Acquisition of the 5-story building – the first time it has been acquired since it was developed – deepens Lincoln’s and New York Life’s investment in San Francisco amid the city’s resurgence

Lincoln Property Company and partner New York Life Real Estate Investors (“NYLREI”) have acquired 600 Townsend West, a premier Class A creative office building in the heart of San Francisco’s burgeoning Design District.

The 5-story building offers nearly 210,000 square feet in a vibrant commercial area located amid growing AI businesses and other drivers of the city’s flourishing tech economy. The property at Townsend and 7^th offers a range of exceptional features including a top floor terrace and recently underwent substantial renovations including a modernized lobby, improved outdoor courtyard, and significant solar overhaul. It had never before been brought to market since its original development in 1989. JLL was the broker for the deal.

“600 Townsend West is a prize creative office asset in one of the most dynamic and innovative business environments in the world,” said Lincoln Property Company Executive Vice President Brandon Wang. “We’re delighted to join with New York Life as the first new owners of this renowned property since it was first developed, deepening our presence in the resurgent San Francisco market.”

The deal is the second recent joint acquisition between Lincoln Property Company and NYLREI, following the loan acquisition in June of 353 Sacramento, a 23-story Class A office tower in the Financial District.

“We continue to see the recovery in San Francisco, driven by return to office mandates, the epicenter of the artificial intelligence boom and overall improvements in the street scene and business climate,” said Albert Pura, Senior Director for New York Life Real Estate Investors. He continued by saying, “We’re thrilled with this acquisition, to be the first new owners of the property in almost 40 years, and to continue our partnership with Lincoln Property Company.”

The transaction also marks Lincoln Property Company’s fourth San Francisco office deal this year, reflecting the company’s confidence in the office sector and its bullishness on San Francisco’s ongoing turnaround – fueled by new leadership at City Hall, the continued strength of the technology sector, and improvements in capital market dynamics. In addition to the 353 Sacramento loan acquisition with NYLREI, Lincoln also entered into a strategic partnership with Golden Gate University concerning its campus at 536 Mission, and recapitalized a creative office building at 1045 Sansome in Jackson Square.

The acquisition of 600 Townsend West is the third acquisition of an office asset in the San Francisco Bay Area this year for NYLREI, and fourth since 2024, including 410 Townsend, the note on 353 Sacramento and Drake’s Landing in Greenbrae.

The City of San Francisco was instrumental in facilitating the 600 Townsend West transaction by expediting a needed zoning change for the site, Wang said.

“I’d like to extend our sincere thanks to the San Francisco Board of Supervisors and Planning Department for working expeditiously on the approvals needed to allow the completion of this transaction,” Wang said. “This kind of responsive and creative partnership helps inspire true confidence in the current direction of the city.”

600 Townsend West is currently more than 90% leased by a variety of top-tier tenants in technology and other sectors. With average floor plates of 42,000 square feet, high ceilings, and premium features, the building continues to attract top-tier users.

Amenities include a dramatic two-story lobby, expansive outdoor courtyard, shuttle service to BART, secure car and bike parking, and LEED Gold certification. The property also sits near major city landmarks like Oracle Park and the Chase Center, in a district that has seen more than 3,200 new residential units delivered over the past decade. The new ownership plan further enhancements at the property, including curated activation of the lobby and outdoor courtyard, amenity upgrades, and market-ready improvements.

About Lincoln Property Company

Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, multifamily, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-use properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 680 million square feet of commercial space. For more information, visit: www.lpc.com.

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