August 25, 2016
McKesson Corp. is selling its prominent 488,882-square-foot Market St. headquarters in San Francisco, and plans to lease back 200,000 square feet. The giant North American pharmaceutical distributor will retain its HQ at One Post St.
The sale could generate a price north of $300 million for an asset McKesson’s owned outright since 2012, when it acquired Glenborough Realty Trust’s 50% stake. The company had owned a 50% stake in the property since 1969.
JLL’s Rob Hielscher is marketing the property.
The sale-leaseback frees up capital that McKesson plans to invest back into employees and customers, as well as focusing on driving shareholder value.
McKesson is consolidating its footprint in the city, and plans to have about 1,200 employees at One Post St. by 2017. Roughly 25% of the building will be for lease.
For comments, questions or concerns, please contact Dennis Kaiser