Woolley, who heads St. Charles Town Co., plans to convert the 173,417-s.f building into office condominiums. Woolley believes the structure is the nicest historic office building in the southwest. "You may be able to find a building as nice as this in San Francisco, but maybe not," Woolley told GlobeSt.com.
He says office condominium purchases should equate to about the same as leases, but tenants will have the privilege of sharing in appreciation value. The building's market rate is about $24 per sf. According to Woolley's calculations, buyers should reap a 50% benefit over a 10-year period through their ownerships.
Smaller office conversions have taken place in the region, but never one of this proportion, says Woolley. MONY is providing a three-year, floating rate loan for the nine-story building.
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