Madison Capital & PGIM Sell 360 Spear in San Francisco for $165MM

360 Spear San Francisco data center Madison Capital PGIM Real Estate Harvest Properties Cushman & Wakefield

A partnership between Madison Capital and PGIM Real Estate recently announced the sale of 360 Spear Street in San Francisco, California to Harvest Properties at a valuation of $165.47 million ($967 per square foot). Centrally located in the heart of San Francisco’s South Financial District, the 171,096-square foot, five-story, former data center was purchased by the joint venture in 2018 for $95.18 million.

“Our vision for 360 Spear Street was to develop a one-of-a-kind asset; a highly amenitized, creatively designed workspace that would leverage the buildings flexible zoning and robust infrastructure to attract a broad array of potential users with specialized requirements that other neighborhood buildings could not provide,” said Jonathan Nachmani Managing Director at Madison Capital. “The sale reinforces the continued strength of the San Francisco real estate market where even at the height of the global pandemic, forward looking investors like Harvest recognize the long-term value of well-located, mixed-use assets in one of San Francisco’s most dynamic neighborhoods,” added Nachmani.

Commencing in January 2019, 360 Spear underwent a $17 million capital improvement plan that transformed the former data center into a premier mixed-use asset catering to life science, PDR and office users. Madison Capital and PGIM Real Estate’s repositioning highlighted the property’s 13-foot clean concrete ceilings, floor-to-ceiling windows with San Francisco Bay views and included a new lobby, ground floor amenity space with operable storefront, core restrooms, elevator interiors, locker room, showers and re-design of the property’s Spear Street entrance.  

In September 2020, Madison announced over 90,000 square feet of leasing completed at 360 Spear during the COVID-19 pandemic to tenants that include Lattice, Vitalant and AT&T. At the time of sale, the property was 76% leased to four tenants. 

Cushman Wakefield’s Seth Siegel advised Madison Capital and PGIM Real Estate in the transaction. 

About Madison Capital

About Madison Capital Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets. Targeting income-producing, opportunistic and value-add opportunities in New York, Chicago, San Francisco, Miami and other gateway cities, the firm employs a focused and disciplined approach to its investments. Madison has grown its portfolio organically since the firm’s inception in 2002 to over $3.1 billion of current assets under management. For more information, please visit the firm’s website at

About PGIM Real Estate 

As one of the largest real estate managers in the world with $182.5 billion in gross assets under management and administration1, PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. (PFI) (NYSE: PRU).

PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing 2, and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit

360 Spear San Francisco data center Madison Capital PGIM Real Estate Harvest Properties Cushman & Wakefield
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