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Grosvenor Americas has expanded its Union Square holdings with the $80M purchase of 240 Stockton St. The 40k SF, 10-story luxury retail and office building, built in 1908, is fully occupied and is a category one historic building in the Kearny-Mason-Sutter conservation district.
Gucci anchors the ground and second floors while six office tenants take up the remaining floors. The building is topped with a 30-by-50-foot billboard leased to Apple.
“The purchase of 240 Stockton St enhances Grosvenor’s position as a high-street retail specialist and demonstrates Grosvenor’s commitment to the area,” says Grosvenor CIO Michael Beattie.
The LEED Gold building faces Union Square and is at the corner of Stockton Street and Maiden Lane. The building has unobstructed views of Union Square and natural light that make it more desirable for office tenants, according to Grosvenor senior investment manager Peter Staver.
Grosvenor also owns buildings at 180, 185 and 251 Post St, and recently acquired 394 Pacific Ave, a 50k SF office building in Jackson Square. Plans for renovating this property include installing a new lobby, enhancing the façade and exposing the original exterior brick walls.
The investment and development company also plans to build two boutique residential projects in Nob Hill and Jackson Square.
Cornish & Carey Commercial’s Mike Taquino, Kyle Kovac and Daniel Cressman repped Grosvenor.
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