Downtown San Francisco asset acquired by Jamestown in October
SAN FRANCISCO (November 16, 2012) – National real estate investment and management firm Jamestown has named the CAC Group, a premier commercial real estate services company, as the exclusive leasing agent for 799 Market Street, a 142,902-square-foot mixed-use asset in downtown San Francisco. Bill Cumbelich, principal, Daphne Spieker, vice president, and John Walsh, associate, will lead the assignment on behalf of CAC. CAC has successfully represented the asset since 1999.
Jamestown acquired 799 Market in October of this year The Class-A urban retail and creative office building is situated on the northeastern corner of Market and Fourth streets, at the juncture of the South of Market (SoMa) office technology corridor and the Union Square shopping district. The firm also owns a neighboring mixed-use property consisting of two buildings at 22 Fourth Street and 801 Market.
“We’re pleased to partner with CAC in marketing this asset and cultivating a dynamic office environment that reflects the neighborhood’s booming demographics. Bill Cumbelich and his team are pioneers in the mid-Market corridor, with a deep understanding of what technology and creative tenants need,” said Jamestown COO Michael Phillips.
Built in 1968 and renovated in 1986, the eight-story property includes five floors of creative office space, atop 55,000 square feet of retail. The office space, which is currently 89 percent leased, features 15,000 – 17,000-square-foot floor plates, tall ceilings, large windows, abundant natural light and open floor plans.
“Jamestown brings incredible creative energy and vision to this asset and the intersection of 4th and Market,” stated Cumbelich. “By creating an accessible, campus-like setting and offering employee-friendly amenities, the property will be well positioned to capture the growing demand from tenants attracted to the area’s vibrant atmosphere.”
“The top floor is currently vacant and considering imminent lease expirations, there are opportunities for tenants ranging from 15,000 to nearly 50,000 square feet,” added Cumbelich.
799 Market offers easy access to public transportation, including BART, Muni and a future Central Subway station, with a direct connection to Caltrain. It is also within walking distance of many neighborhood amenities including Sports Club LA, Metreon, Westfield Center and Yerba Buena Lane.
Founded in 1983 with headquarters in Atlanta, Ga. and Cologne, Germany and offices in New York City, San Francisco, Ca. and Washington, D.C., Jamestown is a leader in acquisitions and value added management. Over 29 years, Jamestown has generated approximately $8 billion in strategic investments. The company is focused across the risk spectrum with core, core-plus and opportunistic funds in two primary markets: 24-hour cities and Sunbelt territories with strong demographic growth. For more information, visit www.jamestownlp.com.
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