Elliott Investment Management and partners Probis Strategic Solutions and Callahan Capital Partners have acquired 101 Mission St. in San Francisco through a deed-in-lieu transaction that valued it at roughly $82 million, reported the San Francisco Business Times. The group previously acquired distressed debt on the 210,000-square-foot office property from lender ING.
Probis and Callahan plan to invest additional capital to make 101 Mission “a premier workplace destination designed to meet the evolving needs of today’s office tenants.” The operations partners didn’t say how much would be spent, nor list the specific improvements that would be made.
After acquiring debt from ING this past summer, Elliott, Probis and Callahan reached a deal with a second lender with a stake in 101 Mission and former building owner Vanbarton Group that opened the door for the deed-in-lieu deal, the Business Times reported. Vanbarton paid $163.25 million for 101 Mission in 2018; it only defaulted on the debt because the building’s performance violated certain, unspecified loan covenants.
Photo courtesy of JLL.
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