In 2012, Strada partnered with a family office to acquire 2 Bryant Street, a 53,000-square-foot office building located in the desirable South Beach/Rincon Hill submarket of San Francisco along the Embarcadero waterfront. At acquisition, the property was fully leased with in-place rents well below market, and significant near-term lease roll. Strada believed the building was well-positioned to capitalize on this near-term roll in a market with increasing tenant demand and rental rates.
Over the next two years, Strada successfully re-leased 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. In 2014, Strada's partner elected to acquire Strada's interest in the Property.
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