Less than a year after buying the gigantic Airbnb HQ at 888 Brannan for $185M, Beacon Capital Partners is putting the 400k SF former jewelry mart on the market. And Bisnow sources say there are whispers it could sell for upwards of $280M.
Our source says it could sell between $650 and $700/SF ($280M at the top). Beacon has hired Eastdil Secured to market the property, which received a heavy redo after Vantage Properties and SKS Partners bought it in 2011. While Beacon's ownership period is a short one, our sources point out the market is hot with big data points (we hear one building in a lesser location recently had an offer for $740/SF but the seller refused, thinking they could get more). The Wall Street Journal first reported the listing.
Expect some properties to pop up in the CBD for sale soon. Custom Spaces broker Jenny Haeg, who found Airbnb the space, previously told Bisnow the founders opted to retain the original railroad tracks running through the lobby and the office also features meeting rooms modeled after listings around the world, from Berlin to Bali.
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