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8/05/14
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In a major San Francisco office buy, Jamestown has just acquired Waterfront Plaza, a 297.3k sf complex in the city’s North Waterfront submarket.
The four-building asset, which was 92% occupied at the time of sale, was sold by LaSalle Investment Management. Although a price was not given out, brokers in the area we talked to estimate the deal probably came in somewhere in the $85 - $90 mil range.
Situated along the Embarcadero, Waterfront Plaza is bounded by Bay St to the north, Kearny St to the west and Chestnut St to the south. The complex was constructed in 1976.
The two, four-story office buildings, a 130.6k sf building at 50 Francisco St and a 143.4k sf building at 1700 Montgomery St, provide large, efficient floor plates and feature floor-to-ceiling windows that offer an abundance of natural light. 1800 Montgomery Street houses the popular Hillstone restaurant and 60 Francisco features a five-story parking structure and ground-floor offices.
“As the CBD becomes increasingly dense we believe that Waterfront Plaza offers unique access to the California outdoor space that San Franciscans value,” said Michael Phillips of Jamestown. “The property’s open floor plans are especially attractive to creative professionals and the proximity to the waterfront amenities along the Embarcadero makes this an ideal workplace location.”
Waterfront Plaza currently has 40 tenants, the largest of which include: Giant Creative Strategy, Comcast of California Inc, Advance Magazine Publishers, HQ Global, Weisscom Partners and Andre-Boudin. The complex is dog friendly and Jamestown plans to add more tenant amenities and design features that appeal to today’s dynamic workforce.
The North Waterfront submarket is adjacent to the Financial District and Waterfront Plaza provides a community-driven alternative to the traditional high-rise office buildings found in the CBD. The submarket also offers convenient access to many of San Francisco’s desirable neighborhoods including Pacific Heights and Russian Hill as well as to the residential communities of Marin County. In addition, Waterfront Plaza offers a proprietary shuttle during peak times to connect commuters to the Embarcadero, BART/Muni stations, the Financial District and the CalTrain station in SoMa.
The mixed-use neighborhood includes media, technology and design companies, residential condominiums, restaurants, open space, and a variety of retail amenities, including the James R. Herman Cruise Terminal and 2.5-acre public plaza scheduled for completion this year.
The asset was acquired 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.
The acquisition follows Jamestown’s sale of Pacific Place, a 430k sf, mixed-use property in Downtown San Francisco that they sold in June of this year for around $415 mil.
Eastdil Secured represented the seller in the deal.
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