Hamm’s Building in The Mission District Sold by TMG Partners and Alcion Ventures
By Alex Girda, Associate Editor
As the Bay Area’s office market continues to ignite the interest of investors, yet another signature building in the city recently traded hands in an important deal. TMG Partners announced this week that it had sold The Hamm’s Building along with Alcion Ventures.
The building is located at 1550 Bryant Street in San Francisco’s Mission District and totals 184,706 square feet of office space. The asset was originally built during the first years of the 20th century for the Rainier Brewing Company, and gained the name “Hamm’s” during the 50s and 70s when the building featured a massive neon sign for Hamm’s Beer. The building sat unoccupied for a number of years, until a massive redevelopment project was carried out in 1985, transforming the 12-story brewery into an office building.
The building currently boasts great occupancy, with only five percent of the property being vacant at the time of the transaction. The Hamm’s Building’s tenant roster includes emerging tech companies such as Rdio and Asana, as well as the creation of James Beard Nominee Thomas McNaughton, Salumeria. The restaurateur also owns popular dining spots Flour + Water and Central Kitchen. The building is located near public transportation, with the 16th Street BART station being in close proximity to the building. Also nearby are a number of Muni bus routes. The building is bike friendly and offers tenants a bike garage and showers.
Back in 2012, TMG and Alcion acquired the property and unveiled a comprehensive renovation process for the building, aiming to reposition the asset’s creative space, in order to cash in on a growing trend in the Californian office market. The $15 million that the owners injected into the building were mainly used for upgrades to the lobbies, restrooms, common areas and new meeting room and roof deck offering 360 degree views in the Mission District.Tags: Acquisitions/Dispositions, Alcion Ventures, Brokers, Commercial, economy, Finance/Investment, Financiers, Hamm's Beer, Investors, leasing, Local, Mission District, National, Office, Owners, Policy, Professional, Regional, renovation, San Francisco Lead Story, San Francisco office market, TMG Partners