By Jon Peterson
New York City-based Vanbarton Group has placed on the market for sale the 125,310 square foot 115 Sansome Street property in San Francisco. The potential price point on the sale is around $105 million, which would bring the pricing to around $837 per square foot, according to several sources familiar with the property.
The seller has picked the Bay Area Capital Markets team of JLL to be the listing agent on the sale. JLL declined to comment when contacted for this story.
Vanbarton has been the owner of 115 Sansome since November of 2016 when it bought the property as a separate account investment. It paid $83 million, or $662 per square foot, to acquire the asset, according to public records.
The property is a mixture of creative office, retail and some storage space. It has a total of 14 stories with a 15th floor penthouse plus a basement.
115 Sansome is a property with core plus investment attributes. The building is in a strong location in the San Francisco office market, and it is over 90 percent leased. The weighted average length of time left on the existing leases are 4.2 years. This offers the property potential income growth given where the existing rents in the building are; according to some estimates, the in-place rents in the asset are 14 percent below market. The office space in the property is leased to a mixture of technology, advertising/media, architecture, financial and other professional service firms.
The retail portion of 155 Sansome includes Blue Bottle Coffee, The Treasury bar and coming soon will be The Shota, a sushi restaurant.