Cannae Partners To Renovate 75,050-SF Property in Mid Market Area of San Francisco
Cannae Partners purchased the Eastern Outfitting Building for $9.5 million, or approximately $127 per square foot. The buyer plans to invest more than $100 per square foot in building renovations. Cannae intends to convert the multi-tenant property into a creative office that appeals to larger tech tenants.
The six-story structure measures 75,050 square feet and was built in 1909 in the Mid Market area of San Francisco. At time of sale there were a variety of tenants on month to month leases. The historic building has been renovated to ADA compliance and has an upgraded elevator system.
Vince Schwab and Sanford Skeie of Marcus & Millichap represented the seller, 1019 Market Street LLC, while the buyer was represented by David Wientjes of Kidder Mathews.
Please reference CoStar COMPS #2516975 for more information on this transaction.