Taipei Economic and Cultural Office buys new building in San Francisco
Feb 9, 2023
By Laura Waxmann – Staff Reporter, San Francisco Business Times
Feb 8, 2023 Updated Feb 8, 2023, 10:53am PST
The Taipei Economic and Cultural Office is decamping from downtown San Francisco and moving into a new office building in SoMa it purchased last month.
TECO — which is one of 13 representative offices for Taiwan in the U.S., serving consulate-like functions — spent nearly $53 million on the 56,000-square-foot property at 345 Fourth St. The price amounts to roughly $946 per square foot.
The organization plans to occupy the entire seven-story building. The space will house its consular, education, economic, tourism and immigration divisions, as well as the Overseas Community Affairs Council, according to real estate firm Cushman & Wakefield.
TECO currently occupies roughly 25,000 square feet across two floors at 555 Montgomery St., where it has been based for more than two decades, according to information provided by real estate firm Costar.
Cushman’s Tenny Tsai, Tom Christian and Andrew Hsu collaborated with Danny Yu of SV Commercial Property Brokerage Inc. to represent TECO. Seller 4th & Harrison SF LLC was represented by Barry Bram of Brookwood Starboard.
“We are very honored to have been selected to represent Taipei Economic and Cultural Office in acquiring this brand-new state-of-the-art building that will serve as its new office location in the San Francisco community,” said Tsai.
Construction on the new building began in 2019 and was completed last year. Stanton Architecture designed the building, which features office-level balconies, a roof terrace and exterior sunshades, as well as a photovoltaic canopy and a vegetated roof.