September 13, 2019
San Francisco-based Newcastle Partners, Inc. and JV partner New York-based Drake Real Estate Partners sold 900 Kearny St., a 30,000-square-foot, six-story office building in San Francisco for $27 million. The buyer was Brick and Timber Collective, LLC.
The Newcastle Partners JV acquired the asset in 2017 for $17 million and added significant value to the property by creating open office spaces and single-floor suites, which sparked leasing activity. Built in 1989, 900 Kearny is located in the Jackson Square submarket, and is 100% occupied by EastWest Bank, Bitmami, and Novani, among others.
Newcastle Partner’s Dennis Higgs says, “Jackson Square is strategically located at the intersection of North Beach, the north Financial District and Chinatown. With an office vacancy hovering around 3%, Jackson Square is a vibrant, thriving submarket that has proven to be the best in the city.”
JLL/HFF’s Ben Bullock, David Dokko and Thomas Foley represented the seller.
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