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Folsom Place Comes to Market as Major Redevelopment Play

SAN FRANCISCO-SBC's vacant office complex and garage sits on two acres in the Yerba Buena area. Local industry sources say the property could fetch as much as $40 million per acre en route to a nine-figure redevelopment.

By Brian K. Miller | Updated on August 25, 2005

SAN FRANCISCO-Folsom Place has come to market as a major redevelopment play. SBC’s vacant 507,298-sf office complex and garage sits on two acres in the mixed-use Yerba Buena area. Local industry sources tell GlobeSt.com the property could fetch as much as $80 million en route to a $500-million redevelopment.

CBRE senior vice president Bob Gilley, who has the disposition assignment, declined to speculate on the sale price but tells GlobeSt.com the location is “a perfect residential site.” The property is bound by surface streets on three sides, zoning allows for a height of 25 stories and the neighboring buildings are two- and three-stories tall, he says. “The city and bay views will be phenomenal,” Gilley says.

The property is located at the corner of Third Avenue and Folsom Street. Nearby retail and recreational amenities include Union Square, Whole Foods Market, Moscone Center, Metreon, Yerba Buena Gardens and the San Francisco Museum of Modern Art, as well as several hotel, restaurant and mass transit options.

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