SAN FRANCISCO—Real estate investment and management firm Jamestown has acquired Waterfront Plaza, a 297,260-square-foot office complex in the North Waterfront submarket of San Francisco. The four-building asset, which was 92% occupied at the time of sale, is located along the Embarcadero, and is bounded by Bay Street to the north, Kearny Street to the west and Chestnut Street to the south.
The seller of the asset was LaSalle Investment Management. Jamestown could not disclose any financial information regarding the acquisition to GlobeSt.com however an industry source familiar with the deal puts it at around $88 million.
The two, four-story office buildings, 50 Francisco St. with 130,585 square feet and 1700 Montgomery St. with 143,350 square feet, provide large, efficient floor plates and feature floor-to-ceiling windows that offer an abundance of natural light. 1800 Montgomery St. houses the popular Hillstone restaurant and 60 Francisco features a five-story parking structure and ground-floor offices.
“As the CBD becomes increasingly dense we believe that Waterfront Plaza offers unique access to the California outdoor space that San Franciscans value,” says Michael Phillips of Jamestown. “The property’s open floor plans are especially attractive to creative professionals and the proximity to the waterfront amenities along the Embarcadero makes this an ideal workplace location.”
Waterfront Plaza currently has 40 tenants, the largest of which include: Giant Creative Strategy, Comcast of California Inc., Advance Magazine Publishers, HQ Global, Weisscom Partners and Andre-Boudin. The complex is dog friendly and Jamestown plans to add more tenant amenities and design features that appeal to today’s dynamic workforce.
The North Waterfront submarket is adjacent to the Financial District and Waterfront Plaza provides a community-driven alternative to the traditional high rise office buildings found in the CBD. The submarket also offers convenient access to many of San Francisco’s desirable neighborhoods including Pacific Heights and Russian Hill as well as to the residential communities of Marin County, according to Jamestown. In addition, Waterfront Plaza offers a proprietary shuttle during peak times to connect commuters to the Embarcadero, BART/Muni stations, the Financial District and the CalTrain station in SoMa.
The mixed-use neighborhood includes media, technology and design companies, residential condominiums, restaurants, open space, and a variety of retail amenities, including the James R. Herman Cruise Terminal and 2.5-acre public plaza scheduled for completion this year.
The asset was acquired 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.
The acquisition follows Jamestown’s sale of Pacific Place, which GlobeSt.com reported on, a 430,000-square-foot, mixed-use property in Downtown San Francisco, an asset held by the Premier Property Fund, and affirms Jamestown’s ongoing commitment to the Bay Area.
Eastdil Secured represented the seller of the property.