Jamestown Acquires Historic 731 Market

SAN FRANCISCO—National investment/management firm Jamestown has acquired 731 Market Street, a 92,023-square-foot, historic creative office property with ground-floor retail, in downtown San Francisco. Occupying a prominent location on the south side of Market Street, between Third and Fourth streets, the six-story asset is situated at the confluence of the SOMA, Mid-Market, Union Square and Financial District neighborhoods.

Currently 100% leased to eight tenants, including Internet-based fashion retailer Stitch Fix, private-cloud services provider ConnectSolutions and online ski ticket sales and revenue manager Liftopia, 731 Market's office space features creative work environments with open floor plans and exposed brick walls that appeal to innovation economy companies. The property's 12,067-square-foot ground-floor retail space is occupied by CVS Pharmacy.

“This acquisition furthers Jamestown's commitment to an urban campus in San Francisco,” said Jamestown president Michael Phillips. “The property's history and design, along with its convenient location, make it attractive to today's workforce.”

The asset was acquired by the Jamestown Premier Property Fund, the firm's flagship core and core-plus investment vehicle for institutional investors. The fund also owns 799 Market Street, a neighboring creative office and retail asset that is fully occupied by a number of top technology tenants.

Located on the same block as the Four Seasons Hotel, 731 Market is just footsteps from a high concentration of metropolitan amenities including restaurants, retail, entertainment, hospitality and cultural venues. The property is situated along a transit-rich section of Market Street, with immediate access to BART, MUNI, bus lines and San Francisco's renowned cable car.  The property is also located in close proximity to the future Central Subway line.

Built in 1908 in a renaissance/baroque style and formerly known as The Bancroft Building, 731 Market was extensively renovated in the last three years, including upgrades to the building systems and lobby. JLL represented the seller.

Other Bay Area properties owned by Jamestown include: Ghirardelli Square, a 100,394-square-foot boutique retail, dining and entertainment complex; Waterfront Plaza, a 297,260-square-foot office complex in the North Waterfront submarket, and Alameda South Shore Center, an open-air regional shopping center with approximately 594,000 square feet in Alameda. 

Jamestown was established in 1983 as an investment and management company focused on income-producing real estate in the United States.