Newcastle Partners Buys Jackson Square Office
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Newcastle Partners has bought a Jackson Square office building in San Francisco. In a JV with Drake Real Estate Partners, Newcastle Partners now owns the 30K SF six-story office at 900 Kearny St. The acquisition was an off-market sale from a local family that has owned the building since 1991. The building is 80% leased. Kidder Matthews will handle leasing for the building.
Under new ownership, the building will undergo a creative office renovation. 900 Kearny is near public transit, high-end retail and restaurants. It also is near the under-construction central subway.
“Jackson Square is now a hotbed of high-end VC and private equity firms,” Newcastle Partners Managing Partner Dennis Higgs said. "The bones of the building and submarket location are exactly what we want for our portfolio.”
Each space will be built out to an open ceiling and creative office design as it becomes available, Higgs said.
The building will offer 5K SF core floor plates with three sides of natural light and newer steel-frame construction, according to Newcastle Partners partner Brad Cummings.
Newcastle also owns 555 Clay St. and 580 Pacific Ave.