Property worksheet

Owner-user offering; three stories plus parking garage. Listing states exposed brick and timber, seismic upgrade, open floor plans, elevator, HVAC and renovated creative interiors.

Highly similar creative-office use, 19,298 SF size within the target range, and nearby SoMa/Mission Bay location.

Current listing identifies a 100%-leased office building and a reduced asking price; investment occupancy differs from the subject's vacant/owner-user orientation.

Same SoMa market, office use and 18,000 SF scale closely match the subject.

Whole-building office offering built in 1972. Asking price is not a closed-sale indication.

Same SoMa ZIP code, office use and 17,400 SF building size are strongly comparable.

Three-level creative office offering near Oracle Park. Marketing reports approximately 20% month-to-month occupancy and substantial owner-user flexibility.

Creative-office use, 16,349 SF scale and SoMa/Mission Bay location closely resemble the subject.

Older 1923 freestanding commercial building in the subject's immediate market; potentially relevant to creative-office users, but listed as industrial.

Immediate SoMa location and 8,000 SF scale are useful, but its industrial/flex designation is less similar than legal office use.

Whole-building offering built in 1927 and reported as 100% leased. Retained because its scale and older adaptable commercial-building form are relevant.

Excellent SoMa location and 13,808 SF size, but the current retail classification differs from the subject's office use.

Active unpriced offering for a 1942 flex building. Preserved as a larger local creative/flex benchmark.

Very close SoMa location and flex use are relevant, though 38,042 SF is above the preferred size range.

1926 flex building reported as 50% leased. Useful smaller local owner-user/investment listing.

Same SoMa market and adaptable flex use; 6,424 SF is just below the requested preferred range.

Current San Francisco office-for-sale search identifies a 1980 office building one block from the subject's corridor.

Immediate 9th/10th Street corridor location, office use and 9,090 SF size provide strong local comparability.

Current listing reports a 12.19% capitalization rate and a 6,900 SF office building; asking price is not a closed sale.

Very close SoMa location and office use; 6,900 SF is slightly below the preferred range and about half the subject's size.

Active office listing with reported 5.72% capitalization rate. Retained as a same-city, similarly sized office indication.

12,375 SF office scale is close to the subject, but the Mid-Market location and building configuration are less similar than SoMa creative-office properties.

Current listing identifies a 1916 office building. Useful same-city small-building evidence despite different submarket characteristics.

Office use and 9,700 SF size are relevant; Tenderloin/Lower Nob Hill location is less comparable to SoMa.

1985 office building offered for sale. Retained as a larger owner-user/investment office benchmark within San Francisco.

Office use and 23,263 SF size fall within the preferred range, but the Japantown location differs from SoMa.

Listing reports the first floor tenant occupied and second floor vacant; marketed as a 100%-leased office building despite stated second-floor vacancy, so occupancy should be independently verified.

Office use and 7,110 SF size are relevant, but the Excelsior location is materially farther from SoMa.

Active listing reports 100% occupancy and an 8.38% capitalization rate. Preserved as larger nearby office evidence.

Nearby central-city office use is relevant, but 36,186 SF exceeds the preferred range and its leased investment profile differs from the subject.

Unpriced listing describes a street-accessible building with heavy power and loading doors; built in 1914.

Freestanding adaptable building form is useful, but its industrial orientation, Nob Hill location and 37,812 SF size are less comparable.

Listing states approximately 8,000 SF of existing office and vacant delivery, with approvals for a 20-condominium redevelopment.

Office use, freestanding form and 8,060 SF size are relevant; Jackson Square pricing and redevelopment approvals reduce direct similarity.

Marketed for sale and lease as a renovated brick-and-timber flex building. Address formatting in the search result should be verified against the offering memorandum.

Highly relevant renovated creative/flex use in the Mission/SoMa edge submarket; building SF was not published in the accessible listing summary.

Current for-sale-or-lease offering describes a uniquely designed freestanding SoMa workspace suitable for creative or collaborative office use.

Very similar creative owner-user use and SoMa location, but the accessible source did not publish building area.

Current offering is specifically marketed as a creative-office/flex building; retain pending confirmation of size and physical configuration.

Highly relevant use and immediate SoMa location, but building SF was unavailable in the accessible listing summary.

Current LoopNet search shows a reduced price versus another accessible marketing summary; the newer $1.299 million asking price is reported here.

Close SoMa location but 4,200 SF is substantially smaller and the office/retail use is less similar.

1916 office building. Current LoopNet asking price is lower than an older Crexi search indication and is treated as asking only.

Excellent SoMa location and office use, but 4,100 SF is much smaller than the subject.

1919 office building marketed for ownership or leasing flexibility; listing highlights an expansive, flexible layout.

Same ZIP code and office use, but 5,500 SF is materially smaller and the Mint Plaza setting differs from the subject corridor.

Active 100%-leased office listing with a reported 5.99% capitalization rate.

Office use is relevant, but 5,565 SF is substantially smaller and the Van Ness corridor location differs from SoMa.

Unpriced office-building offering built in 1951; preserved as a close-proximity incomplete lead.

Immediate SoMa location and office use are useful, but 2,705 SF is far below the subject's scale.

Active unpriced offering for a vacant 1919 flex building. Retained as larger local repositioning evidence.

Nearby vacant flex use is relevant to creative users, but 41,259 SF is substantially larger than the preferred range.

Current creative-office search identifies a 5,500 SF office offering on the subject's immediate 8th/9th Street corridor.

Very close to the subject and same office use, but its 5,500 SF size is materially smaller.

Current listing identifies a 5,000 SF office property; retained as close-proximity smaller-building evidence.

Strong SoMa proximity and office use, but 5,000 SF is significantly smaller than the subject.

Current listing identifies one office/retail condominium unit. Preserved as an incomplete local office-ownership lead.

Immediate SoMa office location is relevant, but condominium ownership, mixed use and missing SF reduce comparability.

Current listing identifies one office/retail condominium unit on Mission Street.

Nearby office component is useful, but its 3,889 SF condominium format is substantially smaller and less similar to a freestanding building.

Newmark reported Dewey Land Company's acquisition from Zurich Alternative Asset Management for $26.5 million, or $931/SF.

Same creative-office-oriented local submarket and 28,454 SF size at the upper end of the preferred range.

Colliers reported the acquisition by Global Asset Capital for $11.59 million during the second quarter of 2022.

Class B office use, 18,055 SF size and SoMa East location closely match the subject.

Colliers reported Sobrato Organization's $71 million purchase; building was 100% leased to Andreessen Horowitz with substantial remaining term.

Very relevant Class B, single-tenant SoMa office use, but 41,125 SF is substantially larger than the subject.

Local market summary reports Thrive acquired the converted 1908 firehouse office building for $8.75 million in 2024.

10,264 SF owner-user-style office scale is comparable, but Jackson Square's high-end market differs materially from SoMa.

Government-hosted article describes the building as nearly 20,000 SF and reports a recent $8.3 million sale, 40% below its 2019 price.

Nearly 20,000 SF office scale is relevant, but the Lower Nob Hill location and potential conversion profile differ from the subject.

Colliers' first-quarter 2024 office report lists the sale at $3.1 million; exact closing date was not stated in the accessible report text.

9,500 SF office size is relevant, but Marina location and Class C quality are less comparable to renovated SoMa creative office.

Cushman & Wakefield reported a $12.5 million sale, or $435/SF, from Ronaldo Cianciurlo to the San Francisco AIDS Foundation.

Same SoMa corridor, office use and 28,735 SF size within the requested range provide strong local evidence.

Transaction source reports Jony Ive acquired the office property for $38 million. One automated field incorrectly displays 10 SF, while the narrative states approximately 10,000 SF; narrative area is retained.

Approximately 10,000 SF office scale and owner-user profile are comparable, but Jackson Square's trophy pricing is not representative of SoMa Class B property.

Market report summary states Clint Reilly sold the 18,300 SF office/retail building for $9.2 million, slightly over $500/SF.

18,300 SF size is strongly comparable, but Financial District office/retail use and submarket differ from SoMa creative office.

Reported closed sale at $22 million, compared with an $86 million 2019 transaction. Retained as larger local market-reset evidence rather than a close size comp.

Same SoMa creative-office market is relevant, but approximately 78,000 SF is more than five times the subject's size.