September 22, 2016
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.
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