St., which just opened on May 27.

The cafe will be a “full Andytown concept with our drinks and breakfast sandwiches,” said Andytown CEO and co-founder Lauren Crabbe. “We are so excited to continue our commitment to downtown San Francisco.”

Crabbe co-founded the business with husband Michael McCrory in 2014 and has grown a cult following from the cafe's community ethos, Irish-influenced pastries and inventive drinks like the Snowy Plover — a staple of the San Francisco transplant starter pack.

The Andytown footprint will be typical, roughly 1,500 or 2,000 square feet, per Redco. The lobby redesign will involve knocking down a "faux wall" separating the lobby from the former Cafe Madeline space next door to create a fully open area.

"It'll feel a little like the LinkedIn building (at 222 Second), where you walk in and have coffee and a shared lobby experience," said Chris Freise, Redco's co-founder and managing partner as well as the Business Times 2025 Dealmaker of the Year.

The cafe adds to a flurry of retail activity converging near the corner of California and Battery streets: Wayfare Tavern opened its new digs at 201 Pine St.; Turtle Tower has been drawing celebrity intrigue and a packed lunch crowd at 220 California and Crustacean is nearing an opening at long last at 195 Pine St.

Adjacent to Andytown in the 300 California building, Flagstar Bank plans to open a new branch by year-end and activate a storefront that's been dead since Amazon Go shuttered there in 2023. Redco is also one of the main investors, along with Tonic Nightlife Group, in the community-led revival of nearby pub Harrington's.

Redco acquired the eight-story office building with partner GCI General Contractors for about $240 per square foot in May 2024 and has since signed six new tenants. The San Francisco-based investor is in discussions with several parties to take over the top two floors of office space and its 'anchor' signage.

"We're going to roll out a marketing campaign for those upper floors," Freise said. "We'd been kind of waiting to do it because we wanted this (Andytown) lease to hit, because we felt like that was a big selling point."

Andytown's newest cafe on Front St. is "to go"-focused and opened with hours from 8 a.m. to 3 p.m. on weekdays but could potentially expand those hours later in the summer, the business wrote on Instagram.

Redco Development makes latest San Francisco real estate play with deal for vacant office

https://www.costar.com/article/438366701/redco-development-makes-latest-san-francisco-real-estate-play-with-deal-for-vacant-office

Redco Development has further cemented its reputation as a prolific investor in post-pandemic San Francisco real estate, closing its bid to buy an empty office building in a neighborhood some real estate professionals have taken to calling “Area AI.”

Redco, run by brothers Chris and Jason Freise since 2019, paid $15.1 million to acquire a nonperforming $25 million loan backed by a more-than-century-old former industrial building at 208 Utah St. The four-story brick-and-timber building is in a part of Potrero Hill known as Showplace Square, or more recently, the Design District. Redco took ownership of the nearly 80,000-square-foot office building through a deed-in-lieu-of-foreclosure transaction requiring the cooperation of the building’s previous owner, San Francisco investor Shorenstein.

Redco said on its website that the building was “100% vacant at acquisition” and had benefited from “substantial shell improvements,” including new systems and tenant improvements.

Back in 2012 — in a much different climate when mobile internet start-ups in particular were on the upswing in San Francisco — the Shorenstein family paid about $25 million for the property, which was then around 80% leased by tech startups such as Strava, Trullia, Mode Analytics and WeddingChannel.com, according to prior CoStar data. The sellers in that deal, TMG Partners and Farrallon Capital Management, bought the building in 2010 for just under $8 million and spent another $2.5 million on renovations.

This spring, Shorenstein’s lender, Capital One, began marketing the debt on the property as a path to ownership, and Redco stepped up. The purchase marks the company’s fourth big acquisition in San Francisco in the past year or so, with all properties bought at steep discounts as office buildings in the city have come on the market for valuations not seen in decades.

Last spring, the firm partnered with San Francisco-based GCI General Contractors to buy 300 California St., a downtown office building. In November, Redco partnered with Bridges Capital, a family-owned outfit also based in the city, to acquire another historic financial district office building at 400 Montgomery St. The value-add investor and developer also teamed up with several other parties to buy Harrington’s, a nearly century-old waterfront pub that shut down in 2020 but has since reopened.

Once-in-a-lifetime bargains

The Freise brothers, like a handful of other San Francisco investors, have jumped on once-in-a-lifetime bargains in the city’s office market, insisting that San Francisco will soon boom again. In a blurb on its website, Redco said that 208 Utah St. "benefits from substantial shell improvements completed in 2012 including new buildings systems, seismic and tenant improvements making it available for immediate plug and play leasing."

The firm did not respond to a request for further comment on the deal.

San Francisco has seen its office vacancy rate rise from the lowest in the nation in 2019 to the highest, as a perfect storm of COVID-19 pandemic lockdowns, remote work and layoffs among technology companies caused tenants to downsize at record levels.

A gradual recovery is now taking hold, however, with high-profile investors making discounted deals for offices in downtown San Francisco.

In a bid to compete for a smaller pool of tenants, landlords are increasingly outfitting offices with amenities that in some cases range from climbing walls and pickleball courts to cafes, lounges and yoga studios.

Redco in talks to acquire troubled loan on Showplace Square property

https://www.bizjournals.com/sanfrancisco/news/2025/05/14/redco-208-utah-shorenstein.html

Story Highlights

• Redco has negotiated a $25 million loan acquisition for Shorenstein's 208 Utah

• The deal values 78,740-square-foot building at $15 million, enabling Redco's takeover.

• Shorenstein faces distress across 6-7 million square feet of office space.

Capital One has a buyer for a loan backed by Shorenstein’s 208 Utah St., positioning the Showplace Square building to trade hands.

San Francisco-based investor Redco is in talks to acquire a $25 million loan backed by the office and industrial building, according to multiple people with knowledge of the matter. The pending deal is expected to value the 78,740-square-foot 208 Utah at around $190 per square foot, or $15 million.

The deal, if closed, would tee up Redco to take 208 Utah off Shorenstein’s hands, either through foreclosure or a deed-in-lieu process, sometimes called a friendly foreclosure. Marketing materials for the loan obtained by the Business Times early this year advertised the opportunity to acquire the building itself, suggesting Capital One expected Shorenstein to cooperate with prospective buyers.

Capital One did not respond to a request for comment; Shorenstein declined to comment.

Redco has emerged as one of the most active buyers in San Francisco’s postpandemic downtown, snapping up beloved downtown Irish Bar Harrington’s; 400 Montgomery St., a 86,230-square-foot office building; and 300 California St., a 119,000-square-foot office building, all roughly within a three-block stretch of the Financial District.

Now 208 Utah could become the first San Francisco asset shed by Shorenstein in light of lender pressure. The Business Times reported in January that 2.7 million square feet of office properties owned by the San Francisco-based investor had been sold at losses or lost to foreclosure over the last year.

Shorenstein's national portfolio at the start of this year included between 6 million and 7 million square feet of additional office space in some form of distress; that pool includes assets subject to some form of lender control and buildings that, facing lender pressure, are not expected to remain in Shorenstein’s portfolio in the long term.

Among the troubled properties is 45 Fremont St., a 620,000-square-foot downtown San Francisco office tower Shorenstein has owned for decades. The Business Times reported last month Shorenstein and partner Blackstone tapped real estate investment bank Eastdil Secured to market the building for sale at the urging of their lenders.

"If you would have told me five or six years ago that we would be walking away from multiple properties, I would probably be a lot more stressed about it," CEO Brandon Shorenstein told the Wall Street Journal of the firm's losses. "But unfortunately that's just where the state of the business is today."

Shorenstein had 13.6 million square feet of space under management as of the close of last year, though that figure does not include several legacy investments in San Francisco. The Shorenstein family trust acquired 208 Utah in 2012 for $25.68 million and refinanced with the $25 million loan from Capital One in 2019.

Redco, if it closes the 208 Utah deal, will acquire a largely empty building. Strava’s 34,000-square-foot headquarters lease in the building expires next month; it has already relocated to a new home base in Meta’s old offices at 181 Fremont St.

Chris Freise of Redco is our 2024 Dealmaker of the Year

https://www.bizjournals.com/sanfrancisco/news/2025/03/27/real-estate-deals-dealmaker-chris-freise.html

Feeling pessimistic about the future of downtown San Francisco? Chris Freise would like to know the last time you paid a visit.

“The people who have been here of late have seen there’s an incredible renaissance going on,” he said.

Freise, who in 2019 founded Redco in San Francisco alongside his brother Jason, sees green shoots everywhere: in the new restaurants filling vacant storefronts; the entertainment zone that now runs down Front Street — and the patrons that fill it after working hours; night markets that crowd Chinatown in the evenings; the throngs of people that come to Second Street on First Thursdays. Meanwhile, the city’s office market has bottomed out, said Freise, who thinks the next year could give way to the kind of leasing demand last seen in San Francisco in 2019.

Spend even 10 minutes with Friese, and you walk away with the distinct understanding you’re dealing with someone who believes in San Francisco. For that belief — and for walking that talk not once but three times in 2024 — Freise is our Dealmaker of the Year.

In 2024, Redco helped reopen Harrington’s, the beloved Financial District Irish bar that shuttered during the pandemic. It acquired 300 California St., a 120,000-square-foot office building just two blocks from Harrington’s and also snagged 400 Montgomery St., an 86,500-square-foot property just down the street from its other two investments.

Freise is decidedly bullish about San Francisco’s office sector, said New York Life Real Estate Investors senior director of transactions Albert Pura. The two worked together two decades ago as analysts at RREEF, and Pura personally invested in the 300 California deal. Freise, Pura said, knows how to translate that bullish sentiment into deals.

“He is really smart, very motivated and he is a hustler,” Pura said. “He’s able to get information. He knows how to connect the dots, build relationships. He’s a really great connector of people and knows how to get things done.”

Tenants make great investors

Redco hasn’t been in the market for just any available building — nor were the Freise brothers necessarily looking to do the kind of all-cash deals that have fueled office investment sales activity in San Francisco for the last 18 months. The question became how Redco could acquire desirable properties while assuaging doubt from lenders, even as the San Francisco office sector’s vacancy rate remained more or less at historic highs.

Freise’s answer was, in retrospect, a fairly simple one: Bring the tenants into the deal.

At 300 California, Redco partnered with GCI General Contractors, Decker Electric and Heffernan Insurance Brokers, each of which contributed equity toward the building’s purchase and signed new leases there as the deal closed. The leases brought 300 California’s occupancy from roughly 50% to 75%, helping to win over lenders. It followed a similar strategy at 400 Montgomery, lining up a smattering of leases with tenant-investors while in escrow that bolstered the building’s occupancy rate to around 75%.

The strategy is both unique to Redco and a postpandemic pivot for the firm, which has historically worked with institutional partners. But as institutional appetite for San Francisco’s office sector has waned, the developer has begun working with its tenants, alongside high-net worth individuals and family offices, to capitalize on the opportunity Friese sees downtown.

“I give Chris a lot of credit,” said John Walsh, who helped broker the 300 California deal. “He had GCI in tow, he was able to get a couple more investors in the building, and it came together.”

‘We just bought a bar’

Perhaps the most diversified investor base Redco put together was for Harrington’s. It partnered with Tonic Nightlife Group, which is operating the bar, brought in members of the Harrington’s family as well as roughly 70 individual investors. The group signed a lease with an option to buy the business and the 10,000-square-foot building for a set but undisclosed amount and expects to exercise it this year.

Ken Harrington, one of the bar’s owners, first approached Redco in 2023, less than a year after the developer put up an unsuccessful offer to buy the 245 Front St. building that houses Harrington’s on its bottom floor. Freise and his brother drove to meet Harrington at his family home, with Freise telling Jason the whole way: “Whatever we do, we are not getting talked into doing Harrington’s.”

“We walked out of there with a handshake,” Freise said. “And you know, we’re really glad we did.”

Freise caved for a few reasons: Time spent early in his career forging a network at Harrington’s, for one thing, a watering hole famously popular among San Francisco’s real estate sector. A desire to preserve a San Francisco institution first opened in 1935, for another. And a grandfather — Robert Edward Daniels, to whom Redco’s naming convention is a tribute – who took no holidays in his work as a tradesman, save St. Patrick’s Day. The bar reopened on St. Patrick’s day last year.

So far the bar has exceeded Freise’s expectations: The team hoped that by its one-year anniversary, Harrington’s would have done $1 million in top-line revenue. As of March, it was on track to close at $1.3 million.

Both 300 California and 400 Montgomery have also exceeded Freise’s expectations less than a year into ownership, beating the respective pro formas Redco wrote ahead of closing its acquisition of each building. That’s the thing about San Francisco today, Freise said: Even for someone betting heartily on its recovery, the city is easy to underestimate.

“I can’t tell you how many times we’ve had these conversations with investors, and they were all thinking about how wrong it could go,” he said. “They weren’t thinking about how good it could go — how well it has gone.”

About Freise

Title: Co-founder & Managing Partner, Redco Development

Resume: Founded Redco with brother Jason in 2019; previously co-founded Lift Partners; LBA Realty

2024 Deals: Purchased 300 California St. in May and 400 Montgomery St. in November; leased 245 Front St. with an option to buy and reopened Harrington’s

City of Palo Alto Starts Draft EIR for Redco Development’s 382-Unit Residential Project

https://news.theregistrysf.com/city-of-palo-alto-starts-draft-eir-for-redco-developments-382-unit-residential-project/

Palo Alto could soon see new housing added to the city’s residential offerings. According to City of Palo Alto records, a proposed project envisions the construction of two high-rise towers with nearly 400 residential units across from the Caltrain station. The city has initiated the process of preparing a Draft Environmental Impact Report for the proposed mixed-use development at 156 California Ave. Earlier this month, the city released a notice of preparation of an EIR, beginning a 30-day scoping period to solicit comments on the scope of the EIR. Any public comments must be submitted by 5 p.m. on Jan. 16, 2025.

The project developer is REDCO Development, according to a report from SFYIMBY. The development team is acting in conjunction with Mollie Stone’s Market, which owns the property site. The architect is Studio Current.

The project would demolish the existing improvements on-site to construct a new mixed-use development consisting of 382 residential units and 19,500 square feet of commercial space, city records show. Consistent with the provisions of the Builder’s Remedy, a percentage of the units would be provided as below market rate units.

The project would demolish an existing grocery store and parking lot and construct one seven-story podium building and one 17-story tower, known as Tower A, city records show. Additionally, the project would demolish another existing parking lot and construct one 11-story tower, known as Tower B. The podium building and Tower A would share two levels of underground parking and be connected at the first and second floors. The third floor would include a courtyard between the buildings, and the remaining floors would be individual to each building. 

Tower A would include 3,316 square feet of commercial space on the ground floor and 192 residential units on floors two through 17, city records show. The podium building would include a 14,709 square foot grocery store on the ground floor and 112 residential units on floors two through seven. Tower B would include 1,422 square feet of retail space on the ground floor and 78 residential units on floors two through 11.

This project represents what could be a significant development for Palo Alto, addressing the city’s housing needs while incorporating sustainable design elements. Leveraging the state’s builder’s remedy provision, which allows developers to bypass local zoning restrictions in exchange for meeting affordable housing quotas, the project aims to significantly increase housing density in the area.

SF’s next real estate wave is starting to take shape

https://sfstandard.com/2024/12/28/san-franciscos-next-real-estate-wave-is-starting-to-take-shape/

He only just got the place, so you’ll have to forgive Glenn Gilmore for fumbling through his ring of keys. 

In the week when most office workers have decamped for the holiday break, the developer is charging ahead with renovations to 500 Washington St., a 100,000-square-foot office building in Jackson Square that was constructed in 1982.

His first order of business: replacing all physical door locks with digital ones that can be unlocked via phone. “I hate keys,” Gilmore said during a recent walk-through of the property. “Anything manual just feels super old nowadays.

“Plus, you don’t need a permit to start working on this kind of stuff,” he added.  

Brick & Timber Collective will remodel this 1980s building and launch it as "Park Washington." | Source:Benjamin Fanjoy for The Standard

His firm, Brick & Timber Collective, closed on the eight-story brick structure this month and is planning a complete remodel of the building kitty-corner to the Transamerica Pyramid. 

The ground floor will become a restaurant with outdoor seating reminiscent of Cotogna, a posh establishment that has become a neighborhood destination for business lunches and first dates alike. 

Upstairs, interior walls will be knocked down to expose a 360-degree view of the city that was obscured by cubicles and individual offices. A rooftop bar is also in the works. 

This level of investment is possible because Brick & Timber Collective was able to purchase the building for just $32.6 million, a hair over the $30 million the Public Policy Institute of California paid for it more than two decades ago, according to public records. 

Not only was the value of the sale on par with San Francisco’s distressed commercial real estate market but 500 Washington is notable in that it shows how more institutional investors are emerging from the sideline since the pandemic. 

Gilmore confirmed that Barings, a subsidiary of the Massachusetts Mutual Life Insurance Company, signed onto the project as a limited partner, helping pay all cash upfront and will add more layers of debt financing to the renovation after the new year. Remarkably, he said, the deal — his firm’s largest to date — took only four months to complete. 

Recent office sales have largely been confined to a handful of local private investors who were betting early on the city’s recovery. 

Now, nearly five years into San Francisco’s new normal, that belief is again spreading to outside capital, which fueled the city’s previous real estate boom. 

What signs are they seeing? For one, more office workers are returning. According to real estate firm CBRE, San Francisco’s office leasing activity this year reached its highest point since 2019. 

As a result, the city’s office vacancy rate declined for the first time in 19 quarters, from 36.9% to 36.7%. 

“The expectation is that tenant demand will once again increase in 2025 as growth plans gain momentum and additional office space is needed,” said Colin Yasukochi, executive director of CBRE’s Tech Insights Center. 

Perception matters

When times were good, the business model in the city’s commercial real estate sector was predicated on increased office demand, which in turn resulted in higher rents and property values. 

But the massive retreat of Big Tech, combined with the struggle to dela with quality-of-life issues such as homelessness and public safety, essentially made San Francisco a no-go zone for institutional investors. Adding insult to injury, billions of dollars of prepandemic loans are coming due.

Just last week, the Manhattan-based Teachers Insurance and Annuity Association of America had to liquidate its majority position in nearly 1 million square feet of San Francisco office space, across two buildings it acquired in 2014 for more than $700 million. 

Heading into the new year, the real estate industry has momentum, buoyed by optimism after the November election brought in wholesale political change, says Cyrus Sanandaji, managing principal of Presidio Bay Ventures, another local developer that was active in scooping up distressed office buildings in the early days of the downturn. 

“Two years ago, conversations with [institutional investors] were nearly nonexistent since we had a perception problem, and a lot of groups were still taking hits on their existing investments,” Sanandaji said. “Now, you’re going to see a much faster run-up in bidding, because at some point, these funds will have to establish conviction and start owning some real estate, even if they’re a little late in timing the bottom of the market perfectly.” 

While the office market has been contracting, artificial intelligence companies have been steadily leasing more space in San Francisco, the creative and financial epicenter of the nascent technology. 

“I think everyone is underestimating the scale that is going to be required to build these companies,” Sanandaji said. “Even if we only have a 10% success rate, you don’t need that many unicorns to occupy all the available space.” 

Local businessman Greg Flynn, whose holdings include chain restaurants, luxury resorts, and office buildings, agreed. 

“Sea changes tend to happen quickly,” he said. “And just as it was for the internet and social media, San Francisco is on the forefront of the next driving force.

“I think this was the year the city gained the resolution to turn itself around,” he added. “Now we need our biggest employers to start bringing their employees back into the office.” 

Build it and they will come

In just this year, brothers Chris and Jason Freise of Redco Development have closed on three purchases in downtown San Francisco. They started in February by acquiring Harrington’s Bar and Grill on Front Street after the beloved Irish pub fell on hard times. 

A few months later, they partnered with local firm GCI General Contractors to snap up a 120,000-square-foot office building at 300 California St., on the city’s famous skyscraper corridor, for $28.5 million, nearly half off the price paid in 2014 by the New York-based seller.

And a week before Thanksgiving, they got the keys to another building just a block away, at 400 Montgomery St., for roughly $25 million. Their two deals were closed with debt financing, which is another indicator the markets are warming up to San Francisco again.

Like their contemporaries, the Freise brothers are using the cost savings from those deals to renovate the properties in order to attract new tenants. 

The lobby at 400 Montgomery, for example, will be reoriented toward the busier, more visible California Street side of the building, while floors five through nine are being converted into turnkey office suites for tech tenants, ranging from 3,000 to 7,200 square feet, which fit nicely into San Francisco’s most in-demand office market. 

“Downtown urban cores are struggling, but one thing that hasn’t changed is that if you build a good product, people will seek it out,” said Chris Freise. 

On top of market-low rents, Redco is offering tenants the opportunity to buy into building ownership. The scheme, which Freise said is meant to foster “community,” would give participants a cut of the building’s income each year. 

This strategy is paying off. At 400 Montgomery, Redco got four tenants to agree to new leases while the building was in escrow, while 300 California has only two floors out of eight still available. 

“Leasing is as much about momentum as it is pricing,” Freise said, adding that initiatives such as the city’s first designated entertainment zone, in front of Harrington’s, will accelerate the office resurgence. 

Jesse Feldman, Gilmore’s partner at Brick & Timber, echoed that sentiment. He beams when talking about what the area around 500 Washington could be if it were activated using laser-light projections similar to those at Transamerica Pyramid. 

It’s a vision of the future he had to reiterate to investors who otherwise would have just passed over the building as another drab line item on a spreadsheet. 

“We have the opportunity right now to implement real changes to our physical environment,” Feldman said. “Forget just updating the tiles. Let’s build a fucking epic bar. San Francisco is about iconic places where you form lifelong memories with friends.”

Redco and Bridges Capital buy Kohl Building in San Francisco for $26M

Office property sells for $300 psf, compared with $900 psf when it last traded in 2019

https://therealdeal.com/sanfrancisco/2024/11/22/redco-and-bridges-buy-sfs-kohl-building-for-26-million/

Redco Development and Bridges Capital have bought a historic 12-story office building in San Francisco’s Financial District for $25.75 million.

The locally based investors bought the 86,230-square-foot Kohl Building at 400 Montgomery Street, the San Francisco Business Times reported. The sellers were Boston-based Intercontinental Real Estate and Harvest Properties, based in Oakland.

The deal works out to $300 per square foot. The building was marketed in April when market experts said it could fetch nearly $30 million, or nearly $350 per square foot, with Redco in talks this summer to pay around $26 million.

Intercontinental and Harvest bought the building in 2019 for $77.5 million, or $906 per square foot, 55 percent more than it sold for three years earlier. The building was then 91 percent leased, but its occupancy has fallen.

The landmark building, built in 1901 on Montgomery and California streets, survived the 1906 San Francisco earthquake. It was renovated in 2018.

Redco has made plays for commercial properties in San Francisco, which have plunged since a pandemic shift to remote work. Office vacancy now stands at 37.3 percent, resetting office values.

Late last year, the firm partnered with an investor group and members of the Harrington family to acquire Harrington’s Bar & Grill, a popular Irish bar in the Financial District, for an undisclosed price.

Last spring, Redco and GCI bought a 119,000-square-foot office at 300 California Street for $28 million, or $240 a square foot.

“We’re an active investor in San Francisco office,” Chris Freise, managing partner of Redco, told the Business Times. “We’re looking at new deals and writing offers, and trying to find more.”

Its plans for the historic Kohl Building include moving its lobby south toward California Street. Redco and Bridges also want to lease the fifth and ninth floors as 3,000-square-foot furnished office suites, to rent in the low $50- per-square- foot range.

Such “half-floor, high-identity suites” aren’t available in San Francisco, and fill a niche in the market, Freise said.

Redco has already signed three letters of intent for a combined 16,000 square feet in lease deals, Freise said, though he declined to identify the tenants. The firm employed a similar leasing strategy at 300 California Street by signing prospective tenants before the sale closed.

The pending deals should bring the building’s occupancy to 65 percent.

Done deal: Redco snaps up 400 Montgomery

https://www.bizjournals.com/sanfrancisco/news/2024/11/20/redco-400-montgomery-san-francisco.html

Redco acquired 400 Montgomery St., its latest bet on San Francisco’s postpandemic downtown.

The investor partnered with a San Francisco-based family office, Bridges Capital, to buy the 86,230-square-foot 400 Montgomery from sellers Intercontinental Real Estate Corp. and Harvest Properties, Redco Managing Partner Chris Freise confirmed.

Redco and Bridges paid $25.75 million, or $299 per square foot, for the 12-story, early 20th century office building, the Business Times has learned. The deal closed Wednesday.

Intercontinental declined to comment; Harvest could immediately be reached for comment. Intercontinental acquired the building in 2019 from Chicago-based asset manager Nuveen and Harvest for $77.5 million, or roughly $906 per square foot; Harvest stayed on as Intercontinental’s operations partner following the sale.

The transaction marks Redco’s third buy in downtown San Francisco in roughly the last calendar year. At the end of 2023, it partnered with an investor group and members of the Harrington family to acquire the beloved Financial District Irish Bar Harrington’s. In May, Redco partnered with San Francisco-based GCI Contractors to snap up 300 California St., a 120,000-square-foot office building roughly a block from 400 Montgomery, for $28.5 million, or $240 per square foot.

The Business Times first reported the firm was in talks to acquire 400 Montgomery in July of this year.

“We’re an active investor in San Francisco office,” Freise said. “We’re looking at new deals and writing offers, and trying to find more.”

Freise said in May the firm is taking the long view of downtown San Francisco’s prospects in the postpandemic era. At 400 Montgomery, Redco has already signed three letters of intent for a cumulative 16,000 square feet in lease deals expected to close down the line, Freise said, though he declined to identify the tenants involved. The firm implemented a similar leasing strategy at 300 California St., signing prospective tenants leading up to when its acquisition of that property officially closed.

Those pending deals should bring 400 Montgomery's occupancy rate to roughly 65%.

Floor plates at 400 Montgomery measure roughly 7,200 square feet; Redco plans to release the fifth and ninth floors of the building to the market as roughly 3,000-square-foot plug-and-play office suites, complete with furniture, Freise said. Rental rates for those suites, which will be available "immediately," will run in the low $50 per square foot range.

Freise said the plug-and-play space will represent something not otherwise available in San Francisco today: “half-floor, high-identity suites that fill a niche in the market,” he said, given the building's location and its price point. Tenants in the 3,000-square-foot range have historically ended up on pieces of larger floor plates, he said, or else coworking space.

Redco and Bridges also plan to reorient the lobby of the building south toward California Street down the line — something the pair may work with current ground-floor tenant Sterling Bank to accomplish.

Intercontinental and Harvest tapped real estate services firm JLL to list 400 Montgomery for sale this past spring. The property, also known as the Kohl Building, was built in 1901 and survived the 1906 earthquake. Nuveen and Harvest spent millions to upgrade the property, restoring the facade and upgrading the lobby, common areas and restrooms.

It's official: Redco snaps up 300 California St. for $28.5 million

https://www.bizjournals.com/sanfrancisco/news/2024/05/21/redco-300-california-sale.html

Redco closed its acquisition of 300 California St., the second downtown San Francisco asset the developer has snapped up in recent months with an eye to long-term ownership.

The deal closed Tuesday, Redco Managing Partner Chris Freise confirmed.

The Business Times has learned Redco and partner GCI General Contractors paid $28.5 million, or around $240 per square foot, to acquire the 120,000-square-foot 300 California from New York-based seller LeFrak. LeFrak acquired the building for $58.25 million, or around $485 per square foot, in 2014.

John Walsh of real estate services firm Cushman and Wakefield represented Redco in the deal.

GCI will move its headquarters from 875 Battery St. to the fifth floor of 300 California in conjunction with the transaction. That deal, alongside one other completed lease for half a floor and a third deal of the same size nearing the finish line, will bring the building’s occupancy rate to roughly 75%, Freise said, up from less than 50% when Redco went under contract for the building earlier this spring.

Freise declined to identify the tenants behind the two smaller lease deals at 300 California, and details of their leases were not available Tuesday.

The deal cements 300 California as the latest downtown office property to trade hands for between $200 and $300 per square foot — postpandemic pricing that has solidified in San Francisco over the last year, luring investors back to the city in the process. Redco, which joins the ranks of local investors betting on the recovery of downtown San Francisco’s office market, is acquiring 300 California with plans to commit to the building for the long haul, Freise said.

“We’re open for business, and we’ll be here for a long time," he said.

The group took the same stance as part of an investor group that acquired Harrington’s, a beloved Irish bar in San Francisco’s Financial District that shuttered in the fall of 2020. Redco, together with members of the Harrington family and a consortium of investors including some of the bar’s long-time patrons, formed an investment group that signed a lease for the Harrington’s space and reopened the bar in March. You can read more about the Harrington’s reopening in this March article from my colleague Alex Barreira.

Redco plans to market the vacant top two floors of the eight-story 300 California for lease, Freise said. Investors acquiring office buildings in postpandemic San Francisco more or less fall into two camps: those who are buying at postpandemic pricing and then simply placing their buildings back up for lease at lower rental rates, and those who are investing their savings back into the buildings themselves, adding amenities to lure tenants. Redco largely falls into the second camp, per Freise, who said the firm’s vision for the building is hospitality-forward.

The building is up to date seismically, the elevators are new and most available office space in the building has been built out, Freise said, adding that minimal need for capital up front is one of the things that drew Redco to 300 California.

Among the building’s other interesting qualities: It was designed and approved for an additional three stories above the existing eight, Freise said, meaning Redco could could pull permits from the city and expand the building at will. The site itself — just more than a third of an acre at the northwest corner of California and Battery streets — is also zoned for “quite a bit more density" than eight stories, Freise said. That could open the door for a large-scale redevelopment of the property if such a play becomes viable in the future.

The building is one of several along the California Street corridor that has sold or is expected to sell in coming months. LBA Realty is said to be moving to acquire 255 California, a 182,528-square-foot office property diagonally opposite 300 California, for around $290 per square foot; the roughly 300,000-square-foot 350 California directly next door was one of the first office buildings to trade hands in postpandemic San Francisco when SKS Partners and the Swig Co. snapped it up last year for around $200 per square foot.

Here’s where S.F. Mayor Breed wants to make it legal to drink outside on city streets

https://www.sfchronicle.com/sf/article/s-f-mayor-breed-entertainment-zones-19436565.php

In the latest effort to enliven San Francisco’s streets, city officials are seeking to legalize “entertainment zones” that would enable bars and restaurants to sell alcohol for outdoor consumption.

The first of these zones would be on downtown’s Front Street, between California and Sacramento streets, as part of legislation backed by Mayor London Breed and supported by state Sen. Scott Wiener, D-San Francisco. The area is home to longtime eateries and bars Royal Exchange, Harrington’s and Schroeder’s. The Board of Supervisors must approve the zone, and allow other areas in the city to apply in the future.

Wiener’s bill last year, SB76, allows San Francisco businesses to sell alcohol outdoors during events permitted by the state’s Department of Alcoholic Beverage Control. Currently, restaurants and bars are not allowed to sell alcohol outside during events, but event vendors can set up and sell beer outside their doorsteps.

“San Francisco’s Downtown is seeing a new surge of excitement, and we are thrilled to be the first city in California to take advantage of this new law to bring opportunities that foster joy for our residents, workers and visitors,” Breed said in a statement. “Our message is clear: San Francisco is having fun, thriving and open for business.”

Breed also said the city will offer grants of up to $50,000 to support nightlife and entertainment, through the Office of Economic and Workforce Development and philanthropic nonprofit San Francisco New Deal.

The mayor is running for election this year against numerous opponents and sought to convey progress in reviving downtown, which generates the bulk of city taxes and has struggled since the pandemic.

Wiener is also working on a follow-up bill, SB969, which would allow California cities beyond San Francisco to create zones.

“For downtown San Francisco and other downtowns, this model is really good,” he said. “It can activate streets and create a really vibrant outdoor atmosphere.”

The entertainment zone efforts come the same week that an inaugural monthly block party on nearby Second Street drew thousands of people on Thursday. At that event, alcohol was served outside in closed-off areas.

“We’re seeing signs of life and increased activity, which is great,” Wiener said. “But we still have a big problem in terms of office vacancy.”

Wiener is, separately, working on a bill that would exempt new building projects proposed in downtown San Francisco and nearby areas from lengthy environmental reviews.

Ben Bleiman, owner of Harrington’s and president of the city’s Entertainment Commission, said flexibility is urgently needed as businesses struggle. Local bar sales were “way down” last year, which Bleiman blamed on lower foot traffic and inflation.

He noted that zones could be created outside of downtown and benefit residential business districts as well.

“We could transform parts of the city into places that have more of a European feel,” he said. “You can walk outside with a beer and sit at a table … and not feel like you’re breaking the law.”

“We need to give people reasons to come back to San Francisco downtown,” he said. “Nightlife is the number one reason.”

An old San Francisco bar gets new life, and points to a path forward for downtown

https://www.bizjournals.com/sanfrancisco/news/2024/02/22/harringtons-downtown-tonic-nightlife-redco.html

For generations, workers trod a path through downtown to Harrington’s bar — longshoremen near the waterfront, grocers in the Produce District and more recently magazine editors and real estate brokers working in the high-rises that sprang up around the low-rise building at 245 Front St.

Lately, those feet have been scarcer. Foot traffic is half what it was in 2019. And with the city’s Financial District in tough straits, there have been no shortage of ideas to revive it: everything from light shows to drag brunches, bakeries and tailor shops, the conversion of older buildings into housing.

The pandemic and the chaos it unleashed into financial markets and work culture have forced a reset on downtown, along with the trading of buildings into new hands with divergent plans. But the fate of the longtime Irish pub on Front Street may be different: New owners plan to reopen Harrington’s Bar & Grill in time for St. Patrick’s Day.

It joins a range of buzzy hospitality and retail investments in the northern Financial District, like Tyler Florence’s new Wayfare Tavern on Pine Street and another Osha Thai on Montgomery. But the reopening of Harrington’s — shuttered since October 2020, with fitful efforts to revive it since then — promises more than a nostalgia play.

The historic bar’s resuscitation is a reminder that downtown San Francisco needs more than a how and a where. It needs a why.

Saving a piece of downtown history

For Henry Harrington, the Irish immigrant who opened the business in 1935, the why at the time was straightforward enough: The repeal of Prohibition and the busy wharves of San Francisco made for a place where he could set up a pub like the one he ran back in Ireland’s County Cork.

His great-grandson Ken, who tended bar when he wasn’t teaching math at the University of San Francisco, and the rest of the family had been searching for a buyer or long-term lessor to pass the torch to since the bar closed in 2020. They had serious interest from a dozen possible buyers, with plans ranging from total redevelopment to partial preservation. One proposed a trendy hookah bar.

But the Harringtons settled on Chris and Jason Freise of Redco Development, who partnered with Ben Bleiman and Duncan Ley of Tonic Nightlife Group. Tonic will operate the bar and helped secure an SBA loan and insurance for the new business.

It helped that the Freises had a “100% Irish” grandmother who gave St. Patrick’sDay a holy place on the family calendar. The group signed a lease with an option to buy the business and the 10,000-square-foot building for a set — but undisclosed — amount.

What the Freises didn’t offer was the highest price. That didn’t matter, Ken Harrington said. The family had an offer to sell the business in the 1950s for “three times what it was worth.” They passed then, too.

In a part of town ostensibly dedicated to making money, it turns out that there are still some who value history, heart and hard work more.

“We really did make a decision not to go for the money,” Ken said of himself and his father Robert, both with decades behind the bar. “They are truly good people, care about San Francisco and will bring Harrington’s back to its glory days. We really have enjoyed the four years getting to know them. They get it.”

Redco and Tonic aren’t the only investors. A cohort of roughly 150 friends and longtime patrons, with many times more Harrington’s memories between them, contributed a crucial portion of startup capital for the investment. It’s telling that many hail from the commercial real estate community and were themselves coming off of not-so-stellar years themselves, but felt compelled to pitch in.

“We wanted to keep it all,” Chris Freise said. “We want to not only invest with our patronage but our wallets and say, ‘This stuff is worth saving.’”

It’s those stories, traded across the bar, that animate Harrington’s legacy. It’s the lore — like the stories of Henry dodging bullets in the 1920s as he escaped Ireland for France in a fishing boat with his son Leo, on his way to San Francisco via Canada and Montana.

When the first Harrington’s on U.S. soil opened in 1935, Henry enlisted Leo (now of legal age) to tend bar and drive a truck along the shoreline to pick up thirsty longshoremen from the nearby docks. A motto on an old Harrington’s matchbook captures the vibe: “You’re a stranger here but once,” it reads.

As the area that’s now the Financial District evolved from its blue-collar origins, so did the crowds at Harrington’s. It became a staple for the surrounding offices. In the early 2000s, one magazine based in a nearby office tower sent reporters there in search of editors on deadline. More recently it cemented the loyalty of the commercial real estate community, some of whom made the leap from barflies to benefactors in this latest chapter.

A reason to stick around

Tonic brings to the table a long track record of opening and managing San Francisco bars such as Soda Popinski’s, Bullitt, Tonic, Teeth, Rebel, Royal Tug Yacht Club, Wild Hare, Lightning Tavern and Cease & Desist. The pair have been outspoken advocates for the local industry through the SF Bar Owner Alliance, playing an influential role in local city policy on nightlife businesses.

Bleiman, a longtime representative for bars on the city’s Entertainment Commission, feels strongly that downtown San Francisco’s path back to relevance must involve more opportunities for nightlife and events.

Policy observers generally agree that in the long run, the path to more foot traffic downtown will require more people living in or closer to the urban core — a strategy which helped revive Wall Street in the 1990s. But in the meantime, this part of town can do a lot to help itself by giving people a reason to make the voyage besides work, or to stick around after hours.

“We absolutely cannot bring downtown back unless it is fun,” Bleiman said. “And we can’t sit back and wait for others to do it for us. That’s why we’re doing this still and I believe it’s going to happen.”

To keep the bar at least symbolically in the family, Redco and Tonic awarded stakes to four remaining family members: Ken; his wife Sherri; and two now-grown children of Ken’s uncle Mike, Patrick and Siobhan.

In mid-December, after the ink had dried on the deal, Harrington’s hosted a private Christmas party for more than 400 people — a preview of the kind of lively revelry that could come back to the corner this March.

Patrons can expect a revamped interior decked in a near-century’s worth of pub lore. In the opening weeks, a “story night” series will bring Harrington’s legends to the mic to share their tales and christen the bar’s new chapter. They’ll include some longtime employees who were recently rehired.

And who knows what other special guests might pay a visit? Over the years, Harrington’s became a mecca for 49ers fans. But it was also favored by the team itself.

Ken recounted one packed Friday afternoon in the 1980s when, around 4:30, he got a call from someone who claimed to work for team owner Eddie DeBartolo Jr. Could Harrington’s host a group of 30 in an hour?

“Are you for real?” Ken recalls asking from the bar, seeing scant space for dozens of 49ers. Nevertheless, right on time, a limousine pulled up and disgorged Joe Montana, team executive Carmen Policy, DeBartolo and their entourage.

“I go up to the round table and I interrupt and ask everyone, ‘Hey, can you work with me here? Can you clear out?’” Ken said. “And they go, ‘This is frickin’ amazing!’ and they do.”

It’s those stories, traded across the bar, that animate Harrington’s legacy. It’s the lore — like the stories of Henry dodging bullets in the 1920s as he escaped Ireland for France in a fishing boat with his son Leo, on his way to San Francisco via Canada and Montana.

When the first Harrington’s on U.S. soil opened in 1935, Henry enlisted Leo (now of legal age) to tend bar and drive a truck along the shoreline to pick up thirsty longshoremen from the nearby docks. A motto on an old Harrington’s matchbook captures the vibe: “You’re a stranger here but once,” it reads.

As the area that’s now the Financial District evolved from its blue-collar origins, so did the crowds at Harrington’s. It became a staple for the surrounding offices. In the early 2000s, one magazine based in a nearby office tower sent reporters there in search of editors on deadline. More recently it cemented the loyalty of the commercial real estate community, some of whom made the leap from barflies to benefactors in this latest chapter.

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A new, old story

Robbie Silver, who leads the community benefit district encompassing the Financial District and Jackson Square, is tired of the narrative that downtown is doing nothing but bleed retail businesses.

The executive director of the nonprofit Downtown SF Partnership has spearheaded activation efforts designed to make the area a place workers will want to linger after the office or bring their families on weekends. One recent event — a free, first-of-its-kind holiday light show projected onto downtown skyscrapers themselves — drew more than 67,000 people and an estimated $8 million in related spending.

Depressing headlines about office leases and big-box store closures, he said, ignore a trend towards fewer vacancies at the pedestrian level. Silver said an upcoming report from his group may show there have been more ground-floor openings than closures over the last two years in his district. For now, he offered this nugget: his group counted 17 new tenants filling empty ground-floor spaces in 2023, primarily food and beverage spots that may indicate renewed demand.

Silver is a fervent believer in the need for creativity and an embrace of San Francisco’s unique character as the route to a more dynamic downtown. This summer will see the return of his group’s “Drag Me Downtown” series, consisting of free pop-up performances from local drag queens, kings and trans artists across downtown bars. But the unique spirit also includes places as unsequined as Harrington’s.

“I think it’s time for San Francisco to tell a new, old story,” Silver said.

That’s why the choices of downtown’s longtime property owners like the Harrington family will become especially important over the next few years. The diverse collection of family and institutional owners spent the pandemic waiting out an uncertain market. And by the looks of a lot of empty ground floors downtown, some appear content to keep on waiting until the perfect tenant or building buyer comes knocking.

Property owners will need to decide if their next move will be strictly about dollars and cents or if there’s room for something else in their calculations — like the spirit that kept the Harringtons going.

Ken recalled hosting his great-grandfather Henry, then in his 80s, at the bar shortly before the pub’s founder passed away.

“He was so happy that I, a Harrington, was working there,” he said. “And he would be so happy that we took this so deep, to nearly 100 years.” 

From Left to Right: Ken Harrington, Patrick Harrington, Chris Freise (REDCO), Ben Bleiman (Tonic) and Duncan Ley (Tonic)

Redco Development Buys 189,000 SQFT Industrial Property in Fairfield for $19.75MM

https://news.theregistrysf.com/redco-development-buys-189000-sqft-industrial-property-in-fairfield-for-19-75mm/

An industrial asset in Fairfield traded hands recently in a deal that shows the city continues to attract investors. REDCO Development purchased a 189,000 square foot property for $19.75 million, or about $104 per square foot, in a sale leaseback deal, according to information from the firm. The seller was The Clorox Company, which also occupies the property. The acquisition was completed with Blackbird Investment Group.

Located at 2500 Huntington Drive, the property is positioned in the East Bay on 12.1 acres of land. It allows access to Interstates 80, 12, 680 and 5. According to REDCO’s website, the building currently serves as a last-mile logistics hub for the distribution of Clorox’s bleach and wipe products. Among the building’s features are a 115-trailer yard storage and three rail doors. The property is also situated directly adjacent to Clorox’s main production bleach plant at 2600 Huntington Drive.

REDCO Development is a real estate development company focused on the adaptive re-use and repositioning of commercial properties, according to the firm’s website. The company concentrates primarily on value-add, infill opportunities and opportunistic development along the West Coast.

The firm has been involved in a number of development projects throughout the Bay Area.

Earlier this year, REDCO Development and New York Life Investments made an acquisition in Hayward, according to previous reporting from The Registry, spending $9.25 million on a 4.39-acre site for the redevelopment of a 98,000 square foot industrial project. The site is located at 25375 Clawiter Road. As part of the purchase agreement, Fremont Bank will lease the two existing office buildings on the site for the short term while REDCO Development and New York Life Investments obtain the necessary entitlements. At the time of the purchase, construction was estimated to commence in the first quarter of 2024, with the project anticipated to be completed later that year.

Redco Proposed Palo Alto’s Tallest Residential Tower

https://sfyimby.com/2023/11/redco-proposed-palo-altos-tallest-residential-tower.html

Preliminary plans have been filed for a mixed-use project with two new structures at 156 California Avenue in Palo Alto, Santa Clara County. The buildings will rise over a Caltrain Station, the tallest of which will be 17 floors. REDCO Development, the developer, aims to use Senate Bill 330 and the Builder’s Remedy for a streamlined approval process to create 382 apartments and a replacement for a Mollie Stone’s Market close to transit.

Of the 382 units, 77 will be designated as affordable to low-income households. The project can use Senate Bill 330 to expedite approval because it includes affordable housing. The developer also plans to invoke the Builder’s Remedy, an informal name for an ordinance in state law that provides a zoning holiday in cities with noncompliant Housing Elements. Since Palo Alto still needs state approval for their Housing Element plan, developers can bypass local zoning to create more housing if it includes some affordable units.

156 California Ave tower view, rendering by Studio Current

156 California Avenue pedestrian view of the site’s public space, rendering by Studio Current

Studio Current is responsible for the design. Illustrations show the towers clad with an angular metal skin, while the podium deck will be wrapped with a stone brick veneer. Construction will use a mass timber frame, an environmentally sustainable alternative to steel that can reduce costs and expedite construction.

One example of high-rise mass timber construction in the Bay Area is the topped-out apartment complex at 1510 Webster Street in Downtown Oakland. The Oakland developer, oWow, is now pursuing an even taller mass timber complex, which will rise 25 floors at 1523 Harrison Street.

Mollie Stone’s Market grocery store entrance, rendering by Studio Current

156 California Avenue tower elevations, illustration by Studio Current

156 California Avenue Calfiornia Avenue retail corridor perspective, rendered by Studio Current

The complex will create 516,470 square feet, with 355,800 square feet for housing, 141,390 square feet for parking, and 18,400 square feet for retail. The Mollie Stone’s grocery store will be created at the corner of California Avenue and Park Boulevard. Two additional retail spaces will be added along Park Boulevard and Cambridge Avenue.

Tower A and the podium will produce 304 apartments, including 80 studios, 155 one-bedrooms, and 69 two-bedrooms. The 177-foot tall tower will rise connected to the 77-foot podium block. The structure will be divided by a third-floor podium deck amenity space and pool. Tower B will rise 123 feet to have 78 homes, including 24 studios, 32 one-bedrooms, and 22 two-bedrooms. Parking will be included for 341 cars, mostly within a four-level garage in Tower A.

The project spans 1.43 acres between both parcels along Park Boulevard and California Avenue. The Tower A parcel will exceed an acre. Residents will be next to the California Avenue Caltrain Station and close to the retail-lined California Avenue thoroughfare.

156 California Avenue aerial view and proximity to adjacent Caltrain stop, rendered by Studio Current

156 California Ave perspective from California Ave Caltrain stop, rendered by Studio Current

If built, the proposal could become the second-tallest building and third-tallest structure in Palo Alto, superseded by the 237-foot offices at 525 University Avenue and the 285-foot Hoover Tower on the Stanford University campus. Once complete, the project will be the tallest apartment complex.

The development is a joint venture with Redco Development and Mollie Stone’s Market starting this month. If built, the project would fulfill roughly 6% of the city’s 6,086-unit RHNA allocation, the amount of housing the city is expected to approve between 2023 and 2031.

156 California Ave aerial perspective, rendered by Studio Current

17-story housing tower proposed in Palo Alto, invoking ‘builder’s remedy’

https://www.sfchronicle.com/bayarea/article/palo-alto-california-ave-project-builders-remedy-18517534.php

A 17-story, 382-unit apartment complex that would tower over a key shopping corridor in mostly low-slung Palo Alto has been proposed by a developer invoking the “builder’s remedy” — a California law that lets builders skirt some restrictions in cities that lack state-approved housing plans.

The three-building complex proposed by Redco Development of San Francisco is a joint venture with Mollie Stone’s Markets, which operates a grocery store and parking lot on the site, at 156 California Ave., across the street from the Caltrain station just east of El Camino Real. The plan would include a replacement Mollie Stone’s in its ground-floor retail plan.

The complex’s central tower would rise to 177 feet, more than three times the city’s height limit of 50 feet, according to a planning department document. Its density of 267 units per acre would far exceed the 40 typically allowed, Palo Alto Online reported.

The pre-application was filed under SB330, the Housing Crisis Act of 2019, which seeks to streamline the permitting of residential projects by local agencies to help ease the state’s severe housing crunch.

California cities were also given a deadline in February to have in place state-certified “housing elements” — plans that map out how they will meet their mandated goals for number of new units over the next decade.

But many cities across the Bay Area are still struggling to comply. According to state data, 54 out of 109 jurisdictions in the nine-county region, or 49.5%, do not yet have state-certified plans. Among them is Palo Alto, which has adopted a housing element for building its required 6,086 housing units through 2031 but has not yet gotten the state’s sign-off.

On a web page about the 156 California Ave. project application, the city states that builder’s remedy does not apply in Palo Alto because the city has adopted a housing element “which it believes is compliant with the basic requirements of state law.”

But developer Chris Freise, managing partner of Redco, says the proposal qualifies as a builder’s remedy project.

“While the project’s Tower A height is ambitious, this a site that should embrace height due to its immediate proximity to the Caltrain stop,” said Freise in a prepared statement. “There are several existing Palo Alto projects like Palo Alto Square, The Channing House, 101 Alma, City Hall and others that are often forgotten about that are similar in height.”

The preliminary application was submitted Nov. 21. The developer has 180 days to submit a formal plan for review by the Palo Alto Planning & Development Department.  The mixed use development is slated for market-rate rental housing, including 77 affordable units making up 20% of the mix — fulfilling a builder’s remedy requirement.

But Palo Alto Mayor Lydia Kou, an outspoken critic of state laws that force cities to build housing, said the affordable total is about 30% short of what it should be, given the density of the proposed project.

“It is a ridiculous plan. It undermines the community with little benefit,” said Kou, noting that the project seeks to take advantage of state requirements meant to ensure that cities and towns build more housing at all levels.

“This project is using state mandates that limit democracy and do not address housing affordability issues that we are facing,” Kou said. “It is not helping our middle class or lower class with affordability.”

But Jordan Grimes, a lead member of Peninsula for Everyone, a pro-housing advocacy organization, called the project’s proposed location “an ideal place as far as new housing goes.” He noted that the Caltrain station is right there, with electrification on its way, delivering more trains per hour.

“You are looking for BART-style headways with Caltrain, coming in the next year,” Grimes said. “You want as many amenities as possible within a short distance, and having a grocery store nearby will reduce excess car trips.”

Amie Ashton, executive director of Palo Alto Forward, a small organization that supports housing and transportation choices in town, called the project “groundbreaking in terms of housing heights and density near transit, which is exactly what we want if we want to build a more sustainable future.”

In addition to 156 California Ave., Ashton noted that there are five projects either in the process or about to enter it, all of which could qualify as builder’s remedy projects. They include a proposed seven-story building with 380 units farther south on El Camino Real, which would replace the Fish Market restaurant.

There are already tall housing complexes in Palo Alto, the most obvious being 101 Alma, a blocky apartment building constructed in 1960, at 10 stories rising 141 feet. Condos there sell for between $1 million and $2 million.

“The market is there,” said Ashton. “People want to live near shops, services and jobs, and that’s what we need in order to reach our climate goals.”

According to Freise, 156 California Ave. represents “great urban design 101.”

“Add in the project’s heavy mass timber structural frame and it provides a beautiful sustainable aesthetic to set the standard for new mixed-use projects to come along the Peninsula Caltrain corridor,” he said.

Rafa Sonnenfeld of YIMBY Action, a nationwide organization of grassroots housing advocates based in San Francisco, called it “a beautiful project that is exactly the kind of thing that Palo Alto needs.” He cited research showing that there are 95,000 jobs in the city of Palo Alto and that only 36,000 of these employees live within city limits.

The proposal lies at the west end of the California Avenue retail corridor, a strip south of downtown that has been closed to through traffic since the onset of COVID-19 in 2020. The Stanford Research Park off Page Mill Road is just west of El Camino Real and within walking distance of the proposed development.

“This kind of project next to a Caltrain station should be a model for the future of smart growth on the Peninsula,” Sonnenfeld said.  

Redco Development, Blackbird Investment Group Acquire 7.4-Acre Industrial Site in Puyallup for $6.3MM

https://news.theregistryps.com/redco-development-blackbird-investment-group-acquire-7-4-acre-industrial-storage-yard-in-puyallup-for-6-3mm/

Bay Area-based REDCO Development in partnership with Blackbird Investment Group, has successfully acquired an off market 7.4-acre industrial outdoor storage yard located at 7702 River Road in Puyallup, Washington for $6.3 million. REDCO Development was represented by Matt Murray and Matt McLennan of Kidder Mathews.

Jason Freise, managing partner and co-founder of REDCO Development, who oversees the company’s Pacific Northwest portfolio, expressed his enthusiasm for this acquisition. “River Road presents an exceptional opportunity given its attractive basis, prime location, site optionality, and compelling future development potential.”

Situated in the prominent River Road area, the property boasts excellent visibility and access to one of the region’s most commercially desirable streets. It provides unparalleled connectivity to key transportation hubs, including the Port of Tacoma, Seattle, and the broader Western U.S. region via I-167 and its major thoroughfares.

Matt Murray, Executive VP at Kidder Mathews, also shared his optimism about the River Road Industrial Center, stating, “We are very excited about the River Road Industrial Center given its proximity to the port, the forthcoming infrastructure improvements in the area, and the versatility of the asset. In the long term, this investment is poised to be a solid addition to the South Sound industrial market.”