SAN FRANCISCO—A joint venture between Columbia Pacific Advisors and Long Market Property Partners has purchased 995 Market Street in San Francisco. The transaction details were not released.
The 16-story, 93,000-sq.-ft. office building is part of the city’s md-Market corridor and is within the Payroll Tax Exclusion zone, which allows new company hires to be exempt from payroll taxes.
Plans are already in place for the building to undergo a number of capital improvements such as renovating the interiors in order to reach creative and tech tenants.
“995 Market Street represents one of the few remaining truly value-added investment prospects left in downtown San Francisco. The buyer was able to acquire the asset at a very attractive basis,” said Kyle Kovac, Capital Group managing director for Newmark Knight Frank Cornish & Carey Commercial.
Kovac, as well as Executive Managing Director Daniel Cressman and Managing Director Mike Taquino, represented the buyer.
The mid-Market area has seen significant improvements since Twitter committed to 215,000 sq. ft. at 1355 Market Street in April 2011.
“We are seeing tangible evidence of the mid-Market transformation almost weekly with high-profile tenants, landlords, and developers all committing to the neighborhood,” Kovac said in a statement.