Search
 

114 Sansome Goes to Seagate for $67M

SAN FRANCISCO-The 190,000-sf, 14-story building was 35% leased at the time of sale. The seller paid $49 million for the building in late 2005.

By Brian K. Miller | Updated on August 02, 2007

SAN FRANCISCO-Seagate Properties of San Rafael has paid $67 million the 190,000-sf Adam Grant Building at 114 Sansome St. Downtown, according to the listing brokerage firm, Grubb & Ellis Co. The seller is a subsidiary of Miami-based Bayview Financial, which paid $49 million for the property in late 2005.

Built in two phases in 1908 and 1926, the 14-story Financial District building has 17,000 sf of retail space, 163,000 sf of office space and 9,000 sf of storage space. The retail is anchored by Walgreens and Wells Fargo. The office space was 35% leased at the time of sale, according to G&E. The building received some $15 million in improvements shortly before its sale in 2000.

Bayview Financial’s subsidiary acquired the building in December 2005 from an entity of Spear Street Capital. Bayview’s stated plan at that time was to sell off the building floor-by-floor as one of the Financial District’s first commercial condo conversions. The company decided to sell the asset as a whole after a year of marketing produced few interested buyers.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.