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Union Square Retail Building Fetches $70M

SAN FRANCISCO-The inaugural fund of Los Angeles-based Festival Cos. acquires the 38,475-sf, soon-to-be former home of an Ann Taylor store in this city's high-end shopping district.

By Brian K. Miller | Updated on July 26, 2007

SAN FRANCISCO-A fund focused on high-end retail properties in major metropolitan cities has paid $70 million or $1,819 per sf for the soon-to-be former location of Ann Taylor in San Francisco’s tony Union Square shopping district. The 38,475-sf building is located at 240 Post St., an area teeming with high-end retailers.

Located on-half block from Union Square, the building sits next to a Chanel store and a Saks Fifth Avenue Men’s Store, and across the street from where tenant improvements are underway for a Prada store. Other retailers in the immediate vicinity include Escada, Burberry, Gucci, Tiffany & Co. and Armani, and Cartier and De Beers also are planning to open stores in the area.

Festival Companies President Mark Schurgin tells GlobeSt.com he plans to use the departure of the building’s current primary tenant, Ann Taylor, as an opportunity to bring in another world-class brand. Schurgin says his company is in talks with several high-end retailers to backfill the 26,000-sf, four-level space. The other tenants in the building are Bredebro, Denmark-based shoemaker Ecco and Boucheron, a high-end jeweler based in Paris.

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