1155 Market Street, an 11-story office building at the center of the revitalized Mid-Market District in San Francisco, traded hands this month as Laurus Corporation sold the property to Patson Cos. for $72.6 million. Laurus, a U.S.-based private real estate investment and development firm, originally purchased the property in 2011 $27 million when it was essentially empty. Laurus was able to quickly re-lease more than 75% of the building for a 10-year term to the City and County of San Francisco and implement tenant improvement renovations Dave Terzolo, Josh Peterson and Mark Geisreiter of CBRE represented Laurus Corp. on both the sale of the building and the lease with the city. Terms of the deal were not disclosed.
"When we acquired 1155 Market St., the San Francisco mid-market location was in the early stages of revitalization. We were able to capitalize on the momentum, executing a focused business plan and aggressively pursuing targeted goals, efforts that ended up achieving over three times (3x) equity multiple for our investors," said Philip Cyburt, Chief Executive Officer of Laurus Corporation.
The City of San Francisco moved 400 city staffers into 1155 Market in early 2013, including those who work departments such as treasurer/tax collector, assessor-recorder, public works, and the Mayor's Office of Disability. "This location is terrific — you are right on top of the Civic Center BART exit," said John Updike, the city's director of real estate. "It's certainly worked out well for us."
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