New York, NY – German investor Deka Immobilien, advised by Savills, has successfully closed the portfolio sale of two landmark retail assets in San Francisco’s ultra-prime Union Square submarket. The portfolio, comprising Apple’s retail store at One Stockton Street and Bulgari’s flagship premises at One Union Square, was sold for a total investment consideration of $160 million to a US-based private investor.
One Stockton Street comprises a highly prominent purpose built 16,987 sq ft (1,578 sq m) retail store that is exclusively leased to Apple who has been in occupation of this trademark structure since it was built during Deka’s ownership in 2004.
The Bulgari Building at One Union Square and 212 Stockton Street is a fully leased, seven-floor retail and Class A office building. Providing a total of 42,640 sq ft (3,961 sq m) of accommodation with direct frontage to Union Square, the building is anchored by Bulgari alongside a mix of luxury retail and boutique office tenants that include Loro Piana, Lacoste, Vera Wang and Union Square Investments.
Robert Stamm, Executive Managing Director of Savills, says: “San Francisco’s Union Square is one of its most desirable high barrier to entry retail locations. We are pleased that we were able to identify a leading buyer who recognizes the intangible value of both assets enabling us to achieve an exceptional result for our client.”
San Francisco’s Union Square district is one of the most famous shopping destinations in the world with tenants including Barneys New York, bebe, Bulgari, De Beers, Dior, Ferragamo, Gucci, Hermes, Louis Vuitton, Marc Jacobs, MaxMara, Prada, Saks Fifth Ave, and Tumi.
About Savills LLC
Savills LLC is a real estate investment banking firm offering debt and equity placement, note sales, investment sales, cross-border investment, advisory and asset management services across all property types. Savills’ North American headquarters is in New York, with offices in suburban Washington DC and Orange County, California. The professionals of Savills LLC have executed more than $50 billion in real estate transactions, spanning the full range of property types, including multifamily, office, medical office, retail, industrial and hospitality. Listed on the London Stock Exchange, Savills plc is one of the world's leading real estate advisors, with more than 200 offices and approximately 26,000 professionals in principal cities throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.