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Levi's Plaza Sale Could Be One of the Biggest Office Sales in San Francisco Ever

At 850,000 sq. ft., Levi's Plaza is considered one of San Francisco's only true corporate campuses.

Levi’s Plaza, considered San Francisco’s only true corporate campus, is on the market in what could be one of the largest office sales ever in the city.

The multi-building offering totals about 850,000 square feet and could reel in more than $700 million or about $800 per square foot, according to sources familiar with the deal.

The owner of the building, Gerson Bakar, did not respond to request for comment.  

The namesake tenant of the property, Levi Strauss, occupies about 40 percent of the campus along with other tenants such as BCCI Construction, Spaces, WideOrbit and Ubiquity Retirement & Savings.

About a decade ago, Levi Strauss looked at moving to Oakland, but ultimately decided to renew its lease in Levi's Plaza. The the jeans and clothing maker is the Bay Area's second largest private company after ride-hailing app maker Uber and employs 1,261 people in the Bay Area, according to Business Times research. In 2017, the company reported $4.9 billion in annual revenue and 13,800 employees worldwide.

Levi's Plaza is made up of low-rise, brick-clad buildings near the city’s Embarcadero Waterfront north of the city’s core Financial District. It takes up multiple city blocks around the intersection of Battery and Union streets.

The city’s north waterfront is attracting new investors as appetite for San Francisco office buildings continues heating up. Last year, global investor Blackstone picked up Embarcadero Square for $245 million or about $834 per square foot.

The possible sale of Levi’s Plaza was first reported by Real Estate Alert.

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