San Francisco’s 1155 Market St. Sold to Laurus Corp.
Moving large properties in the space-constrained San Francisco market isn’t always easy, but Laurus Corp. has just picked up a 140,000-square-foot office building in the city’s Civic Center area. The property, located at 1155 Market St., features 11 floors of rentable space.
According to a Jones Lang LaSalle report, the San Francisco market is one of the healthiest in the state of California, drawing attention as a center for innovation and growth. The strong demand in the technology sector has pushed the city to the top spot in the nation in terms of CRE investment performance, and market fundamentals have improved rapidly in turn. The report specifically mentions the Civic Center area, noting that the new office inventory slated to hit the market next year will likely be quickly snapped up by prospering companies looking to expand operations. “Likewise,” it states, the combination of rising market rents and changes in ownership are making certain assets much more competitive and impactful on the market.”
Laurus intends to implement numerous upgrades, including façade, lobby, corridors, public bathrooms and overall building atmosphere. The company formed an investment vehicle, 1155 SF Partners, L.L.C, to acquire the property.
In August, the real estate firm announced that it had acquired the Intercontinental Center Office Building in Houston.
Earlier this week, Hudson Pacific announced its $90.1 million acquisition of two SoMa properties, further highlighting the activity in the San Francisco market.