Thor Scores Big on San Francisco Office Sale
By
Tony Seruga
The landmark Phelan Building reportedly sold for $370 million.
Phelan Building
San Francisco—For
Thor Equities, the
San Francisco office market is nearly three times as nice as it was in 2008. Eight years after acquiring the landmark Phelan Building for $130 million, Thor has sold the 250,000-square-foot mixed-use property for approximately $370 million. The proud new owner, according to a report by commercial real estate services firm Colliers International, is Joseph Hotung/AIG.
Designed by architect William Curlett, the Phelan Building was erected at 760 Market St. in 1907, replacing the structure that had stood at the site before it went up in flames in one of the post-earthquake fires of 1906. Fast forward a hundred years and Thor takes the reins at the Phelan Building, and wastes precious little time transforming the asset into a top destination for the tech set and a desirable site for leading retailers. Thor instituted upgrades and restructured the office space at the property to provide today’s highly coveted, large open-floor plans, and in a few years, such names as Credit Karma and online publishing platform Medium popped up on the office tenant roster. And the 11-story building’s 52,000 square feet of retail space is occupied by the likes of Starbucks, Orogold Cosmetics, Walgreens, Verizon and Marshalls…
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