X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

SAN FRANCISCO-Brooks Properties of Limerick, Ireland this week made its second building acquisition in the Union Square area, paying an undisclosed price for 1 Grant Ave., a 24,400-sf former bank headquarters that is now home to a Giorgio Armani retail store.

The 97-year-old building is located where Grant Avenue meets O’Farrell and Market streets, one block from both the new Westfield San Francisco Centre and Union Square. The length of the Giorgio Armani lease was not immediately available. The selling brokers, Tony Crossley and Tim Maas of Colliers MacCaulay Nichols, were not available Wednesday for comment.

In Late September, Brooks Properties purchased 216-220 Post Street, a 37,500-sf building housing Saks Fifth Avenue for Men. The building is two blocks from 1 Grant Ave. and one block from Union Square. The sale price for that building was $42M, or $1,120 per sf.

In May, Los Angeles-based Blatteis & Schnur Inc. and Washington, DC-based ASB Capital Management paid $1,575 per sf ($12.6 million) for a vacant two-story building at northeast corner at Powell and O’Farrell streets, one block off Union Square and two blocks from Westfield San Francisco.

Tenants in other buildings on the intersection include Starbucks and H&M, a UK-based clothing retailer. The new owners plan to give the building a full seismic renovation and recapture its historic façade en route to creating a flagship retail location.

Ground floor space fronting Union Square rents for over $400 per sf per year, according to local brokers. One block away, the blended rate for a two-story flagship location would be in the vicinity of $250 per sf, according to local retail brokers.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.