Presidio Bay, a Bay Area-based commercial real estate development and investment firm, has acquired 60 Spear Street (60 Spear) in San Francisco’s South Financial District for $40.93 million. The is the city’s first large-scale office purchase this year and is a further testament of Presidio Bay’s commitment to champion the revitalization of downtown San Francisco.
Plans call for transforming and expanding the building’s current footprint to a 170,000-square-foot, Class-A trophy office building with exceptional design and hospitality-driven amenities. JLL’s Senior Director Erik Hanson and Senior Managing Director Robert Hielscher represented the seller in the transaction.
“We have remained optimistic about the San Francisco office market and saw 60 Spear as a phenomenal opportunity in a prominent downtown location that will attract quality tenants who are seeking a unique product,” says K. Cyrus Sanandaji, founder and managing principal of Presidio Bay. “Though we acknowledge the formidable challenges that confront San Francisco, we have already witnessed substantial improvements in these areas and believe that a true urban renaissance is unfolding within the city. We are proud to stand at the vanguard of tackling and championing these issues, evident in our dedicated investments and wholehearted support for policy reform. Our acquisition indicates our unwavering dedication to provide an unparalleled, premium experience for commercial tenants who share our belief in San Francisco’s fundamental appeal of innovation, creativity and community.”
The acquisition of 60 Spear comes at an opportunistic time, especially with hybrid and full-time return-to-office continuing to increase, coinciding with the growth of the artificial intelligence industry in San Francisco, the company said
Built in 1967, 60 Spear is an 11-story, 157,436 square-foot office building. The building is 30% occupied and is anticipated to be entirely vacant by summer 2025. This offers Presidio Bay a pristine canvas to create a distinct and elevated experience for tenants, employees and guests, with amenities that are notably scarce even in the San Francisco Class A trophy office market. These will include a fully operated spa with cold and warm plunges, saltwater floating pools, steam/sauna rooms, state-of-the-art fitness center, an all-hands conference and employee entertainment areas, co-working lounges, premium lobby experience with an integrated café bakery and San Francisco’s first and only rooftop bar and restaurant located in the Financial District with protected views of the Bay and the city.
