This is a 38,000 sf high street retail building in Union Square on Post Street, San Francisco’s most coveted retail address. During the sale transaction, the building was undergoing a major repositioning of its tenancy.

Brooks Brothers had chosen to move their flagship store to their current prime location at 240 Post Street, just one block from Union Square. Brooks Brothers was in the process of completing their tenant improvements and had not yet taken occupancy nor commenced paying rent.

In addition, Boucheron jewelry store was not in occupancy, and the third tenant was in month-to-month occupancy.

Because of a loan maturity, the owner required that the sale be an expedited, off-market transaction. The property was sold to a pension fund for over $2,000 psf, which was the second highest price per square foot for an asset in San Francisco at the time of sale.