(EDITOR’S NOTE: According to sources who track commercial building sales in San Francisco, the sale price was around $40 million, or around $996 per square foot.)
JLL completes sale of 660 Market Street, historic mixed-use asset in Union Square to Jamestown
San Francisco, California (Aug. 29, 2018) – JLL Capital Markets today announced the sale of 660 Market Street, a five-story creative office and retail property on Market Street in San Francisco’s world-renowned Union Square shopping district and just two blocks from the newly opened Transbay Transit Center.
The JLL Capital Markets team, led by Rob Hielscher, Michel Seifer, Erik Hanson, Cheri Pierce and Nick Deaver, represented the sellers, Sun Life Assurance Company of Canada and Bentall Kennedy (U.S.) Limited Partnership. The buyer was Atlanta, GA-headquartered Jamestown, L.P.
The 40,144-square-foot, historic building was originally constructed in 1924, and has been extensively renovated to meet the high standards today’s tenants demand in downtown San Francisco. The building is 100 percent leased to a mix of creative and high-tech office as well as retail tenants.
“660 Market Street is a truly unique creative office ‘jewel box’ with high street retail on the ground floor,” said JLL Managing Director, Rob Hielscher. “The increasingly rare opportunity to own a modernized, historic creative office asset in downtown San Francisco enabled us to generate interest from a wide variety of domestic and international investors.”
“We are excited to add to our campus in San Francisco’s SoMA and FiDi neighborhoods with another boutique office building,” said Michael Phillips, President of Jamestown.
Jamestown currently owns 731 Market Street and Rialto on New Montgomery. The addition of 660 Market Street will bring Jamestown’s total square footage in downtown San Francisco to over 269,000 square feet.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
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 35 years, Jamestown has expanded into a national, vertically integrated real estate operator with over $10.3 billion of assets under management as of June 30, 2018. Jamestown’s capabilities include: acquisitions, capital markets, property management, asset management, retail leasing, design, sustainability and risk management. Jamestown companies have headquarters in Atlanta, GA and Cologne, Germany, and offices in New York, NY, Boston, MA, Washington, DC, San Francisco, CA and Bogota, Colombia. For more information, visit www.jamestownlp.com.