By Jon Peterson
New York City-based Thor Equities has decided to sell the 283,000 square foot 760 Market Street office/retail property in downtown San Francisco.
The listing agent on the sale of the property is the San Francisco office of Cushman and Wakefield. Both the property owner and listing agent did not respond to phone calls seeking comment for this story.[contextly_sidebar id=”DaxUPZFNA0LsgadsaKD6WM5tD2jGniQ8″]The sale of the property is projected to produce a significant amount of profit for the current owner. Thor had acquired 760 Market in 2008 for $130 million, according to sources that track the sale of office buildings in San Francisco.
The sales price on the property could reach close to $700 per square foot or $198 million.
760 Market is an 11-story complex. The office portion of the property totals 231,000 square feet, according to the Thor Equities Web site. Two of the bigger tenants in the office portion is Obvious Ventures for 75,000 square feet and Credit Karma for 46,000 square feet. The office space is now fully leased.
52,000 square feet of the property is made up of ground floor retail. Among the main tenants in this space are Marshall’s and Starbucks. There are two vacancies in the retail section of the property totaling 15,600 square feet. This makes the total vacancy in the property at roughly 5.3 percent.
760 Market is located just a few blocks from the Union Square. This region of San Francisco attracts shoppers from all over the world on an annual basis. Thor Equities is known as a value-add investor. According to its Web site, the company works with high-net worth investors to identify prime luxury retail and mixed-use assets. It finds properties with significant upside potential in key urban centers throughout the world.
Thor Equities owns two other assets in the San Francisco market besides 760 Market. The investor stated on its Web site that these are 444 Jackson Street and 152 Geary Street.