944 Market Street
944 Market is an historic 1907 Renaissance-Baroque style building designed by famed architect L.B. Dutton. This 49,000 square foot building is located in the burgeoning Mid-Market neighborhood near the corner of 5th and Market Street and adjacent to the Powell Street BART Station. Ownership sourced the building off market through local relationships and partnered with local market expert to maximize knowledge and value creation. 944 Market provides 5,300 square foot floor plates with open ceilings, exposed brick, and operable windows along two street frontages providing abundant natural light. The ground floor retail suites provide 18-foot ceiling heights and Market Street frontage directly across from the new Nordstrom RACK and the proposed Market Street Place, a 250,000 square foot multi-story retail development. 944 Market also features a full basement with 15-foot ceiling heights and elevator service.
EXECUTION
Ownership immediately commenced renovations of vacant suites and negotiations with month-to-month tenants to create opportunities for further renovations. We then converted on a spec basis dilapidated multi-tenant floors into open single-tenant spaces with exposed brick and timber, spiral duct work, pendant lighting, and glass walls. Ownership achieved 100% occupancy ahead of projections and with local brokers, created a competitive “off-market” buying opportunity to maximize perceived value among multiple buyers.
ADDRESS
944 Market Street, San Francisco, CA
PROJECT SIZE
49,000 Square Feet
PROPERTY TYPE
Value Add/Core Multi-Tenant Office
ACQUIRED
December 2013
SOLD
June 2016