Columbia Pacific Advisors has acquired 939 Ellis Street, an office building that has approximately 116,000 total square feet.
The property is located in downtown San Francisco's Van Ness Corridor, an area that has experienced growth in recent years.
Columbia Pacific Advisors purchased the building from Bay Area Air Quality Management District (BAAQMD). BAAQMD will remain in the building as a tenant through 2015.
Columbia Pacific Advisors engaged San Francisco-based Long Market Property Partners (LMPP) to assist with the investment and leasing oversight. Located in one of San Francisco's most recognised thoroughfares, the property is situated among high-rise residential complexes, medical and government buildings, cultural centres, and hotels as well as some of the city's most renowned restaurants.
"We are excited about our purchase of 939 Ellis St at a compelling basis in a neighbourhood that continues to evolve and thrive as a true mixed use district," says Todd Seneker, managing director of Columbia Pacific Advisors. "This investment offers multiple market opportunities that we will evaluate, ranging from a strong office renovation opportunity to a change of use to senior housing, a segment that is underserved in downtown San Francisco."
This deal marks Columbia Pacific Advisors' second investment in the San Francisco market over the last year. The firm purchased 995 Market St. in a joint venture with LMPP in April of 2013.
Columbia Pacific Advisors was represented in this transaction by Jeff Moeller, Peter Conte, and Zac Monsees of Cassidy Turley, and the team will be engaged to lease the property. BAAQMD was represented in this transaction by Tom Christian and Ric Russell of Cassidy Turley.