In July 2014, a joint venture sponsored by Harvest Properties acquired 55 Hawthorne Street in San Francisco’s burgeoning South of Market neighborhood. The building was part of the larger Howard-Hawthorne complex totaling 239,299 square feet of Class A office space, which combined 55 Hawthorne and 631 Howard Street. The buildings, which are connected by an interior corridor, have independent mechanical systems and could be separately owned and operated, which Harvest executed through the acquisition process. Within 90 days of its acquisition, Harvest successfully negotiated a lease with Yelp to take 6 of the 8 floors, and a first option on the remaining 2 floors. This, coupled with improving the income from the 340-stall parking garage, separating the two buildings and adding a rent producing roof deck, transformed the asset from a value-add opportunity into a stable income producing asset. Harvest sold 55 Hawthorne in January 2017 and continues to manage the asset for new ownership.
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