By Jon Peterson
A private owner has put up for sale the 10,264 square foot jewel office building located at 451 Pacific Avenue in San Francisco’s Jackson Square neighborhood. The potential sales price of the property could be as much as $14 million, or $1,364 per square foot, as stated by sources that track the sale of office buildings in San Francisco.
The listing agent on the sale of the building is the San Francisco office of CBRE. Those working on the transaction will be Kyle Kovac and Michael Taquino, both executive vice presidents, and Mandy Lee, vice president. CBRE declined to comment when contacted for this story.
While the property is currently vacant, it used to be the home of Chemistry Club, a San Francisco-based media branding and strategy consulting firm. Its partner Grant Richards is listed as the director of the company that owns the property. Similar to it past use, it is likely that the building could be acquired by a venture capital source, high net-worth individual or a company that would use the space for its own business. The property has been converted to a creative office building recently, and the property’s condition assessment identified almost no required repairs.
451 Pacific was first built in 1908. It was used at one time to house Engine Company Number One, one of San Francisco’s fire brigades. A number of characteristics showcase the property’s history as an old firehouse including the wide arched main entrance, spiral staircase and an old fire-pole that remains near the entrance.
The office building does have some features that would appeal to creative and technology tenants. These include spacious ceiling heights, plentiful natural light, a charming internal courtyard, roof views and exposed brick walls.
451 Pacific in located within the Jackson Square/North Waterfront sub-market in San Francisco. According to sources familiar with this neighborhood, the sub-market has seen nearly $2 billion of sales, development or repositioning of office and residential assets in the past three years. Market rents for premium creative office space in Jackson Square exceed $95 per square foot per year.
Jackson Square is considered by many in the commercial real estate industry as the new Sand Hill Road with its preponderance of venture capital and investment firms located in the neighborhood. There are now over 30 such firms in this part of San Francisco. Some examples of this are Iconiq Capital, Jackson Square Ventures and Zetta Venture Partners.