SAN FRANCISCO — Jamestown has acquired a 92,023-square-foot office building in San Francisco for a reported $65.2 million. The historic creative office property is located at 731 Market Street.
The building is situated on the south side of Market Street, between Third and Fourth streets, near the convergence of the SOMA, Mid-Market, Union Square and Financial District neighborhoods.
The six-story property is fully leased to eight tenants, including Stitch Fix, ConnectSolutions and Liftopia. It also contains 12,067 square feet of ground-floor retail that is occupied by CVS.
The building was constructed in 1908, when it was known as the Bancroft Building. It recently received an extensive renovation that included upgrades to the building systems and lobby.
The asset was acquired by the Jamestown Premier Property Fund, the firm’s flagship core and core-plus investment vehicle for institutional investors. The fund also owns 799 Market Street, a neighboring creative office and retail asset that is fully occupied by technology tenants, in addition to Ghirardelli Square, Waterfront Plaza and Alameda South Shore Center.
The seller, Harvest Properties, was represented by JLL.