(EDITOR’S NOTE: Based on several sources, the sale closed between $91 million and $94 million. One of the sources stated that the final transaction cost was $91 million, but no other source was able to confirm this figure. According to sources, the San Francisco office of HFF worked on the transaction. They were not available to provide comment when contacted. The sellers were Lincoln Property and the Teachers’ Retirement System of the State of Illinois.)
SAN FRANCISCO (December 7, 2016) – Jamestown, L.P. on behalf of the Jamestown Premier Property Fund today announced the acquisition of 55 Francisco, a Class A state-of-the-art office building located at the corner of Francisco Street and Montgomery Street in San Francisco’s North Waterfront District. The property is a welcome addition to the Waterfront Plaza campus, the adjacent Class A office complex owned and operated by Jamestown.
55 Francisco, currently 97 percent leased to tenants including The RealReal, Pacific Fertility Centers, and Endpoint Clinical, consists of an eight-story office building encompassing approximately 145,172 rentable square feet and an adjacent four-level, 274-stall parking garage situated on 1.12 acres. The parking garage also serves as the primary parking deck for Cruise Ship guests. 55 Francisco features contemporary creative and medical facilities, unparalleled panoramic views of the San Francisco Bay, soaring ceilings, renovated and modernized bathrooms on every floor, private showers, and abundant parking.
Waterfront Plaza, acquired by Jamestown in 2014, is a four building, 297,000-square-foot office complex along the Embarcadero whose current tenants include professional service firms, media and marketing agencies, and technology companies. Bounded by Bay Street, Francisco Street, Kearney Street, and Chestnut Street, the campus features secured bike parking, immediate proximity to a five-story parking structure and the popular Hillstone restaurant, and beautiful landscaping upgrades implemented by Jamestown, including more drought tolerant plants and seating areas for tenants to enjoy lunch or experience the spacious campus. Jamestown is in the process of further amenitizing the property.
The newly expanded Waterfront Plaza is served by several public transit services including MUNI’s Market Street F trolley line, as well as ferry service to Marin, the East Bay and Peninsula just four blocks away at Pier 41. It provides convenient access to Marin County and the greater North Bay via the Embarcadero, and offers a shuttle to and from the downtown corridor during the morning and evening hours. It is within short walking distance to some of San Francisco’s most iconic destinations including Pier 39, Fisherman’s Wharf, and Ghirardelli Square.
Jamestown, L.P. was established in 1983 as an investment and management company focused on income-producing real estate in the United States. Over the last 33 years, Jamestown has expanded into a national, vertically integrated real estate operator with approximately $11.8 billion of assets under management as of September 30, 2016. Jamestown’s capabilities include: acquisitions, capital markets, property management, asset management, retail leasing, design, sustainability and risk management. Jamestown has headquarters in Atlanta, GA, and New York, NY and additional offices in Boston, MA and San Francisco, CA. For more information, visit www.jamestownlp.com.