Spanish Investor Pays Over $400M For SoMa Asset
Spanish investor Ponte Gadea is purchasing the Pacific Place complex in San Francisco from JP Morgan Asset Management for $475M. The mixed-use 436K SF complex split into two buildings contains a 192-room hotel, 202K SF of office and 129K SF of retail at 12 and 22 Fourth St. near Union Square, Real Estate Alert reports.
This is Ponte Gadea’s second purchase in San Francisco over the last year. It previously acquired the Tiffany Building at 360 Post St. for $135M. JP Morgan originally acquired the Pacific Place property in 2014 for $415M and added $20M in upgrades.
The complex is fully leased and spans between Mission and Market streets. The nine-story building at 12 Fourth St. includes Hotel Zelos and 100K SF of retail. The 16-story building at 22 Fourth St. has 202K SF of office and 29K SF of retail. The office space is fully leased to Intuit through 2025. Old Navy leases 59K SF at 12 Fourth St. and The Container Store leases 29K SF at 22 Fourth St.
Eastdil Secured is brokering the sale.