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October 27, 2020
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Hearst Spends $52 Mil on Creative Office Asset in San Francisco’s SOMA District

9/18/20

Hearst purchased a 44.8k sf, creative office asset in the heart of San Francisco’s tech-driven SOMA District. The building, located at 1098 Harrison St, adjacent to I-80 and the city side of the Bay Bridge, was sold by Embarcadero Capital Partners in an all-cash, off-market deal.

Although an actual transaction price was not given out, from what we hear the property traded for around $52 mil, more than double the $25 mil Embarcadero Capital Partners spent for the asset in 2017. The building previously traded for $11.5 mil in 2013.

Originally built in 1924, 1098 Harrison Street received a complete base building renovation over the last 10 years and is regarded as a state-of-the-art creative office space with top-of-the-line amenities, including an all-hands stadium seating area and a rooftop deck. The two-story building is fully leased into 2029 to Plaid Inc.

The property’s central location in Downtown San Francisco provides proximity to premier tenancy, numerous mass transit options providing connectivity throughout the Bay Area and an abundance of retail, entertainment, dining and cultural amenities located in San Francisco’s Union Square, Mid-Market and South/North Financial District neighborhoods.

The JLL Capital Markets team representing Hearst was led by Senior Managing Director
Gerry Rohm and Erik Hanson with JLL Capital Markets repped the buyer in the transaction.





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