Historic Gem to Be Repositioned and Transformed

Originally constructed in 1907, 944 Market St. includes more than 43,000 square feet of office space.

SAN FRANCISCO—Another day, another Mid-Market acquisition: this time in the form of an eight-story mixed-used building. Synapse Development Group and its joint venture partner AQARAT (Kuwait Real Estate Company) recently acquired 944 Market St. for $33 million. Union Labor Life Insurance Company (ULLICO) provided a $21.7 million senior mortgage loan for the off-market acquisition. “The acquisition of 944 Market Street marks another major milestone for the Synapse/AQARAT partnership as we continue to expand our real estate portfolio in urban markets,” said Justin Palmer , CEO of Synapse Development Group. “We are proud to have worked with the ULLICO team on this acquisition. This is our second project in the Mid-Market neighborhood and our team remains focused on investing in this corridor of San Francisco.” Originally constructed in 1907, 944 Market St. includes more than 43,000 square feet of office space and ground-floor retail plus a basement level. The interiors include 5,300-square-foot floorplates with high ceilings and exposed brick. Renovations to the building–completed in 2012–include a refreshed main lobby and improvements to tenant spaces. Palmer tells Globest.com: “The team will be making several updates to the building including a full elevator modification and common area renovations to reflect a more modern design. The exterior of the building is historic so any work will be in line with the existing facade.” The property is currently 100% percent leased to tenants including Hack Reactor, HelloSign, Rescale and Brandon College . 944 Market Street is located in the heart of downtown and Civic Center neighborhood, near the corner of 5th and Market Street. The building is located across the street from Westfield Mall, Nordstrom Rack, Sacks Off 5th Avenue , as well as the Market Street Place development, adjacent to the Powell Street BART station. “This ideal location positions us for future growth on this burgeoning corner of Market Street, and it’s amazing to envision what this area will look like in a few years,” said Andrew Warman , director of acquisitions at Synapse. Synapse Development Group and AQARAT are currently working on a several other development projects including YOTEL San Francisco , located on the corner of Market and 7th Street also in the Mid-Market neighborhood, and a recently completed land assemblage located just off of the Lorimer Street L-train stop in the Williamsburg area of Brooklyn, N.Y. Synapse is a real estate investment and development firm headquartered in New York City.