SAN FRANCISCO-Tom Brandi and James Sturdevan, a couple of local lawyers, recently paid $8.85 million for an historic seven-story office building in the financial district. The duo will use the vacant 21,380-sf building at 354 Pine St. as their headquarters.Located across from the former home of the Pacific Stock Exchange, now home to Equinox Gym, 354 Pine was developed by S.H. Woodruff in 1907. It was previously known as the Dividend Building.
The seller was New Urban Properties LLC, a San Francisco-based real estate operating company specializing in historic properties. The company, which owns several downtown historic properties, purchased the building last year for approximately $6.1 million and has since made only minor capital improvements.
New Urban CEO Tom Owens tells GlobeSt.com the building was occupied when he acquired it last year but was vacated shortly thereafter, setting the stage for the sale. “It's a trophy building for an owner-user,” he says, “a very prominent, corner building.”
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