SAN FRANCISCO-An entity of locally based Spear Street Capital has sold the 189,000-sf Adam Grant Building here for $49 million. The new owner, a subsidiary of Miami-based Bayview Financial, is planning to sell off the 14-story building floor-by-floor in one of the financial district’s first commercial condominium conversions.

Located at 114 Sansome St., the building has received $15 million of improvements over the past five years. It houses 163,000 sf of office space, 17,000 sf of retail and 9,000 sf of storage.

Wells Fargo and Walgreen’s anchor the retail space. Information on the office tenants was not readily available Thursday afternoon. Rob Dumas of Grubb & Ellis had the disposition assignment. The seller represented itself.

Dumas could not be reached Thursday for comment. The office condominium units could range from 400 sf to full floors. They will be sold either vacant or as leased investments, according to G&E. Sales will get under way in 2006.

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