SPI Holdings Lists 44-Unit Lofts at One Powell in San Francisco, Guidance Set at More Than $20MM

The Lofts at One Powell, San Francisco, Union Square, SPI Holdings, CBRE, Financial District, BART, MUNI

By Kate Snyder

An historic, eight-story mixed-use building is on the market in downtown San Francisco. The Lofts, a 44-unit residential component of One Powell, is listed for sale by CBRE’s Capital Markets team on behalf of the seller SPI Holdings. The building is located at 10 Cyril Magnin St. in San Francisco and is more than 100 years old. Guidance pricing for the property is in excess of $20 million, according to CBRE.

In 2015, the current owner sold the commercial condos on the lower levels of the building, according to marketing information, and the remaining condos, known as The Lofts, are on floors four through eight.

Originally built in 1921 as the headquarters for Bank of America, One Powell Street was

converted to condos in 2004 by Wilson Meany, the premier San Francisco adaptive reuse developer of the Ferry Building, according to marketing information. The building is just blocks away from Union Square, minutes from the Financial District, half a mile from Montgomery Street and surrounded by restaurants, retail and theaters. It also sits near Powell Street Station, which serves BART and MUNI with an underground connection to the new Central Subway line.

The Lofts have a private lobby as well as a private residential view deck on the seventh floor, according to marketing information. Individual storage spaces in the sub basement can be rented for additional revenue. The property’s website also lists amenities such as a pool, clubhouse, spa, playground and digital concierge services. Additionally, furnished units are available.

Generally, office and retail properties have been the subjects of recent sales activity in San Francisco’s Union Square neighborhood. One such deal was the purchase of a large office building in San Francisco’s Union Square neighborhood for $155 million, or about $2,167 per square foot, by an entity South Korean conglomerate Hanwha Life Insurance CO, according to The Registry’s previous reporting. The seller was A-Z300 Grant LLC, an entity affiliated with Zeno Capital.

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