August 29, 2016
The landmark Phelan Building in San Francisco was acquired by The Phelan Building LLC, an undisclosed Chinese investor, for $375 million from Thor Equities. In 2008, the NY-based developer bought the 11-story, roughly 250,000-square-foot building for $130 million.
The Flatiron design-style building at 760 Market St. is 100% leased, following a $40-million capital improvement program that added luster back to the 1907-era asset. The triangular-shaped building was built by former San Francisco Mayor James Phelan, after the original structure was destroyed by fire in the 1906 earthquake.
Situated at the junction of Market and O’Farrell St.’s and Grant Ave., the Phelan Building is in the heart of the Union Square shopping district.
Cushman & Wakefield’s Kazuko Morgan, Seth Siegel and Joshua Goldman handled the sale.
For comments, questions or concerns, please contact Dennis Kaiser