SAN FRANCISCO—Investment firm Jamestown has sold Pacific Place, a 430,000-square-foot, LEED Gold-certified office and retail property located at 4th and Market streets in downtown San Francisco. Situated at the dynamic nexus of the Union Square, South of Market, and Financial District neighborhoods, the project is comprised of three adjacent properties, including approximately 200 feet of Market Street retail storefront, 16 floors of office space, and a five-floor, 198-room, luxury boutique hotel. The terms of the transaction were not disclosed.
The 202,000-square-foot office portion of the property was leased in its entirety late last year by Intuit, Inc., after a repositioning of the building by Jamestown and is the current home of Demandforce, a division of Intuit’s Small Business Division. Jamestown added a youthful vibrancy to the property by creating an environment with desired amenities such as outdoor terraces and a dog- and bike-friendly work space, including an onsite bike room and bike repair station. The enhancements also included a major renovation of the lobby to feature a living green wall, water element with digital media, and a fully operational coffee bar and cafe concept by Small Foods, in addition to other services.
“The great collaboration with our team allowed us to position Pacific Place as a dynamic retail and office asset,” said Jamestown COO Michael Phillips. “The addition of a signature tenant like Intuit and its long-term lease created an attractive investment for a buyer,” he added, emphasizing, “we remain committed to the San Francisco Bay Area as we are very engaged in the community through our other local properties.”
The property’s retail tenants include the flagship stores for iconic San Francisco brands Levi’s and Old Navy, as well as The Container Store and the Palomar Hotel.
The asset was held by the Jamestown Premier Property Fund, the firm’s flagship core and core-plus investment vehicle for institutional investors. Other West Coast assets owned by the Premier fund include Ghirardelli Square and 799 Market in San Francisco, The San Luis Obispo Collection in San Luis Obispo, and Malibu Village in Malibu.
Jamestown was represented in the transaction by Eastdil Secured.
Jamestown has a celebrated reputation for repositioning and enhancing assets to leverage dynamic market conditions, attract a growing and evolving tenant base, and offer exceptional user experiences. The firm’s properties across the country draw a venerable roster of technology, creative, and media tenants including Google, IMAX, Monster.com, NBC Entertainment, Lionsgate, and Makerbot.