Three Big S.F. Properties Hitting The Market
When it rains it pours deals in this city, and right now for-sale signs are drenching downtown (if only the clouds could take note to get us out of the drought).
1. 995 Market
We confirmed Long Market Property Partners is putting the Mid-market property on the sales block after a two-year hold. Investment sales sources tell us price guidance is $640/SF, with a 5.5% cap. (Long Market's Daniel Goldberg told us this morning he has no comment at this time.) Earlier this year he told us about his plan for a full building upgrade of 995, rendered here (we were the first to report on WeWork's big lease there), with a plan to spend approximately $100/SF on base building upgrades.
2. 550 Kearny
NYC landlord Brickman is putting the 193k SF property on the market. (Here's VP Aaron Lazovik giving Bisnow a tour last year). Aaron told us creative repositioning is Brickman's bread and butter, and 550 got a big redo after Brickman's purchase in 2013. Brickman liked 550's great bones and the fact it's a bit off the beaten path, he adds, and added bike storage and a cute grab-and-go coffee bar. The café's purposely not adjacent to the street to up its appeal to tenants, he notes.
3. 580 California
The giant 23-story FiDi tower is also hitting the sales block, sources tell us. The 1980s-era high-rise was developed by Hines and is topped with 12 statues described as "The Corporate Goddesses" by Muriel Castanis. (Does that mean tenants like Akin Gump get to call themselves toga-wearing goddesses?)