 |
| 1019 Market Street, San Francisco, CA |
SAN FRANCISCO, CA – HFF announced today that it has closed
the sale of 1019 Market Street, a 75,523-square-foot, transit-oriented
creative office property with ground floor retail in San Francisco’s Mid-Market
District.
HFF
represented the seller, a joint venture between certain affiliates of Westport
Capital Partners LLC and Cannae Partners LLC, in the sale of the property to a
global investment manager.
The buyer
paid $48.25 million for the asset and assumed the property free and clear of
debt.
 |
| Steven Golubchik |
Originally built in 1909, 1019 Market was completely re-constructed in
2013. The redeveloped property blends
historic features such as classical Corinthian-style columns, exposed brick and
timber interiors, and floor-to-ceiling glass line with modern stadium-like
collaborative meeting areas, high-end creative office space finishes and an
exterior LED lighting system.
1019 Market is 100
percent leased on a long-term basis to cloud-based customer service firm
Zendesk, with a small ground floor NNN retail tenant signed up for 10 years.
The seven-story
property is situated within one block of both the Civic Center and Power Street
BART/Muni subway stations and two blocks from the future Central Subway project
providing access to Caltrain with connections to the Peninsula and Silicon
Valley.
1019 Market is
positioned within the Mid-Market District that is located between Union Square
and SoMa, home to one of the greatest concentrations of technology-based
companies in the world.
 |
| Nicholas Bicardo |
The HFF investment sales team representing the seller was
led by managing directors Steven Golubchik and Nicholas Bicardo,
directors John Simerlein and Nathan Blair and senior real estate
analyst Josh DiSalle.
Westport Capital Partners LLC is a real estate investment
firm specializing in the opportunistic real estate arena. Westport provides
domestic and international investment opportunities to institutional and
private clients.
Through its various funds, the firm invests in a wide variety
of distressed and opportunistic real estate assets. The firm has offices in Los
Angeles, California, Wilton, Connecticut and London, England.
For more information regarding Westport Capital Partners
LLC, please visit www.westportcp.com
.
Cannae Partners LLC is a private real estate company that
invests in value-add properties on the West Coast, principally in the San
Francisco Bay Area. Cannae invests on
its own behalf as well as in conjunction with institutional partners and high
net worth individuals. Cannae is headquartered
in San Francisco, California.
For more information
regarding Cannae, please visit www.cannaepartners.com.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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