San Francisco’s office market is beginning to draw investors back after several years of steep valuation declines, elevated vacancy and limited transaction activity. Madison Capital, however, began building its position while many institutional investors were still on the sidelines, betting that improving leasing activity, return-to-office trends and renewed capital markets activity were signaling an inflection point.
Over the past three years, Madison has acquired more than $1 billion in assets totaling more than 3.5 million square feet across the Bay Area and other U.S. markets. Its San Francisco investments include 123 Mission Street, 600 Battery Street and 45 Fremont Street. The firm’s $265 million acquisition of 45 Fremont was one of the city’s largest office transactions in recent years and, according to Madison, provided further evidence that liquidity and lender confidence were returning to larger transactions.
