8/2/2007

Seagate Properties pay $67 million for Adam Grant Building in San Fran

by

The Adam Grant Building

Seagate Properties purchased the 190,000 square foot Adam Grant building in San Francisco for $67 million from Miami-based Bayview Financial Trading Group on Aug. 2.

Grubb & Ellis of San Francisco brokered both sides of the deal.

Located in the city's financial district at 114 Sansome St., the building features 17,000 square feet of retail space (which includes Walgreens and Wells Fargo), 163,000 square feet of office space and 9,000 square feet of storage space.

Thirty-five percent of the office space was leased at the time of the sale.

The 14-story building was originally constructed to seven stories in 1908, but was given an additional seven stories and a penthouse in 1926. The building received over $15 million in renovations before one of its sales in 2000.

Bayview Financial Trading Group paid $49 million for the property in late 2005.

San Rafael, Calif.-based Seagate Properties owns and operates properties in California and Colorado.

Grubb & Ellis is a commercial real estate advisory firm providing property management and consulting services.

Address: 114 Sansome St., San Francisco, Calif.

Size: 190,000 square feet

Built: Two stages in 1908 and 1926

Architect: Howard & Galloway

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Filed Under: Mixed Use

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