SAN FRANCISCO, CA – HFF announced today that it has closed the sale of 1019 Market Street, a 75,523- square-foot, transit-oriented creative office property with ground floor retail in San Francisco’s Mid-Market District.
HFF represented the seller, a joint venture between certain affiliates of Westport Capital Partners LLC and Cannae Partners LLC, in the sale of the property to a global investment manager. The buyer paid $48.25 million for the asset and assumed the property free and clear of debt.
Originally built in 1909, 1019 Market was completely re-constructed in 2013. The redeveloped property blends historic features such as classical Corinthian-style columns, exposed brick and timber interiors, and floor-to-ceiling glass line with modern stadium-like collaborative meeting areas, high-end creative office space finishes and an exterior LED lighting system. 1019 Market is 100 percent leased on a long-term basis to cloud-based customer service firm Zendesk, with a small ground floor NNN retail tenant signed up for 10 years. The seven-story property is situated within one block of both the Civic Center and Power Street BART/Muni subway stations and two blocks from the future Central Subway project providing access to Caltrain with connections to the Peninsula and Silicon Valley. 1019 Market is positioned within the Mid-Market District that is located between Union Square and SoMa, home to one of the greatest concentrations of technology-based companies in the world.
The HFF investment sales team representing the seller was led by managing directors Steven Golubchik and Nicholas Bicardo, directors John Simerlein and Nathan Blair and senior real estate analyst Josh DiSalle.
Westport Capital Partners LLC is a real estate investment firm specializing in the opportunistic real estate arena. Westport provides domestic and international investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed and opportunistic real estate assets. The firm has offices in Los Angeles, California, Wilton, Connecticut and London, England. For more information regarding Westport Capital Partners LLC, please visit westportcp.wpengine.com.
Cannae Partners LLC is a private real estate company that invests in value-add properties on the West Coast, principally in the San Francisco Bay Area. Cannae invests on its own behalf as well as in conjunction with institutional partners and high net worth individuals. Cannae is headquartered in San Francisco, California. For more information regarding Cannae, please visit www.cannaepartners.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
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HFF Managing Director
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HFF Managing Director
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