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7/11/16
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Grosvenor Americas purchased a 50.2k sf office building in San Francisco, from PMI Properties. The five-story, brick-and-timber office building is located at 394 Pacific Ave, at the corner with Sansome St in the heart of Jackson Square, one of San Francisco’s classic boutique office neighborhoods.
The building features original brick walls, exposed structural elements and efficient 8.9k sf floor plates, which are in high demand from a wide range of tenants. Grosvenor plans to build on the existing improvements by activating the ground floor street experience and installing a new lobby, enhancing the façade and exposing the original exterior brick walls.
Grosvenor completed a similar renovation of their six-story building at 185 Post in Union Square, including upgraded building systems and a new window wall façade that artfully preserved the original brick exterior. The property received an Excellence in Architecture Honor Award from the San Francisco chapter of the America Institute of Architects (AIA).
This latest acquisition will complement Grosvenor’s existing portfolio of heritage office and retail buildings in Union Square at 251, 185 and 180 Post Street.
Originally constructed in 1907, 394 Pacific Avenue was substantially renovated (including a seismic retrofit) in 1981. The area is centrally located between North Beach, Chinatown and the Financial District which is a short walk from the North Financial District and just several blocks from the Central Subway’s Chinatown extension which will provide future connectivity to BART, Caltrain and SoMa.
Grosvenor was represented by Seth Siegel from Cushman & Wakefield. The price was not disclosed.
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