By Meghan Hall
San Francisco’s South of Market neighborhood has been one of the most prominent submarkets in the city over the last decade, and the total assessed value for property in the area grew by $564 million over the course of 2017, according to the San Francisco
“We are currently proceeding with a complete overhaul that is focused on
Updates to the 5-story, 174,000 square foot building include 13-foot clean concrete ceilings, floor-to-ceiling windows with water views and a new, operable storefront leading to a 275-foot urban green space along Spear St. A ground floor amenity space with private parking, locker room and showers are a few of the other amenities that will be added to the building, as well. The building will feature 40,000 square foot floor plates and is a block from the Embarcadero. The Transbay Terminal, BART and Interstates 80 and 280 are all also easily accessible, as are a myriad of different shops and restaurants.
When completed, the building will be new-to-market for the first time in over 20 years and will have 112,800 square feet available to lease. Currently the remaining space is leased by Verizon Wireless and AT&T. NKF Executive Managing Directors Charlie Withers, Bill Benton and Liz Hart, along with Senior Managing Director Roman Adler are the leasing agents for 360 Spear. With PDR, office and biotech uses permitted at the building, Cesario said that 360 Spear has garnered a lot of interest since marketing for the property began at the beginning of February.
According to Cesario, interest has come from a variety of different types of tenants and while no formal agreements have yet been signed, Madison Capital and NKF have received inquiries from brokers representing tenants with current active space requirements.
“We’re really pleased with the feedback that we’ve received thus far from the market after our official launch,” said Cesario. “We are in active discussions with a couple of groups.”
NKF and Madison Capital are marketing the property as “SoMa’s premier mixed-use building,” and believe that demand for such a property is high in a market as competitive as San Francisco’s.
“We definitely agree that there is a strong demand in the market right now from office, PDR and biotech tenants,” explained Cesario. “When we acquired this building, we thought that there was a strong opportunity to
The property is the second New York-based Madison Capital has invested in with PGIM. The two companies worked together to purchase 105,000 square foot 150 Post St. in San Francisco’s Union Square for $69.33 million, or around $660 per square foot in September 2017.