SAN FRANCISCO-The historic 115 Sansome St. building, otherwise known as the former headquarters of the Standard Oil Co., is up for sale. Although sources involved tell GlobeSt.com that they cannot put a price on it at this time, unidentified sources not involved say it should attract bids in the range of $400 per square foot or $50 million.
Jones Lang LaSalle‘s capital markets are marketing for sale. The 15 story, 126,716-square-foot building was constructed in 1912 as the headquarters of the Standard Oil Co.
Managing directors Rob Hielscher and Mike Seifer and VP Aaron Herter are leading the team on the transaction.
115 Sansome is located a half block off of Market Street at the confluence of San Francisco’s North and South Financial Districts, near the Montgomery BART and MUNI stations, Interstate 80/Bay Bridge and Highway 101. “This offering provides an investor the rare opportunity to acquire a premier boutique landmark property in the heart of San Francisco’s CBD, the strongest office market in the country” says Hielscher. “115 Sansome offers an investor the combination of stable in-place income with significant upside potential via the leasing of vacant space and rolling existing leases to market rates.”
GlobeSt.com will update this story as more information becomes available.