SAN FRANCISCO—Jones Lang LaSalle's Capital Markets says the firm been selected by Seagate Properties to market for sale the Adam Grant Building, one of the city's premier landmark office buildings located at 114 Sansome Street.

The 14-story, 186,785-square-foot property occupies a high-profile location just off of Market Street in the heart of the Financial District, the strongest office market in the United States. Originally constructed in 1908, the property has been renovated several times – including a comprehensive renovation of major building systems and common areas since 2000.

Managing directors Rob Hielscher and Michel Seifer and vice president Aaron Herter are leading the Jones Lang LaSalle team on this assignment.

“This offering provides the opportunity to acquire a trophy asset in an exceptional location with strong income stream security and significant upside potential,” said Hielscher. “With in-place rents currently more than 20 percent below market rates and occupancy of 86%, there is an opportunity to significantly boost cash flow by rolling existing leases to market rates and leasing up vacant space.”

Added Seifer, “Combining historic touches such as operable windows and exposed brick with creative build outs backed by modern systems, the Adam Grant Building embodies the creative space that is in high demand from the technology firms that are driving the San Francisco leasing market, which is illustrated by the quality of the technology and other creative tenants in the building.”

In 2012, the building was awarded the LEED Gold Certification for Existing Buildings from the U.S. Green Building Council and earned an Energy Star rating of 93. The property has also received an “A” rating from the Foundation for San Francisco's Architectural Heritage, recognizing it as one of the most important buildings in the city.

Seagate Properties, Inc. is a full service real estate investment and operating company based in San Rafael, California. The company specializes in institutional and private direct equity investment in office, industrial, multi-family and mixed-use retail properties within the Western United States.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally.

Instant Insights /

JLL Marketing Landmark San Francisco Office Property

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