Synapse Buys 944 Market
Synapse and Aqarat, a Kuwaiti real estate company, have paid $33M for the 43k SF mixed-use building at 944 Market St. The deal was financed in part by a $21.7M senior mortgage from Union Labor Life Insurance Co.
New York-based Synapse CEO Justin Palmer says the deal marked the latest step in cooperation between the two companies, according to Real Estate Weekly. Aqarat and Synapse previously teamed up for a Yotel San Francisco and land work in Brooklyn’s Williamsburg.
944 Market was built in 1907 and hosts office space and retail offerings on the ground floor. The duo hopes to reposition the building with extensive restoration work. [REW]