SAN FRANCISCO — Madison Capital and PGIM Real Estate have purchased 360 Spear Street, a five-story mixed-use building located in San Francisco’s South Financial District. The transaction was valued at $95 million.
The buyers plan to reposition the 160,451-square-foot property. In addition to 49,992 square feet of office space, the property features 110,459 square feet of life science, light industrial and production, and development and repair space.
Approximately one-third of the property is leased to major credit tenants Verizon Wireless and AT&T, and the remaining space will be designated for light industrial and creative office tenants.
Tim Hennessey of PGIM Real Estate and Jonathan Nachmani from Madison Capital led the acquisition. Seth Siegel of Cushman & Wakefield brokered the transaction.