SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that 995 Market St. in San Francisco has changed hands. The property was acquired by 995 Market Street SF Investment LLC, a joint venture between Columbia Pacific Advisors, based in Seattle and San Francisco-based Long Market Property Partners.
"We are excited to be purchasing this asset, especially in the midst of all the positive developments taking place in Mid-Market" Justin Shapiro, principal of Long Market Property Partners tells GlobeSt.com.
The 16-story office tower is located in the city's mid-Market corridor on a prominent corner location at Sixth Street just steps from public transportation. Plans are to immediately implement a significant capital improvement program that includes renovating the interiors to appeal to creative and high tech tenants, according to Newmark Knight Frank Cornish & Carey Commercial capital group managing director Kyle Kovac, who represented the buyer with executive managing director Daniel Cressman and managing director Mike Taquino.
Kovac tells GlobeSt.com that “the building has a commanding presence on the corner of Sixth and Market Streets and is the tallest tower along the Mid-Market corridor.”
He explains that “995 Market St. represents one of the few remaining truly value-added investment prospects left in downtown San Francisco. The buyer was able to acquire the asset at a very attractive basis.”
While those involved couldn't disclose pricing, the building reportedly sold for $17 million.
GlobeSt.com learns that New York City-based Mission Capital Advisors raised structured debt and equity from Seattle-based Columbia Pacific Advisors on behalf of Long Market Property Partners in order to close on the acquisition.
Check back tomorrow for more on the surge of growth and activity in this area.
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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.
