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717 Market Sells for Office Use, Not Residential

SAN FRANCISCO-Vacant and entitled for residential conversion, a turn-of-the-century office building here sells to an investor with office on his mind.

By Brian K. Miller | Updated on December 20, 2006

SAN FRANCISCO-Ellis Partners has acquired a vacant 100-year-old office building here that is entitled for a conversion to residential condos, but it won’t be following through with the conversion. Instead, the locally based developer will be re-improving the 99,186-sf property at 717 Market St. for office use.

“The office market has moved beyond the residential market as far as property values are concerned,” says one local investment broker who heard the sale price was “in the $18-million range.” The listing brokers–Frank Wheeler, Tony Crossley and Tim Maas of Colliers International–declined comment on the transaction, citing confidentiality agreements.

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