(EDITOR’S NOTE: According to market sources, the asset traded for approximately $70 million, or just around $777 per square foot. The seller of the building was Abbot Corporation.)
SAN FRANCISCO, Calif. (February 5, 2020) – Lincoln Property Company, led by Lincoln’s LPC West team in San Francisco, has partnered with affiliates of the Goldman Sachs Merchant Banking Division to acquire 1045 Sansome Street, a four-story creative office building in San Francisco’s North Waterfront/Jackson Square neighborhood.
Constructed in 1926, the nearly 90,000 square-foot building was originally home to a printing press before its conversion to creative office space. 1045 Sansome Street has undergone several improvements that highlight the property’s features, including high ceilings on the ground level, a unique sawtooth glass roof, open floor plans, and polished concrete floors. Large windows throughout the property bring in abundant natural light and provide expansive views of the City and San Francisco Bay.
The building is currently 95 percent leased to a diverse mix of tenants in fields including technology, architecture, non-profits, business and media.
“We are pleased to acquire 1045 Sansome with Goldman Sachs,” said Tim Walling, Vice President of LPC West. “This asset has been owned by the same family that developed it in 1926. We are excited to enhance the asset through additional amenities, improved common areas, and market ready suites.”
The North Waterfront has received significant investment over the last few years, including the development and repositioning of several office assets, attracting many blue-chip employers to the area.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States.
About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.