Jamestown LP, a national real estate investment and management firm, has acquired 799 Market Street, a 142,902-sq.-ft. mixed-use asset in downtown San Francisco. Sources in the market put the deal value at more than $90 million.
The class-A urban retail and creative office building is situated on the northeastern corner of Market and Fourth streets, where San Francisco’s Union Square shopping district meets the booming South of Market (SoMa) technology office corridor.
The eight-story property includes five floors of creative office space atop 55,000 sq. ft. of retail, currently 100 percent occupied by a Ross Dress for Less flagship store, one of the five highest performing Ross stores in the nation.
“The acquisition of this asset is part of our ongoing strategy to expand Jamestown’s presence on the West Coast, and furthers our commitment to locations that support the intersection of media, technology and retail,” said Jamestown COO Michael Phillips in a statement. “Situated at the juncture of the SoMa office technology corridor and the Union Square shopping district, the property is well positioned to capture the growing demand from tenants attracted to the area’s vibrant atmosphere.”
Jamestown currently owns two other properties in Northern California, a neighboring mixed-use property consisting of two buildings at 22 Fourth Street and 801 Market Street, as well as an open-air regional shopping center with approximately 594,000 sq. ft. in Alameda.
Built in 1968 and renovated in 1986, 799 Market’s prominent corner location provides 100 ft. of retail frontage on Market Street and 170 ft. along Fourth Street, offering unmatched exposure to the more than 150,000 tourists, shoppers and office workers that visit the area daily. The office space features 17,000-sq.-ft. floor plates, tall ceilings, large windows and open floor plans—attributes that are particularly appealing to technology and creative companies. The property is currently 89 percent leased.
The building’s location offers easy access to public transportation, including BART, Muni and a future Central Subway station, with a direct connection to Caltrain.
Eastdil Secured represented the seller, a partnership between Urban Realty and Commonfund, and helped Jamestown secure financing.