SAN FRANCISCO-The mixed-use asset known as799 Market St. at the intersection of Union Squareand the SoMa technology office corridor downtownhas been sold to Jamestown L.P. by a partnershipbetween Urban Realty andCommonfund. The parties involved were unable toreveal the sales price to GlobeSt.com, but industry sourcesunrelated to the deal say the amount was $93.5 million.

The class-A urban retail andcreative-office building is a 142,902-square-foot,eight-story property that includes five floors of creative-officespace atop 55,000 square feet of retail. The retail section iscurrently 100% occupied by a Ross Dress for Lessflagship store, one of the five highest-performing Ross stores inthe nation.

Michael Philips, Jamestown’s COO, said in aprepared statement, “The acquisition of this asset is part of ourongoing strategy to expand Jamestown’s presence on the West Coastand furthers our commitment to locations that support theintersection of media, technology and retail.” Philips added thatthe property is “well positioned to capture the growing demand fromtenants attracted to the area’s vibrant atmosphere.” Jamestown ownstwo other properties in Northern California: a neighboringmixed-use property consisting of two buildings at 22 Fourth St. and801 Market, and an open-air regional shoppingcenter with approximately 594,000 square feet in Alameda,CA.