Jamestown Sells Big Time
Moment ago, we learned from trusted sources that Jamestown has sold Pacific Place at 4th and Market to JP Morgan, unloading the property after a 10-year hold (10 years ago, we bought a 98 Degrees CD, which we're also looking to unload).
Sources tell us the price for the 430k SF office and retail property was a whopping $415M. The timing to sell was right: Late last year Intuit inked a long-term lease for the whole 202k SF office portion for its small biz division. Jamestown injected green amenities, including outdoor terraces, a dog- and bike-friendly work space, a bike repair station, and living green wall in the lobby. (What's not living are all the ghosts in this photo.) Jamestown was repped by Eastdil Secured. The LEED Gold property is made up of 200 feet of Market Street retail storefront, 16 floors of office space, and a five-floor, 198-room, luxury boutique hotel.
Retail tenants include the flagship stores for Levi’s and Old Navy, as well as The Container Store and the Palomar Hotel. The property was held by the Jamestown Premier Property Fund, which also owns Ghirardelli Square and 799 Market.
