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Goodwill San Francisco Puts HQ Up For Sale

SAN FRANCISCO-On the hunt for a new home, Goodwill Industries of San Francisco moves to sell what is considered one of the largest redevelopment sites in Downtown San Francisco.

By Brian K. Miller | Updated on March 08, 2007

SAN FRANCISCO-Goodwill Industries of San Francisco has tapped Jones Lang LaSalle to sell its two-building, 94,000-sf headquarters here while it looks for larger, more efficient space. The 2.52-acre site at South VanNess Avenue and Mission Street is considered by many to be the largest and most prominent of all Downtown redevelopment sites.

JLL was scheduled to issue an offering memorandum today for the property. There will be no asking price. The bids could vary widely depending on whether the would-be buyers wish to acquire the site as-is or whether they would make the sale contingent upon city approval of its redevelopment plan. In addition, while the current height limit is 150 feet, a proposed rezone would increase the limit on some portions of the site to between 250 and 300 feet.Depending on the buyers’ willingness to wait for the increased height or proceed with something smaller, and whether it wants to build for sale residential, market rate apartments, office space or some combination thereof, the offers could range from $50 million to more than $75 million, one industry source tells GlobeSt.com. A 50,000-sf redevelopment site with a much higher height limit located across the street from Goodwill’s headquarters was on the market for $45 million ($900 per sf) for some time but did not find any takers.

Goodwill Industries of San Francisco, San Mateo and Marin Counties have occupied the site since 1995. Its move there was prompted by the 1989 Loma Prieta earthquake, which destroyed its prior headquarters. One of the buildings, 1500 Mission, dates from the 1920s and totals 66,210 sf. The other, 1570-1580 Mission, was built in the 1990s and totals 27,798 sf. The 94,000-sf total breaks down to 13,888 sf of retail, 35,576 sf of offices and classrooms, 32,482 sf of warehouse and 12,051 sf of storage.

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