(EDITOR’S NOTE: According to public records, the property sold for $156 million, or just around $1,155 per square foot.)
A joint venture of Lincoln Property Company and Cara Investment has acquired 384 Post Street on Union Square in the heart of San Francisco’s luxury retail district. Saks Fifth Avenue, which has occupied the property for more than four decades, currently leases the entirety of the property through 2027.
The building is located on a prestigious corner with unobstructed views of and from Union Square. Located on just over half an acre, the property totals approximately 135,000 square feet, with 163 feet of retail frontage along Post Street, facing Union Square. Five floors are above grade, with one below-grade floor.
Union Square sees 25,000 pedestrians a day, and more than $1.1 billion is spent on retail annually within a half-mile radius. It features high-end national and international brands as well as hundreds of hotels and popular restaurants. Neighboring tenants in the area include Tiffany & Company, Williams Sonoma, Apple, and Nike.
“This is a flagship property in the heart of one of the world’s most iconic shopping districts,” said Brandon Wang, Executive Vice President of Lincoln Popery Company.
This is Lincoln Property Company’s third joint venture with Cara Investment. “We very much value our partnership with Cara Investment and look forward to being a steward of this iconic property,” Wang said.
Eastdil Secured represented the seller on this transaction.
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 143 million square feet of commercial space and over 216,000 multifamily residential units. Lincoln Property Company is the second-largest apartment manager in the United States. Access www.lpcwest.com for more information.
About Cara Real Estate
Cara Real Estate, the Real Estate arm of Frankfurt, Germany-based investment manager Cara Investment, invests in real estate opportunities throughout Western Europe and the US. Notable transactions include the recent acquisitions of 8 Waterloo Place in London as well as the former headquarter of Credit Europe Bank in Frankfurt.