The 440-foot tower at 500 Folsom Street is tied with two other structures as the 43rd tallest building in the Bay Area, located in SoMa, San Francisco. 500 Folsom Street, also known as Transbay Block 9, was between 2016 and 2019 to contribute housing and retail. The project was developed by the Real Estate Investment Trust Essex, TMG Partners, and BRIDGE Housing.
Singapore’s Ascendas Real Estate Investment Trust, or Ascendas REIT, recently purchased two buildings in San Francisco for $572 million. Alexandria Real Estate Equities (ARE) and TMG Partners are on the other end of the move, parting with their partnered ownership of 505 Brannan Street and 510 Townsend Street in the SoMa neighborhood. This transaction follows the pair’s recent success in selling the 945 Market Street mall to Ikea. The deal marks Ascendas’ introduction to the Bay Area real estate market.
Ingka Centres has announced that they will bring IKEA into the city as the firm purchased the 6X6 Mall at 945 Market Street in SoMa, San Francisco. IKEA will be the anchor tenant, occupying 70,000 square feet, with 180,000 square feet of leasable space still available for future businesses. The move has provided hope for the city’s retail market in 2021, with work starting before the year’s end.