September 22, 2016
Colliers International negotiated the $73-million sale of the iconic 220 Post Street Building in San Francisco’s Union Square shopping district. The soon-to-be-vacated “high-street” asset was acquired by New York-based Angelo, Gordon & Co. and City Center Realty Partners, LLC from Taiwan-based Majestic Asset Management, which purchased it for $63.2 million in January of 2013.
Saks Fifth Avenue Men’s Store, which fully occupied the five-story, 37,500-square-foot property, will be exiting in November, providing a value-add opportunity for the new owners.
Colliers’ Julie Taylor, Tony Crossley, Tim Maas, Frank Wheeler, Darren Kuiper and Yang Chen represented the seller. Newmark Cornish & Carey’s Kyle Kovac, Dan Cressman, Mike Taquino and Jake Randolph, along with NGKF’s Jay Luchs, represented the buyer.
“By delivering the building completely vacant, its new owners will be able to creatively re-image the building to appeal to discriminating luxury retailers,” Taylor said of the ‘once-in-a-lifetime’ acquisition.
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Tags: 220 Post Street, acquisition, Angelo Gordon & Co., colliers, high street, leasing, majestic asset management, Newmark Cornish & Carey, retail, Saks Fifth Avenue, san francisco, union square, value-add