SAN FRANCISCO—Constructed in 1912 to be the headquarters for the Standard Oil Company, 115 Sansome is a 19th Century French Beaux-Arts masterpiece. As part of a value-creation process, TA Realty LLC converted more than 70% of the building to creative office, artfully exposing the original features such as concrete ceilings and floors, brick walls and copper-clad windows.
The historic building is 100% leased as a result of TA Realty's comprehensive repositioning, which features approximately 117,000 square feet of refurbished space. TA Realty, on behalf of The Realty Associates Fund X, recently sold this 15-story office building for $83 million to privately owned real estate investment and advisory firm, Vanbarton Group.
“The sale of 115 Sansome demonstrates the successful execution of TA Realty's value-add strategy in a high-barrier-to-entry market,” said Jim Raisides, partner at TA Realty. “We were able to activate the ground-floor retail while seamlessly integrating the historic charm of the building with innovative workplace dynamics. The result has provided a unique neighborhood gathering destination for building tenants, as well as other professionals throughout San Francisco's Financial District. The building's dynamic ground floor and coveted creative space has helped attract tenants from a diverse set of industries.”
Raisides represented the sale alongside colleagues, Doug Engelman, partner, Scott Amling, partner, Luke Marchand, officer and Greg Bonomo, associate. Michel Seifer, managing director and Erik Hanson, vice president, both of JLL represented TA Realty in brokering the transaction.
During the update process, the architectural features of the ground floor lobby were restored and the upper floors were converted from traditional floorplates to a creative and collaborative workplace environment. The building's dramatic lobby featuring a double-height coffered ceiling and brass accents attracted the popular Blue Bottle Coffee and The Treasury, a Parisian-inspired restaurant and cocktail lounge.
“TA Realty removed Cable Car Clothiers and replaced it with Blue Bottle Coffee and The Treasury, a financial district bar/restaurant, in order to better serve its tenant mix while maintaining the beauty and appeal of the ground floor through comprehensive restoration efforts,” Raisides tells GlobeSt.com.
TA Realty LLC is a provider of real estate investment management services to institutional and private investors.
SAN FRANCISCO—Constructed in 1912 to be the headquarters for the Standard Oil Company, 115 Sansome is a 19th Century French Beaux-Arts masterpiece. As part of a value-creation process, TA Realty LLC converted more than 70% of the building to creative office, artfully exposing the original features such as concrete ceilings and floors, brick walls and copper-clad windows.
The historic building is 100% leased as a result of TA Realty's comprehensive repositioning, which features approximately 117,000 square feet of refurbished space. TA Realty, on behalf of The Realty Associates Fund X, recently sold this 15-story office building for $83 million to privately owned real estate investment and advisory firm, Vanbarton Group.
“The sale of 115 Sansome demonstrates the successful execution of TA Realty's value-add strategy in a high-barrier-to-entry market,” said Jim Raisides, partner at TA Realty. “We were able to activate the ground-floor retail while seamlessly integrating the historic charm of the building with innovative workplace dynamics. The result has provided a unique neighborhood gathering destination for building tenants, as well as other professionals throughout San Francisco's Financial District. The building's dynamic ground floor and coveted creative space has helped attract tenants from a diverse set of industries.”
Raisides represented the sale alongside colleagues, Doug Engelman, partner, Scott Amling, partner, Luke Marchand, officer and Greg Bonomo, associate. Michel Seifer, managing director and Erik Hanson, vice president, both of JLL represented TA Realty in brokering the transaction.
During the update process, the architectural features of the ground floor lobby were restored and the upper floors were converted from traditional floorplates to a creative and collaborative workplace environment. The building's dramatic lobby featuring a double-height coffered ceiling and brass accents attracted the popular Blue Bottle Coffee and The Treasury, a Parisian-inspired restaurant and cocktail lounge.
“TA Realty removed Cable Car Clothiers and replaced it with Blue Bottle Coffee and The Treasury, a financial district bar/restaurant, in order to better serve its tenant mix while maintaining the beauty and appeal of the ground floor through comprehensive restoration efforts,” Raisides tells GlobeSt.com.
TA Realty LLC is a provider of real estate investment management services to institutional and private investors.
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