Posted on September 19th, 2012 ยท Posted in Acquisitions

Boston Properties has purchased 680 Folsom St. in SoMa in a deal that also includes 50 Hawthorne St. and 690 Folsom. 680 Folsom is currently vacant and being redeveloped by TMG Partners and Rockwood Capital as the future home for Macys.com and Riverbed Technology Inc.

Once construction is complete, Macys.com is expected to occupy the top seven floors of the building on a 15-year lease while Riverbed will occupy six floors on a 10-year lease. The total square footage of both leases is estimated to be around 450,000 square feet.

This is just the latest sale in the red hot San Francisco commercial property market and what makes this interesting is that in essence, Boston Properties is purchasing a building with no immediate cash flow but with two solid leases already in place, the property is in a good position.

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