SAN FRANCISCO-Jones Lang LaSalle Capital Markets experts have completed the sale of the Adam Grant Building in San Francisco on behalf of Seagate Properties. The 14-story historic landmark office building located at 114 Sansome Street was sold to a global Real Estate Fund managed by Credit Suisse AG.
Managing directors Rob Hielscher, Michel Seifer and VP Aaron Herter led the JLL team representing Seagate. Lacy, Ltd. advised Credit Suisse Real Estate Asset Management.
“The Adam Grant Building is a one of San Francisco's premier landmark office buildings, and it offers the desirable combination of strong income stream security and significant upside potential,” said Seifer.
The Adam Grant Building is LEED-gold certified and features open, collaborative space to encourage creativity and flexibility, appealing to the preferences of today's workforce. It is recognized by San Francisco's Historic Preservation Commission as a Category I historically significant building, which is defined as a structure with great individual importance and excellent architectural design.
“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,” added Hielscher.
Since the beginning of 2010, more than 4 million square feet of office space has been absorbed in the San Francisco market and the average office rental rate in the city has spiked by almost 70%. The market benefits greatly from the surge in activity from the technology industry as well as from the significant barriers to entry due to geographic constraints and municipal development regulations.
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