901 Market Street
Acquisition of a core asset in the heart of San Francisco’s downtown retail district. The building is located directly opposite the Westfield San Francisco Centre anchored by Nordstrom and Bloomingdale’s.
The building is listed on the National Register of Historic Places, and is leased to credit tenants such as Marshalls and the United States General Services Administration.
The building at time of purchase was 96% leased, but at under-market rents. Together with bringing rents to market when leases expire, Urban Realty determined that the opportunity existed to significantly expand the retail uses, from its current two levels. With 175 feet of frontage on Market Street and 165 feet on Fifth Street, as well as an imposing corner location, the building was an ideal candidate for retail repositioning.
To further this goal, Urban Realty was able to remove a large canopy which significantly impaired retailer visibility. A new storefront was then entitled, which substantially increased the glass line, and which provided for banners and other signage.
The property was subsequently sold.