San Francisco, CA (December 13, 2022) — Newmark 1 announces the $6.7 million sale of 3175 17th Street, a 14,000-square-foot flex building located in the Mission District of San Francisco.
Newmark Executive Managing Director Mark Geisreiter, Senior Managing Director Seth
McKinnon and Managing Director Aaron Gillespie represented the seller, a non-profit youth development program, Seven Tepees. The buyer was ODC, a non-profit dance company.
“We generated significant interest from buyers and owner-users during the marketing process,” said Geisreiter. “Seven Tepees wanted the building to remain in the non-profit community, and we are delighted that ODC was our buyer. It was a win-win for both parties.”
Nestled in San Francisco’s exuberant Mission District, the building is a multi-purpose space proximate to an abundance of amenities and public transportation. The building offers a flexible space for the region’s growing performance community.
The acquisition marks the most recent addition to ODC’s three-building real estate portfolio, with ODC Theater immediately next door and ODC Dance Commons around the corner. The property will undergo future renovations to create a suitable space for ODC’s dance classes and workshops.
“The added space will be used to house ODC’s own activities, while also making room available to other members of the city’s performance community 2 ,” shared Executive Director Carma Zisman in a recent interview.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world.