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6/23/14
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Atlanta-based Jamestown has sold Pacific Place, a 430k sf, LEED Gold-certified office and retail property located at 4th and Market streets in downtown San Francisco. Situated at the dynamic nexus of the Union Square, South of Market, and Financial District neighborhoods, the project is comprised of three adjacent properties, including approximately 200 feet of Market Street retail storefront, 16 floors of office space, and a five-floor, 198-room, luxury boutique hotel.
Although the buyer and sales price were not immediately disclosed, we’ve heard that J.P. Morgan paid around $415 mil ($965/sf) for the asset. Jamestown had acquired the asset from Pacific Resources back in 2004.
The 202k sf office portion of the property was leased in its entirety late last year by Intuit Inc for Demandforce, a division of Intuit’s Small Business Division. Jamestown repositioned the building last year and added desired amenities such as outdoor terraces and a dog- and bike-friendly work space, including an onsite bike room and bike repair station. The enhancements also included a major renovation of the lobby to feature a living green wall, water element with digital media, and a fully operational coffee bar and cafe concept by Small Foods, in addition to other services.
The property’s retail tenants include the flagship stores for iconic San Francisco brands Levi’s and Old Navy, as well as The Container Store. Of the property’s 130k sf retail space, 20k sf is currently available for lease. The hotel is the 198-room Hotel Palomar, managed by Kimpton Hotels.
The asset was held by the Jamestown Premier Property Fund, the firm's flagship core and core-plus investment vehicle for institutional investors. Other West Coast assets owned by the Premier fund include Ghirardelli Square and 799 Market in San Francisco, The San Luis Obispo Collection in San Luis Obispo, and Malibu Village in Malibu.
Jamestown was represented in the transaction by Eastdil Secured. Jamestown’s properties across the country draw a venerable roster of technology, creative, and media tenants including Google, IMAX, Monster.com, NBC Entertainment, Lionsgate, and Makerbot.
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