By Jon Peterson
The recovery and continued uncertainty in the commercial real estate market has led owners to consider testing the waters by putting properties on the market to gauge interest from prospective buyers. Baltimore-based War Horse Cities, is one such owner, and the company is offering up for sale or lease the 56,756 square feet office condo space that is located at 25 Taylor Street in San Francisco. There is no pricing guidance available at this time if the property is sold.
The current owner of the property has chosen the San Francisco office of Avison Young to be the listing agent on the sale or lease. Those working on the marketing efforts include Ross Robinson, Mark Anderson and Laef Barnes. Avison Young declined to comment when contacted for this story.
The office space in the property is located above the Golden Gate Theatre, which is owned by The Ambassadors, a theater operator with offices in New York City and London. This portion of the building at one point had been a WeWork operation, but the company does not operate any space for lease there now. There is only one lease remaining in the property, bringing vacancy in the building to 96 percent with 53,359 square feet available for lease.
The property offers a variety of space, which includes a mixture of conference rooms, private offices and call booths. The space could be converted to more of an open floor plan design if the new ownership would elected to do so. The property offers a total of seven floors plus a mezzanine level, and the building could be used for either a single- or multi-tenant configuration. Also, there is an opportunity to add building signage for the new occupants.
25 Taylor was first developed in 1922, and it was renovated two years ago. The property is in a good location from a public transportation perspective. Workers in the building would be able to have a five-minute walk to the Powell Street BART/Muni Station.
The property is located close to the Market Street corridor, which is set to undergo a large infrastructure renovation in the near future. The Better Market Street Plan will upgrade and replace traffic signals, streetcar tracks, BART gates and help repave the roadway from curb to curb.
25 Taylor is also near some significant neighborhood developments. One of these is The Prism at 1028 Market with 193 apartments and 6,000 square feet of retail, which is set to be completed by the end of 2021. Another property in the vicinity is 50 Jones, located at 50 Jones Street, which an apartment community with 303 units and 5,000 square feet of retail.