Jones Lang LaSalle Capital Markets announced this week that it had facilitated the sale of the Adam Grant Building in San Francisco on behalf of Seagate Properties. Credit Suisse Group shelled out about $105 million for the Adam Grant building at 114 Sansome Street, a transaction that valued the historic property for more than $560 a square foot, according to real estate sources, reported the San Francisco Business Times. Terms of the deal were not disclosed, but public records show that Seagate Properties paid $67 million for the property in 2007.
"The Adam Grant Building is a one of San Francisco's premier landmark office buildings, and it offers the desirable combination of strong income stream security and significant upside potential," said Michel Seifer, Managing Director at Jones Lang LaSalle.
Originally built in 1908 and expanded in 1926, the Adam Grant Building is a 180,000 square-foot office building located in the center of the San Francisco financial district. It is recognized by San Francisco's Historic Preservation Commission as a Category I historically significant building, which is defined as a structure with great individual importance and excellent architectural design. The property has also received an "A" rating from the Foundation for San Francisco's Architectural Heritage, recognizing it as one of the most important buildings in the city.
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