SAN FRANCISCO (July 7, 2016) – Grosvenor Americas (Grosvenor), a private property investment and development company, today announced the acquisition of 394 Pacific Avenue, a 50,220-square-foot office building in San Francisco, from PMI Properties. The five-story, brick-and-timber office building is located at the corner of Pacific Avenue and Sansome Street in the heart of Jackson Square, one of San Francisco’s classic boutique office neighborhoods.
“The dynamic features at 394 Pacific Avenue, including original brick walls, exposed structural elements and efficient 8,900-square-foot floor plates, are in high demand from a wide range of tenants.” said Peter Staver, Grosvenor’s Senior Investment Manager. “We will build on the existing improvements by activating the ground floor street experience and installing a new lobby, enhancing the façade and exposing the original exterior brick walls.”
Grosvenor completed a similar renovation of their six-story building at 185 Post on Union Square, including upgraded building systems and a new window wall façade that artfully preserved the original brick exterior. The property received an Excellence in Architecture Honor Award from the San Francisco chapter of the America Institute of Architects (AIA). This acquisition will complement Grosvenor’s portfolio of heritage office and retail buildings in Union Square at 251, 185 and 180 Post Street.
Originally constructed in 1907, 394 Pacific Avenue was substantially renovated (including a seismic retrofit) in 1981. The area is centrally located between North Beach, Chinatown and the Financial District which is a short walk from the North Financial District and just several blocks from the Central Subway’s Chinatown extension which will provide future connectivity to BART, Caltrain and SoMa.
“This investment fits our long-term strategy of acquiring well-located urban properties in San Francisco,” said Michael Beattie, Grosvenor’s Chief Investment Officer. “The Jackson Square sub-market is an up-and-coming area that continues to improve.”
The property is located just one block from Grosvenor’s 240 Pacific Avenue mixed-use development at the corner of Pacific Avenue and Battery Street, which recently received unanimous Planning Commission approval for the development of 39 boutique residences designed to fit within the historic aesthetic of Jackson Square.
Grosvenor was represented by Seth Siegel from Cushman & Wakefield.
About Grosvenor Americas
Grosvenor Americas aims to become a market leader in select geographical areas and sectors in Canada and the USA through focused, strategic expansion. Grosvenor Americas uses their knowledge of the cities they work in and their property skills to develop projects that contribute to the vibrancy and attractiveness of those communities. With particular interest in retail, residential condominiums and apartments, and mixed-use sectors, the Company currently operates in Washington, D.C., Seattle, San Francisco, Los Angeles, Vancouver and Calgary. As at 31 December 2015, Grosvenor Americas had assets under management of $2.7B USD. For more information, please visit www.grosvenor.com.
About PMI Properties
PMI is a thirty year old commercial property investment and management company headquartered in Beverly Hills, CA. Starting in the 1990’s, PMI was one of the first in the creative office sector, by converting warehouse industrial facilities into flex creative space prior to the internet boom, and really honing in on the specific collaborative space needs for entertainment, tech and creative type companies. Starting in 2005, PMI turned its attention to creative office in San Francisco by investing and renovating old industrial buildings into open plan layouts, catering to tech startups including the likes of - Twitter, Yammer, Eventbrite, Zendesk and Scribd. For more information, please visit www.pmiproperty.com.