The eight-story art-deco building was built in 1929 and last renovated in 2001. The property is currently about 90% leased but will need some extra attention in the near term. Plum Tree Software, which leases about 40,000 sf in the building, is paying an above-market rent, has less than two years remaining on its 40,000-sf lease and was acquired last October by BEA Systems.
Edward Suharski and Daniel Cressman of Grubb & Ellis' San Francisco office had the disposition assignment. Suharski declined to confirm the sale price or the lease details and the buyer, which represented itself, could not be reached Tuesday afternoon for comment. According to M&J Wilkow's Website, it will further renovate 500 Sansome and convert about 3,700 sf of first floor office space to retail space.
M&J Wilkow owns about 6.7 million sf of real estate, fairly evenly split between office and retail properties. Its only other office asset in San Francisco is 600 Battery Steet, a wider and shorter 112,000-sf property of the same vintage as 500 Sansome that it 100% leased.
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