When Presidio Bay Ventures acquired a 157K SF office tower at the corner of Spear and Mission streets in August, the transaction was emblematic of the massive discounts being offered on aging office properties in San Francisco.
The San Francisco-based firm bought the 11-story building at 60 Spear Street, a 56-year-old office building in the city's Financial District, for $41M from Clarion Partners, which acquired the property in 2014 for $107M.
Now, the buyer is unveiling ambitious plans to make the building an emblem of a recovery in downtown San Francisco with a multi-million-dollar renovation that will transform the property into a luxury "office-resort."
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