SAN FRANCISCO—The historic building at 20 California St. has been purchased by L&B Realty Advisors on behalf of an institutional client. At 59,472 square feet, this seven-story office building has ground-floor retail, private offices, conference areas, copy rooms, kitchens, interior exposed brick and bamboo flooring in a Financial District address.
The circa-1908 structure has been extensively renovated during the past few years, with each floor being gutted to expose the original materials below. With abundant natural light due to an extensive window line, the operable window feature was kept in the updated design. Interior seismic upgrades have been performed, each floor has individual heating and air conditioning, and the building has an ENERGY STAR rating of 86 as of last year.
The 8,000-square-foot floorplates allow a full floor devoted to one tenant, creating an individual identity for each company. Some notable tenants at 20 California include Etsy, an online handmade goods marketplace; Vantiv, a payment processing company; and E.ON, a climate and renewables firm.
Paul Noland, director of acquisitions for L&B Realty Advisors LLP tells GlobeSt.com: "L&B found 20 California Street attractive due to its prestigious location and historic authenticity. Many creative tenants seek this authenticity and historic charm which cannot be replicated in newer product. The building's small floor plate hits a sweet spot for San Francisco tenancy and in-place rents are below market."
20 California offers easy access to BART and Muni, located just a half block away, as well as numerous dining, shopping and entertainment options. The building's transit score is 100 and its walk score is 97.
“From a location standpoint, it's as good as you can get,” Noland says.
Noland handled the acquisitions for L&B. CBRE senior vice presidents, Josh Peterson and Dave Terzolo, were the brokers.
As previously reported, office leasing activity has been at a fever pitch for quite some time.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
