SAN FRANCISCO – August 27, 2014 – A New York-based investment firm has purchased 69 Maiden Lane, the smallest building in San Francisco’s fabled Union Square District, for $4.315 million, pushing the per-square-foot price in that tony neighborhood to within a whisker of a new record, Colliers International has reported.
JSRE Acquisitions paid the equivalent of $2,400 per square foot to acquire the 1920’s era building. It plans to aggressively market the property with its sights set on attracting a single luxury retail tenant, according to Colliers’ Executive Vice President Tim Maas, who represented the building’s private investor-owner in the transaction.
“This property represents a very rare re-positioning and value-add opportunity within the city’s internationally known Union Square District,” Maas said. “It sets another high bar in terms of price.”
While 69 Maiden Lane is Union Square’s smallest building with a site area of just 900 square feet and a total building area of 1,800 square feet, its location is a strong draw to top-end retailers seeking a showcase for their luxury products, Maas noted. Now occupied by Bistro 69 Café, the building will be vacated this fall.
Maas was joined on the Colliers sales team by Executive Vice Presidents Tony Crossley and Frank Wheeler, and Vice President Erik Hanson, all of the firm’s downtown San Francisco office.
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