PMI Properties is pleased to announce the sale of an iconic Creative Office Building located at 394 Pacific Avenue in San Francisco. The five stories 50,000 square foot building is comprised of a 5,000 square foot storage basement and 45,000 square feet of creative brick and timber offices. The buyers were Grosvenor Americas, a private property investment and development company.
394 Pacific Avenue was originally constructed in 1907, and was substantially renovated (including a seismic retrofit) in 1981. The property is located in Jackson Square between North Beach, Chinatown and the Financial District. Because the building is just a short walk from the North Financial District and just several blocks from the Central Subway’s Chinatown extension, the location will provide future connectivity to BART, Caltrain and SoMa.
The building is currently 100% leased by a variety of tech and media companies as well as a financial management firm. PMI improved the suites to expose the original brick sides and timber ceilings with heights averaging fourteen feet. These unique details characterize creative office buildings.
PMI acquired this building for $13.5 million in 2005. The buyer paid a total consideration of close to $33 million in June of 2016. PMI entered San Francisco at the end of 2005 in the early stages of the tech recovery from the dot com bust and continued to acquire a total of six properties through 2011.
PMI renovated older dot com suites into efficient open plan layouts, catering to tech startups including the likes of – Twitter, Yammer, Eventbrite, Zendesk and Scribd.
PMI is a thirty year old commercial property investment and management company headquartered in Beverly Hills, CA. Starting in the 1990’s, PMI was one of the pioneers in the creative office sector, by converting warehouse industrial facilities into flex creative space prior to the internet boom, and really honing in on the specific collaborative space needs for entertainment, tech and creative type companies.