SAN FRANCISCO — JP Morgan Chase & Co. has acquired Pacific Place, a 430,000-square-foot office, retail and hotel property in Downtown San Francisco, for an undisclosed sum. The property is located at the intersection of 4th and Market streets at the nexus of the Union Square, South of Market and Financial District neighborhoods.
Pacific Place contains three adjacent properties. They include 16 floors of office space, about 200 feet of Market Street retail storefront and the Palomar Hotel, a five-floor, 198-room luxury boutique hotel.
The 202,000-square-foot office portion was leased to Intuit last year after the building was repositioned. It is currently home to Demandforce, which is a part of Intuit’s Small Business Division. The renovation included enhancements to the lobby, in addition to a new coffee bar and cafe concept by Small Foods.
The retail portion contains flagship stores for Levi’s and Old Navy, as well as space for The Container Store.
The asset was held by the Jamestown Premier Property Fund, the firm's flagship core and core-plus investment vehicle for institutional investors. Jamestown was represented by Eastdil Secured.