Madison Capital and PGIM sold their recently revamped mixed-used building in Downtown San Francisco for $165 million.
The buyer of the 170,000-square-foot property at 360 Spear Street was Oakland-based Harvest Properties, which has been accumulating assets in the city’s core financial district. Madison announced the deal.
The sale, which pencils out to $965 a foot, closed Dec. 31. Cushman & Wakefield’s Seth Siegel handled the transaction. The building is being marketed as a life sciences and creative office property.
New York-based private equity firm Madison and PGIM, an offshoot of Prudential Financial, bought the property for $95 million in 2018. The duo then poured $17 million into capital improvements, converting the former data center into a modern mixed-use asset. The five-story building was constructed in 1924 as a Navy and Marine hub.
Just under 75,000 square feet is leased to blood bank — 33,000 — and to “people management platform” Lattice, which takes about 40,000 square feet. It is not known whether the remaining 100,000 square feet is leased.
Founded in 2002 by John Winther, Harvest Properties has bought numerous buildings in the Bay Area over the past decade. In April, it paid nearly $100 million for an office building on nearby Brannan Street in April. CIM Group was the seller.
Messages left with Harvest Properties were not immediately returned.
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