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October 22, 2019
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Office Property in San Francisco’s Jackson Square Trades for $900/sf

9/13/19

Brick and Timber Collective LLC purchased 900 Kearny Street, a 30k sf, six-story office building in San Francisco, for $27 mil ($900/sf). The asset is 100% occupied by EastWest Bank, Bitmami, and Novani, among others.

Built in 1989, 900 Kearny is located in San Francisco’s Jackson Square submarket, and is centrally located near public transportation, high-end retail and restaurants, and executive housing. It was sold by a venture between Newcastle Partners Inc and Drake Real Estate Partners.

“Jackson Square is strategically located at the intersection of North Beach, the north Financial District and China Town,” said Dennis Higgs, managing partner and founder of Newcastle Partners. “With an office vacancy hovering around 3%, Jackson Square is a vibrant, thriving submarket that has proven to be the best in the city.”

The Newcastle Partners joint venture acquired the asset in March 2017 for $17 mil and embarked on adding significant value to the property by creating open office spaces and single-floor suites. The renovations sparked leasing interest and activity and resulted in the signing of several successful tech companies.

Ben Bullock, David Dokko and Thomas Foley of HFF represented Newcastle Partners in the sale.





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