July 10, 2017 Comments Off on Newcastle Acquires San Francisco Office Asset Views: 708 Bay Area, California News

Newcastle Acquires San Francisco Office Asset

San Francisco-based Newcastle Partners acquired 900 Kearny Street, a 30,000-square-foot, six-story office building in San Francisco’s Jackson Square for a reported $16.5 million. The property was purchased in connection with NY-based Drake Real Estate Partners from an undisclosed local family that has owned the building since 1991.

Newcastle Partners’ Dennis Higgs says, “We really like 900 Kearny as a contrarian business plan to the traditional Transbay Terminal large corporate-user buildings. Jackson Square is now a hotbed of high-end VC and private equity firms.”

The off-market acquisition of the 80%-leased property complements Newcastle Partners’ collection of boutique office properties in the Jackson Square submarket, which include 555 Clay Street and 580 Pacific Avenue.

Kidder Mathews’ Michael Gschwend and David Wientjes represented both parties.

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