The building is located within three blocks of the Giantsbaseball stadium in the trendy SOMA area of San Francisco. Theproperty consists of the fully renovated 1907 brick and timberGallo Building with an added 40,000 sf of new construction and100-slip parking garage.

The additions were completed in 2001 and its primary tenant wasDouble-Click Inc. In late 2003, Double-Click paid $24.5 million toterminate its 10-year lease in the building. The seller, investmentand development firm Zapulski & Rudd, acquired the buildingvacant in 2004 for $14 million.

The building sits directly across the street from a luxury condoproject called Brannan, where re-sales are reportedly topping$1,400 per sf. Peebles plan for 250 Brannan calls for dividing thebuilding into 45 "ultra-luxury, Soho-style" lofts and multileveltownhouses ranging in size from 1,000- to 3,000 sf, which wouldprovide a sellable area of between 75,000 sf and 85,000 sf. Giventhe strong demand, Peebles says he won't be doing any presales; heexpects units to sell for "well above $1,000 per sf."