At a glance
- Connect CRE reports Presidio Bay will reposition the building.
- In Deloitte's survey, 46% of Deloitte's survey respondents expected no sales and nearly 80% planned repositioning.
- The same market has underwritten long-lease office cash flow for duration and is still waiting on a mark.
Presidio Bay and Bridges Capital have taken title to 301 Battery St., the circa-1924 former Federal Reserve Bank of San Francisco building, through a deed-in-lieu transaction, Connect CRE reported Oct. 7.
Connect CRE reports Presidio Bay will reposition the building. The transfer follows the pair's July 1 purchase of the loan secured by the property.
In Deloitte's survey, 46% of Deloitte's survey respondents expected no sales and nearly 80% planned repositioning. A deed-in-lieu transfers the asset to the debt holder without a foreclosure sale.
The same market has underwritten long-lease office cash flow for duration and is still waiting on a mark.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections