Grubb & Ellis Co. represented Bayview Sansome Street LLC, a subsidiary of Bayview Financial, L.P., a Miami-based full-service real estate investment and mortgage finance company, in the purchase of the historic Adam Grant Building in San Francisco.
The transaction was valued at approximately $49 million.
114 Sansome LLC, which is controlled by Spear Street Capital of San Francisco, sold the property, which rises 14 stories and features 189,000 square feet.
114 Sansome, located in the center of San Francisco’s Financial District, features approximately 17,000 square feet of retail space anchored by Walgreen’s and Wells Fargo, 163,000 square feet of office space and 9,000 square feet of storage space. The property was significantly renovated from 2000 to 2005 with over $15 million in improvements bringing the building up to modern class A office standards.
Bayview will be converting the property to commercial condominiums and reselling the units beginning in 2006. Office condominium units will be sold from as small as 400 square feet up to entire full floors and will be sold either vacant or as leased investments.
Grubb & Ellis Co. is a full-service commercial real estate organization operating worldwide.
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