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The Warfield Trades for $12M

SAN FRANCISCO-The well-known theater and office building is now owned by David Addington, an Atlanta real estate investor. The seller was Florance Fang, the former publisher of the San Francisco Examiner.

By Brian K. Miller | Updated on May 12, 2005

SAN FRANCISCO-The Warfield theater and office building is under new ownership. David Addington, an Atlanta real estate investor, acquired the building from Florance Fang, the former publisher of the San Francisco Examiner, for $12 million.Built in 1921, the 69,515-sf building is located at 982-998 Market St., one block from both the new Bloomingdale’s next to the San Francisco Center and the new federal office building near Civic Center.The building has 40,000 sf of empty office space but is best known as the home of Warfield Theater, a longstanding concert venue that has hosted performers ranging from the Grateful Dead and Bob Dylan to Blondie and the Talking Heads. The 2,200-seat theater is fully leased to Bill Graham Presents. It will celebrate the anniversary of its grand opening on Friday with a concert by Phil Lesh and other members of the Grateful Dead. The San Francisco office of Marcus & Millichap Real Estate Investment Brokerage Company brokered both sides of the transaction. The brokers involved include Vincent Schwab, senior director of the firm’s National Office and Industrial Properties Group, and Sanford Skeie, senior associate. “Its potential will become fully realized as Market Street continues its revitalization,” says Schwab.Fang bought the building in 2000 for $14 million from San Francisco-based AIG Capital Group Inc. and used it to house the editorial offices of The Examiner, which the Fang family also acquired in 2000. Last year, Denver billionaire Philip Anschutz acquired the newspaper and moved its offices over to Mission Street.

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