115 Sansome Street, a prominent corner office building located in the city’s budding North Financial District, was recently acquired by a commercial real estate company. The new owner is Emeryville-based Harvest Properties, a firm specializing in investment and development. The trade was arranged by Tony Crossley and Tim Maas from Colliers International, the brokerage in charge of the listing. The value of the transaction was not disclosed by the buyer, who will also be taking over as property manager for 115 Sansome.
Designed at the end of the 19th century and completed in 1912, the century-old structure still bears many of its original architectural features, including copper trimmed operable windows. Its ornate jewel box lobby, high ceilings, vintage design elements and generous frontage on Sansome Street, Bush Street and Treasury Place complete the 15-story office building’s unique charm. The building offers a total of 128,838 square feet of office space, as well as one penthouse unit.
Harvest Properties will now carry out extensive renovations that will strip the building of its existing, more traditional tenant improvements. The company will then work with architecture firm Hooks ASD and contractor RN Field to highlight the building’s strong suites through new creative office space. The new owner is betting that such a property in a location like San Francisco’s North Financial District would be a welcome alternative to Class A office space or commodity space.
Harvest Properties’ founder and Managing Partner John Winther also mentioned that “the building’s 9,000-square-foot floor plates subdivide well for small- to mid-sized tenants—perhaps appealing to the start-up, high-tech or younger companies interested in an open workspace environment with a retro feel and a great address.”
With its activity now spanning more than a decade, Harvest Properties deals with acquiring, developing, managing and financing commercial property, primarily through joint-venture investments in northern California, making its acquisition of 115 Sansome Street and its future plans for the property a perfect fit for the company’s business model.
Image courtesy of user 115 Sansome Street via Facebook