News
A Foxy Mid-Market Opp
July 9, 2014
We just learned yet another Market Street address has hit the sales block. The office portion of the iconic 29-story Fox Plaza at 1390 Market is for sale, proving more Mid-Market landlords view now as a prime time to sell (both 1155 and 989 Market traded recently, for example). CBRE is marketing the office chunk, made up of the first 12 floors, bought by Broadreach Capital in 2007 for $42.7M. Last year Archstone sold off the upper apartment portion to Essex for $135M. The building was a visionary piece of urban architecture when erected in 1966, designed by shopping center pioneer Victor Gruen. At the time of purchase, Essex promised to embark on a big renovation over the next few years.
