Tishman Speyer Spends $33M on SF Industrial Site

Tishman Speyer has purchased a nearly 2.9-acre industrial site near San Francisco’s Bayview neighborhood for $32.75 million, the company has confirmed.

The acquisition of 2225 Jerrold Avenue is the second for the New York-based developer’s new industrial platform and the first through the $500-million Tishman Speyer-Mitsui Fudosan America Logistics Venture, which it announced in November, according to the company.

“We see 2225 Jerrold as a rare opportunity to reposition one of San Francisco’s largest and highest-quality infill industrial properties,” said Tishman Speyer Managing Director and Head of Industrial Andy Burke in a statement. “This is an exciting moment in our partnership with Mitsui Fudosan America as we pursue a number of intriguing opportunities in prime urban locations.”

The seller was the Academy of Art University, according to public records, which had used the parking lot right off Bayshore Boulevard to store its bus fleet. The site’s two-story early-1980s warehouse with more than 60,000 square feet has been used as a gym and to host student art shows, according to city permits. The university did not reply to a request for comment.

2225 Jerrold LLC, which lists University President Elisa Stephens as its manager, bought the property for $11.3 million in 2009. Due to a 2019 settlement between the university and the city over the for-profit school’s purported improper conversion of rent-controlled apartments into student housing, Planning Director Rich Hillis and City Attorney David Chiu also had to sign off on the deal. According to the city’s paperwork, the sale to Tishman Speyer went into escrow on May 5 and closed July 20.

A San Francisco industrial agent said the deal appears to be an off-market transaction. The site is just around the corner from where Google signed a five-year lease earlier this year for a 3.5-acre parking lot.