SAN FRANCISCO—In what brokers are calling an opportunity of a lifetime, 220 Post St. in Union Square has sold. The seller was an unidentified Taiwanese investor who accepted a bid in excess of $70 million, according to Colliers International, which negotiated the sale of the iconic and soon-to-be-vacated property.
The buyer of the landmark property was the Los Angeles-based and self-described alternative investment firm of Angelo, Gordon & Co. The structure is currently fully occupied by a Sak's Fifth Avenue men's store that will be vacating the location in October when its lease expires.
The property includes 50 feet of Post Street frontage, as well as five floors above street level. In addition, the building has another 50 feet at the rear fronting onto Campton Place, a famous address like nearby Maiden Lane that is about to be completely reshaped into a retail street. Renovated three times since it was first constructed in 1907, including a 2007 makeover, the building totals some 37,500 square feet.
“By delivering the building completely vacant, its new owners will be able to creatively re-image the building to appeal to discriminating luxury retailers,” said Colliers executive vice president Julie Taylor, who led the retail investment team that represented the seller in the transaction. “It may sound like a cliché, but this type of opportunity only comes around once in a lifetime and the new ownership, highly experienced in the Union Square market, was well aware of that when they made their winning offer.”
Joining Taylor from Colliers in negotiating the investment sale were China-capital expert Yang Chen, executive vice presidents Tony Crossley, Tim Maas and Frank Wheeler, and vice president Darren Kuiper, all based in the firm's San Francisco office. The buyers' rep team included Kyle Kovac, Dan Cressman, Mike Taquino and Jake Randolph of Newmark Cornish & Carey as well as Jay Luchs of Newmark's Los Angeles office.
In another rare opportunity, this one for the first time in more than half a century, two iconic Pacific Heights apartment buildings will be offered for sale either together or separately. Final offers are due at noon Pacific on September 30, says Colliers.
Colliers International executive vice presidents James Devincenti and Brad Lagomarsino were selected to manage the offering of the two apartment buildings following a review process by Union Bank's trust department, which represents the buildings' ownership entity.
Located at 2201 Pacific and 1755 Van Ness Avenues, the two architecturally significant buildings were completed following the end of World War I and the beginning of World War II. This construction was before the Golden Gate Bridge was completed in 1937, with the Pacific Avenue building constructed in 1930 and the Van Ness building built in 1928.
“Winning the right to manage the offering was a serendipitous moment for our entire team,” Devincenti tells GlobeSt.com. “Our hard work on winning this offering included going far beyond any traditional listing proposals because of the unique, and I use that word advisedly, nature of these buildings. We researched everything about them and we became fascinated with their histories–from the architects who designed them, the absolute sterling condition in which they've been maintained for more than half a century, the periods in which they were built between two world wars and even before the Golden Gate Bridge was completed, and, of course, their location in Pacific Heights, one of just a handful of the country's truly finest neighborhoods. Our team grew passionate about representing this once-in-a-lifetime investment opportunity and realized that this also made it a once-in-lifetime experience for our team. Like I said, serendipity was on our side when we won the right to manage the offering.”
The Pacific Avenue property is comprised of 38 units on seven floors. The mix includes 12 two-bedroom two-bath units with a total of five spacious rooms in each; a single two-bedroom one-bath unit, which also has five rooms; and 25 one-bedroom one-bath apartments with four rooms each.
The second structure features seven residential floors, as well as two ground-floor retail units totaling 2,500 and 3,250 square feet, respectively. It has a total of 50 units, including 24 one-bedroom one-bath units with four rooms each and another 24 studio units with three rooms each.
SAN FRANCISCO—In what brokers are calling an opportunity of a lifetime, 220 Post St. in Union Square has sold. The seller was an unidentified Taiwanese investor who accepted a bid in excess of $70 million, according to Colliers International, which negotiated the sale of the iconic and soon-to-be-vacated property.
The buyer of the landmark property was the Los Angeles-based and self-described alternative investment firm of
The property includes 50 feet of Post Street frontage, as well as five floors above street level. In addition, the building has another 50 feet at the rear fronting onto Campton Place, a famous address like nearby Maiden Lane that is about to be completely reshaped into a retail street. Renovated three times since it was first constructed in 1907, including a 2007 makeover, the building totals some 37,500 square feet.
“By delivering the building completely vacant, its new owners will be able to creatively re-image the building to appeal to discriminating luxury retailers,” said Colliers executive vice president Julie Taylor, who led the retail investment team that represented the seller in the transaction. “It may sound like a cliché, but this type of opportunity only comes around once in a lifetime and the new ownership, highly experienced in the Union Square market, was well aware of that when they made their winning offer.”
Joining Taylor from Colliers in negotiating the investment sale were China-capital expert Yang Chen, executive vice presidents Tony Crossley, Tim Maas and Frank Wheeler, and vice president Darren Kuiper, all based in the firm's San Francisco office. The buyers' rep team included Kyle Kovac, Dan Cressman, Mike Taquino and Jake Randolph of Newmark Cornish & Carey as well as Jay Luchs of Newmark's Los Angeles office.
In another rare opportunity, this one for the first time in more than half a century, two iconic Pacific Heights apartment buildings will be offered for sale either together or separately. Final offers are due at noon Pacific on September 30, says Colliers.
Colliers International executive vice presidents James Devincenti and Brad Lagomarsino were selected to manage the offering of the two apartment buildings following a review process by Union Bank's trust department, which represents the buildings' ownership entity.
Located at 2201 Pacific and 1755 Van Ness Avenues, the two architecturally significant buildings were completed following the end of World War I and the beginning of World War II. This construction was before the Golden Gate Bridge was completed in 1937, with the Pacific Avenue building constructed in 1930 and the Van Ness building built in 1928.
“Winning the right to manage the offering was a serendipitous moment for our entire team,” Devincenti tells GlobeSt.com. “Our hard work on winning this offering included going far beyond any traditional listing proposals because of the unique, and I use that word advisedly, nature of these buildings. We researched everything about them and we became fascinated with their histories–from the architects who designed them, the absolute sterling condition in which they've been maintained for more than half a century, the periods in which they were built between two world wars and even before the Golden Gate Bridge was completed, and, of course, their location in Pacific Heights, one of just a handful of the country's truly finest neighborhoods. Our team grew passionate about representing this once-in-a-lifetime investment opportunity and realized that this also made it a once-in-lifetime experience for our team. Like I said, serendipity was on our side when we won the right to manage the offering.”
The Pacific Avenue property is comprised of 38 units on seven floors. The mix includes 12 two-bedroom two-bath units with a total of five spacious rooms in each; a single two-bedroom one-bath unit, which also has five rooms; and 25 one-bedroom one-bath apartments with four rooms each.
The second structure features seven residential floors, as well as two ground-floor retail units totaling 2,500 and 3,250 square feet, respectively. It has a total of 50 units, including 24 one-bedroom one-bath units with four rooms each and another 24 studio units with three rooms each.
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