SAN FRANCISCO—Laurus Corp., a US-based private real estate investment and development has closed the $72.6 million sale of 1155 Market St. in San Francisco, realizing over 56% Internal Rate of Return for investors.

Laurus purchased the 11-story, 140,000 rentable square foot office building in 2011 essentially empty, where the single tenant was vacating the asset. Laurus was able to quickly re-lease more than 75% of the building for a 10-year term to the City and County of San Francisco and implement tenant improvement renovations in just 90 days. In addition, Laurus executed a $14 million renovation of the building, including the façade, lobby, corridors, bathrooms, elevators, common areas and overall MAP systems toward LEED Gold certification and Ashrae compliance.

“When we acquired 1155 Market St., the San Francisco mid-market location was in the early stages of revitalization. We were able to capitalize on the momentum, executing a focused business plan and aggressively pursuing targeted goals, efforts that ended up achieving over three times (3x) equity multiple for our investors”, said Philip Cyburt, CEO of Laurus Corporation.