Historic San Francisco office building faces conversion

Buyer plans commercial condos

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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 c...