{"id":1004147861,"date":"2016-07-11T23:09:34","date_gmt":"2016-07-12T07:09:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147861"},"modified":"2021-05-14T21:06:24","modified_gmt":"2021-05-15T05:06:24","slug":"grosvenor-nabs-boutique-office-asset-in-san-fran","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/grosvenor-nabs-boutique-office-asset-in-san-fran\/","title":{"rendered":"Grosvenor Nabs Boutique Office Asset in San Fran"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004147862\" style=\"width: 305px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/keith-grosvenor.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004147862\" data-attachment-id=\"1004147862\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/grosvenor-nabs-boutique-office-asset-in-san-fran\/keith-grosvenor\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/keith-grosvenor.png\" data-orig-size=\"470,478\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"keith grosvenor\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/keith-grosvenor.png?w=470\" loading=\"lazy\" class=\"wp-image-1004147862 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/keith-grosvenor.png\" alt=\"394 Pacific Ave., San Francisco\" width=\"295\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/keith-grosvenor.png 470w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/keith-grosvenor.png?resize=295,300 295w\" sizes=\"auto, (max-width: 295px) 100vw, 295px\" \/><\/a><p id=\"caption-attachment-1004147862\" class=\"wp-caption-text\">394 Pacific Ave., San Francisco<\/p><\/div>\n<p><strong>San Francisco<\/strong>\u2014<a href=\"https:\/\/www.grosvenor.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Grosvenor<\/a> has acquired 394 Pacific Ave., a 50,220-square-foot brick-and-timber office building in San Francisco, from <a href=\"https:\/\/www.pmiproperty.com\/\" target=\"_blank\" rel=\"nofollow noopener\">PMI Properties<\/a>.\u00a0Financial details of the transaction have not been disclosed.<\/p>\n<p>Originally built back in 1907, the building has undergone substantial renovations, including a seismic retrofit in 1981.<\/p>\n<p>\u201c394 Pacific Avenue has the right mix of current income and value-add opportunities to explore,\u201d Peter Staver, Grosvenor Americas senior investment manager, told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\" rel=\"noopener\">Commercial Property Executive<\/a><\/em>. \u201cThe building itself features high ceilings, original brick walls and efficient floor plates that are in strong demand from a wide range of office users.\u00a0We intend to enhance these features to create a boutique office building within Jackson Square.\u201d<\/p>\n<p>The five-story office building is located at the corner of Pacific Avenue and Sansome Street in the heart of Jackson Square, one of San Francisco\u2019s classic boutique office neighborhoods. The area is centrally located between North Beach, Chinatown and the Financial District, just a short walk from the North Financial District and several blocks from the Central Subway\u2019s Chinatown extension, which will provide future connectivity to BART, Caltrain and SoMa.<\/p>\n<p>The acquisition will complement Grosvenor\u2019s portfolio of heritage office and retail buildings in Union Square at 251, 185 and 180 Post St. The property is also located just one block from Grosvenor\u2019s 240 Pacific Ave. mixed-use development, which recently received unanimous Planning Commission approval for the development of 39 boutique residences designed to fit within the historic aesthetic of Jackson Square.<\/p>\n<p>\u201cThis building fits well into Grosvenor\u2019s existing portfolio of historic office buildings, largely concentrated in Jackson Square,\u201d Staver said. \u201cWe are committed to preserving and enhancing the existing architecture and style that is so desirable to today\u2019s tenants.\u00a0It is an integral part of our \u2018living cities\u2019 philosophy.\u201d<\/p>\n<p>Grosvenor recently completed a similar renovation of its six-story building at 185 Post on Union Square, including upgraded building systems and a new window wall fa\u00e7ade that artfully preserved the original brick exterior. That property received an Excellence in Architecture Honor Award from the San Francisco chapter of the America Institute of Architects.<\/p>\n<p>\u201cGrosvenor is very familiar with the Jackson Square submarket, partly due to its 240 Pacific Avenue condominium development just a block away that recently received unanimous planning committee approval,\u201d Staver said. \u201cJackson Square has a concentration of attractive brick-and-timber buildings in a quiet setting that is also home to a resurgent retail and restaurant scene.\u201d<\/p>\n<p>Grosvenor was represented by Seth Siegel from Cushman &amp; Wakefield in the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 109-year-old building is located in the heart of the city&#8217;s Jackson Square neighborhood.<\/p>\n","protected":false},"author":451,"featured_media":1004147862,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,1609,15],"tags":[],"class_list":["post-1004147861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-san-francisco","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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