The art school will relocate from a location on Market Street, where its lease is expiring, to a 52,000-sf studio at the American Industrial Center, which is located at 2345 Third St., just south of Pac Bell Park at the foot of Potrero Hill.
David Becker of Ritchie Commercial Real Estate brokered the deal for approximately $10 per sf, triple net. At that rate, the value of the transaction would be $2.6 million.
The 850,000-sf American Industrial Center was started in 1919 and completed in 1955. It was originally built for the American Can Co., which was shut down in 1975 and purchased by the Markoulis family. The building now has nearly 300 tenants, including graphic designers, photographers, light industrial users, and Internet related companies.
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