| We also chatted this week with CBRE VP Don LeBuhn. He and colleague David Noravian, along with Festival Management Corp, just sold 228-240 Post St. in Union Square to TIAA-CREF. Don tells us the trophy retail building sold for the second highest price PSF for retail space ever in San Francisco. The pricing—at least 15% higher than what the seller originally paid—underscores "the long-term strength of the marketplace and the belief that this type of property in San Francisco will continue to retain value." Brooks Brothers will be opening a 26k SF flagship store in the building next spring. (No longer will the gentlemen of this city be without bowties!) The building formerly served as Ann Taylor?s downtown San Francisco location. Cushman & Wakefield also was involved in the sale and will be handling leasing and property management. |
| The seller, an affiliate of The Festival Cos, completed a renovation of the property and developed Brooks Brothers? new store. Don and his team also recently sold a parking garage in Union Square, 411 Mason St, for more than $100k per stall. They're not done yet: They're marketing a small boutique office building on Clay Street on behalf of a major movie director. Don says the 17k SF building housed the director's private offices and includes a screening room. (?I don't think that will be utilized by most of the people who are looking at it.?) In addition, Don?s team is in the process of underwriting a $20M Union Square asset coming to the market next month, among others they'll be bringing by year-end. ?When we get to this point in the market, we start to hit pricing that we haven?t seen in five years? on a per-square-foot basis. |
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