SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that that sale of the historic 115 Sansome St., otherwise known as the former headquarters of the Standard Oil Co., is a done deal.
We first reported on the deal back in January, where we estimated that the property would fetch near $50 million or $400 per square foot.
In a prepared release, CRE development and property management firm Harvest Properties' investment partnership says it sold the building to Boston-based TA Associates Realty. Investment brokers Michel Seifer, Rob Hielscher & Aaron Herter of Jones Lang LaSalle represented the sellers in the transaction.
With a confidentiality agreement in place, the sale price and deal terms are undisclosed, and JLL did not respond to inquiries regarding if GlobeSt.com's previous $400 per square foot guess was correct. However, an unidentified industry source not involved in the deal says it went for higher than our previous guess, at around $52 million. Sources involved would not confirm that price.
What we do know, is that when the property was traded in June 2011, it went for approximately $27.5 million. Harvest purchased it at the time from the Swig Co. and Angelo, Gordon & Co.
Since that time, Harvest completed numerous capital improvements to the building during its ownership, including a façade restoration, and cosmetic renovations to the jewel box lobby, elevators, and common area corridors. “Harvest also pioneered the building's successful transition from traditional dropped ceiling office space to 'creative' space by exposing the original concrete and brick bones of the building, developing open floor plans and modern, galley-style kitchens,” according to a statement.
Harvest Properties currently manages the 15-story, 128,000-square-foot, class-A office building, located at the corner of Sansome and Bush Streets, and will continue serving in that capacity for TA Associates Realty.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
