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May 31, 2020
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The Seavest Investment Group Pays $560/sf for San Francisco Office Building


In a recent San Francisco office buy, The Seavest Investment Group has purchased 939 Ellis Street, a seven-story, 87.2k sf office property with 53 parking stalls in the up-and-coming Van Ness Corridor of San Francisco. The property was sold by a joint venture of Seattle-based Columbia Pacific Advisors and San Francisco-based Long Market Property Partners in a $49 mil ($562/sf) transaction.

Constructed in 1961, 939 Ellis Street is an institutional-quality building featuring a 4.5k sf patio roof deck, unobstructed views of downtown San Francisco, spacious meeting spaces, and structured parking garage with first level parking. The building recently underwent a major renovation by the seller with base building improvements providing a blank canvas for prospective tenants to create their own identity.

Kyle Kovac, Michael Taquino, Daniel Cressman and Mandy Lee with NKF Capital Markets represented the seller in the deal. The buyer, assisted by Meridian, represented itself.

Some of the key drivers for the growth of the Van Ness Corridor include: more than 9,000 residential units either under construction, approved, or proposed along Van Ness Avenue and in adjacent submarkets; California Pacific Medical Centerís (CPMC) new state-of-the-art hospital at Van Ness and Geary (less than three blocks from 939 Ellis); and the nearby transit with MUNI bus lines, BART, and the future Van Ness Bus Rapid Transit providing access to the entire Bay Area.

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