Grosvenor Americas (Grosvenor), a private property investment and development company, has acquired 394 Pacific Avenue, a 50,220-square-foot office building in San Francisco, from PMI Properties. The five-story, brick-and-timber office building is located at the corner of Pacific Avenue and Sansome Street in the heart of Jackson Square, one of San Francisco’s classic boutique office neighborhoods. Seth Siegel, Adam Lasoff, Steve Hermann, George Eckard and Ryan Venezia with Cushman & Wakefield’s San Francisco office represented the buyer in the transaction.
“The dynamic features at 394 Pacific Avenue, including original brick walls, exposed structural elements and efficient 8,900-square-foot floor plates, are in high demand from a wide range of tenants.” said Peter Staver, Grosvenor’s Senior Investment Manager. “We will build on the existing improvements by activating the ground floor street experience and installing a new lobby, enhancing the façade and exposing the original exterior brick walls.”
Grosvenor completed a similar renovation of their six-story building at 185 Post on Union Square, including upgraded building systems and a new window wall façade that artfully preserved the original brick exterior. The property received an Excellence in Architecture Honor Award from the San Francisco chapter of the America Institute of Architects (AIA). This acquisition will complement Grosvenor’s portfolio of heritage office and retail buildings in Union Square at 251, 185 and 180 Post Street.
Originally constructed in 1907, 394 Pacific Avenue was substantially renovated (including a seismic retrofit) in 1981. The area is centrally located between North Beach, Chinatown and the Financial District which is a short walk from the North Financial District and just several blocks from the Central Subway’s Chinatown extension which will provide future connectivity to BART, Caltrain and SoMa.
“This investment fits our long-term strategy of acquiring well-located urban properties in San Francisco,” said Michael Beattie, Grosvenor’s Chief Investment Officer. “The Jackson Square sub-market is an up-and-coming area that continues to improve.”