Located at 760 Market St. and 795 Folsom St., the San Francisco properties have a combined 455,000 sf of rentable space. The new owner is a partnership of Westcore Properties LLC; Angelo, Gordon & Co.; and City Center Retail LLC.
The Market Street property is an 11-story, 267,446-sf class A office building that is 78% leased. The Folsom Street property is a six-story, 183,445- sf class A office building that is approximately 79% leased.
Westcore CEO Donald Ankeny says the Market Street building is located between the new Westfield San Francisco Centre and Union Square and has a significant retail component that Westcore sees as a value-add opportunity. The Folsom Street building had been slated for a conversion to residential condominiums, but Ankeny says he's "not sure the residential market is very hot for that."
The two buildings were part of a larger, two-portfolio sale to Westcore Properties that included 22 buildings in Denver and San Francisco totaling approximately 2.16-million-sf. The pending sales were announced in August and September. The $194-million sale of the Colorado Portfolio, which included 19 industrial buildings totaling 1.4 million sf, closed in November, as did the $82-million sale of its only other San Francisco asset, Convention Plaza, a 12-story, 305,618-sf class A office building with a 16% vacancy rate.
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