SAN FRANCISCO — Jones Lang LaSalle’s Capital Markets experts today announced the firm been selected by Seagate Properties to market for sale the Adam Grant Building, one of San Francisco’s premier landmark office buildings located at 114 Sansome Street.
The 14-story, 186,785-square-foot property occupies a high-profile location just off of Market Street in the heart of San Francisco’s Financial District, the strongest office market in the United States. Originally constructed in 1908, the property has been renovated several times throughout the years – including a comprehensive renovation of major building systems and common areas since 2000.
Managing Directors Rob Hielscher and Michel Seifer and Vice President Aaron Herter are leading the Jones Lang LaSalle team on this assignment.
“This offering provides the opportunity to acquire a trophy asset in an exceptional location with strong income stream security and significant upside potential,” said Hielscher. “With in-place rents currently more than 20 percent below market rates and occupancy of 86 percent, there is an opportunity to significantly boost cash flow by rolling existing leases to market rates and leasing up vacant space.”
Added Seifer, “Combining historic touches such as operable windows and exposed brick with creative build outs backed by modern systems, the Adam Grant Building embodies the creative space that is in high demand from the technology firms that are driving the San Francisco leasing market, which is illustrated by the quality of the technology and other creative tenants in the building.”
In 2012, the building was awarded the LEED Gold Certification for Existing Buildings from the U.S. Green Building Council and earned an Energy Star rating of 93. The property has also received an “A” rating from the Foundation for San Francisco’s Architectural Heritage, recognizing it as one of the most important buildings in the city.
Seagate Properties, Inc. is a full service real estate investment and operating company based in San Rafael, California. The company specializes in institutional and private direct equity investment in office, industrial, multi-family and mixed-use retail properties within the Western United States. For more information about the company, visit the Seagate Properties website at: www.seagateprop.com.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.