Real estate investment manager Jamestown LP has chalked up one of the biggest office deals in San Francisco history by acquiring the headquarters campus of Levi Strauss & Co. for $820 million. Developer Gerson Bakar & Associates sold the nine-building, 931,160-square-foot asset in a transaction brokered by Eastdil Secured.
The deal nearly doubles Jamestown’s office portfolio in San Francisco. The sale price was not disclosed, but Yardi Matrix data indicates that Levi’s Plaza changed hands for $820 million, implying a price per square foot of roughly $881. Levi Strauss continues to occupy about 354,000 square feet at 1155 Battery St., the campus’ largest building.
Levi’s Plaza covers 9.4 acres along the Embarcadero waterfront, just north of the Financial District, and houses more than 3,000 employees, according to a statement by Jamestown. The complex also hosts other tenants in the technology, advertising, media and information sectors, with retail spaces scattered throughout, including a Levi’s store.
Longtime landlord makes an exit
Gerson Bakar, Jim Joseph, and Alfred Wilsey developed the collection of low-rise brick buildings and outdoor spaces for the iconic jeans maker in 1981. The owner began marketing the property in January, according to published reports.
In addition to the newly acquired campus, Jamestown owns the nearby Waterfront Plaza office complex at 1700 Montgomery St. and various other office buildings in San Francisco. The firm’s portfolio in the city also includes Ghirardelli Square, a 12-building retail and restaurant complex at 900 North Point St.
Jamestown made headlines in March of last year by selling Manhattan’s Chelsea Market complex to Google for $2.4 billion, the second-largest sale of a single asset in New York City to date.