**Elliott Investment Group and Partners Acquire 101 Mission St. in San Francisco Through Deed-In-Lieu Transaction**
Elliott Investment Management, alongside partners Probis Strategic Solutions and Callahan Capital Partners, has acquired the office property at 101 Mission Street in San Francisco through a deed-in-lieu of foreclosure transaction. The deal values the 210,000-square-foot building at approximately $82 million, according to the San Francisco Business Times. The partnership had previously acquired distressed debt on the property from lender ING.
Following the acquisition, Probis and Callahan have stated their intention to invest further capital into the property, with the goal of transforming it into a premier workplace destination that aligns with the evolving expectations of modern office tenants. Although specific upgrade plans and investment amounts were not disclosed, the firms emphasized their commitment to revitalizing the property.
The deal was made possible after Elliott, Probis, and Callahan reached an agreement with a second lender and the property’s previous owner, the Vanbarton Group. This cooperation enabled the deed-in-lieu transaction to move forward. Vanbarton had purchased 101 Mission in 2018 for $163.25 million but defaulted on its loan after the property failed to meet certain undisclosed loan covenants.
Photo courtesy of JLL.
