53,500 square feet
2 BRYANT STREET
In 2012, Strada, in partnership with a family office, acquired 2 Bryant Street, a 53,000 square foot office building located in the desirable South Beach/Rincon Hill submarket of San Francisco. At acquisition, the property was fully leased with in-place rents well below market, and significant near-term lease roll upcoming. Thus Strada believed the building to be well-positioned to capitalize on its outlook for strong rent growth in the submarket.
Through the next two years, Strada did successfully re-lease the expiring space at rates in excess of its proforma underwriting, and improved the quality of the tenancy with a large-footprint credit tenant as an anchor. With long-term stability and the improved credit quality of the rent roll, the asset was well-positioned for a core buyer. In 2014, Strada's partner elected to acquire Strada's interest in the property to hold in its portfolio as a long-term income generating asset.