Lincoln Property Co.’s San Francisco team has partnered with Goldman Sachs Merchant Banking Division to purchase 1045 Sansome Street, a creative office building in San Francisco. According to Yardi Matrix data, the Abbot Corp. sold the asset. The deal marks the first time 1045 Sansome Street changed hands.
The property is in the city’s North Waterfront/Jackson Square neighborhood and was constructed in 1926. The building takes up about 90,000 square feet and was initially home to a printing press before its conversion to creative office space. The asset has undergone renovations that include high ceilings on the ground level, a sawtooth glass roof, polished concrete floors and open floorplans.
The four-story building is currently 95 percent occupied by tenants in the architecture, business, non-profits, technology and media fields. Lincoln Property Co. recently closed in on a Los Angeles property with Clarion Partners for some $169 million.
Investment and construction activity in the North Waterfront has been elevated over the last few years. The area has seen interest from employers in response to the development and repositioning of several office assets. In July 2019, Jamestown closed one of the biggest office deals in San Francisco history by acquiring the headquarters campus of Levi Strauss & Co. for $820 million.