SAN FRANCISCO – A global investment manager has purchased a 75,523-square-foot creative office property for $48.2 million. The transit-oriented building is located at 1019 Market Street.
The space is situated within one block of the Civic Center and Power Street BART/Muni subway stations. It is within two blocks of the future Central Subway project, which will provide access to Caltrain with connections to the Peninsula and Silicon Valley.
The building was originally constructed in 1909. It was completely redeveloped in 2013.
The space is fully leased to cloud-based customer service firm Zendesk. There is also a small ground-floor, triple-net retail tenant that’s signed on for 10 years.
The seller, a joint venture between certain affiliates of Westport Capital Partners LLC and Cannae Partners LLC, was represented by HFF’s Steven Golubchik, Nicholas Bicardo, John Simerlein, Nathan Blair and Josh DiSalle.