September 22, 2016 Comments Off on Grosvenor Acquires Union Square ‘High Street’ Asset for $80M Views: 307 Bay Area, California, California News, West

Grosvenor Acquires Union Square ‘High Street’ Asset for $80M

Grosvenor Americas acquired 240 Stockton Street, a 10-story, 40,442-square-foot luxury retail and office building in San Francisco’s Union Square. The 1908 Art Deco era building was sold by San Francisco-based Bently Holdings for a reported $80 million.

The LEED Gold-certified asset is 100% occupied, and designated a Category 1 historic building. Luxury retailer Gucci anchors the first two floors, with six office tenants above and a 30- by 50-foot billboard facing Union Square leased to Apple.

Grosvenor’s Michael Beattie says, “The acquisition of 240 Stockton Street complements our high-street properties on Post Street around Union Square and our properties on Rodeo Drive and North Michigan Avenue – all properties owned for many years.”

Newmark Cornish & Carey’s Mike Taquino, Kyle Kovac and Daniel Cressman represented the buyer in the off-market transaction. The seller was self-represented.

Connect with Grosvenor’s Beattie

Connect with Bently Holdings

Connect with NCC’s Taquino

For comments, questions or concerns, please contact Dennis Kaiser

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , , , , , ,

Comments are closed.