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REPOSITIONING FOR THE NEW SOMA

Posted by Priya on June 3, 2019
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99 Rhode Island, San Francisco

The Challenge

David Polatnick was hired to reposition the property to take advantage of the new economy emerging in the SOMA/South of Market area of San Francisco.

The Solution

In the 1990s, Polatnick recognized the early signs of the blossoming multi-media industry and the important role that the Internet would play in the coming century. Polatnick’s knowledge of the market and his experience in converting buildings in the SOMA district of San Francisco to higher and better uses, all came into play at 99 Rhode Island. After an extensive review of city planning history, Polatnick was able to uncover past uses of the property. This allowed the restaurant supply site to be grandfathered into a usage that permitted office-zoning allocation.

The Result

Polatnick delivered a world renowned credit-worthy tenant to consummate a long term, true triple-net transaction. The tenant put in all the base building upgrades, performed all the code compliance work, and paid tenant improvement costs. The asset became the Number One performer in the owner’s portfolio.


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