This property was sourced off market through local relationships and we partnered with a local market expert to maximize knowledge and value creation.
944 Market features iconic 1907 architecture located on a prominent Market Street corner, adjacent to a BART station, and in a Mid-Market location beginning a transformation.
The property had significant value-add opportunities due to 1980s interiors with drop ceiling and gypsum walls that covered beautiful original brick and timber construction, plus many short term and month to month leases that allowed for quick repositioning of tired tenant spaces.
In addition, there was a full height basement with direct street access that had never been built-out and was ideal for future retail or restaurant/bar.
Renovations of vacant suites were commenced immediately and negotiations began with month-to-month tenants to create opportunities for further renovations. We also converted, on a speculative basis, dilapidated multi-tenant floors into open single-tenant spaces with exposed brick and timber, spiral duct work, pendant lighting, and glass walls.
We achieved 100% occupancy ahead of projections and then opportunistically sold the property at a price well above our initial pro forma.