When Presidio Bay Ventures acquired a 157K SF office tower at the corner of Spear and Mission streets in August, the transaction was emblematic of the massive discounts being offered on aging office properties in San Francisco.
The San Francisco-based firm bought the 11-story building at 60 Spear Street, a 56-year-old office building in the city's Financial District, for $41M from Clarion Partners, which acquired the property in 2014 for $107M.
Now, the buyer is unveiling ambitious plans to make the building an emblem of a recovery in downtown San Francisco with a multi-million-dollar renovation that will transform the property into a luxury "office-resort."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
