Scope

150,000 square-foot, nine-story office building.

Challenge / Description

The project was acquired in 1997 in a San Francisco market that was slowly recovering from the mid 90s downturn. The building was just over 50% leased at acquisition and had very tired lobby and common area finishes and inadequate mechanical systems.

Solution

Within two years the building was renovated throughout, all existing leases were converted to new leases with extended terms and the building was brought to 98% occupancy. The property was sold for approximately twice the original cost plus the cost of improvements resulting in a substantial gain to ownership.

Acquired

July 1997

Completed

Renovated in 1998. Sold in 1999.

Partners

Barker Pacific Group and The Baupost Group

Financing
Wells Fargo Bank

Major tenants

• Western International Media
• Tobin & Tobin Law Offices
• Jacobs Associates Engineering