San Francisco, CA – December – CBRE announces the acquisition of 925 Market Street, a 7,500 square foot jewel-box brick and timber retail and office building located near San Francisco’s Westfield Mall. Located between Fifth and Sixth Streets, 925 Market Street was originally part of the Market Street Place development project which is currently being developed by Cypress Equities and The Carlyle Group. The project, which will feature six levels of retail totaling 250,000 square feet, will be delivered in 2015 and will radically transform the block and make it a logical extension of Westfield Mall and Union Square.
925 Market Street was fully renovated in 2008 to institutional standards and was highly improved. At closing it was 100% vacant. The buyer was a group of high net worth investors that plan to capitalize on the tenant velocity currently taking place in the Mid Market area. With the new Nordstrom Rack opening at 901 Market Street and the Market Street Place development set to open in 2015, the property will benefit from the 60,000+ pedestrian traffic in the vicinity.
Don LeBuhn and David Noravian of CBRE served as agent to the buyer. Laura Sagues of CBRE is exclusively marketing the space for lease on behalf of the buyer. The purchase price was undisclosed.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at: www.cbre.com