Newmark is pleased to announce it has been appointed by Madison Capital as leasing agent for 360 Spear Street. Recently acquired by a Madison Capital joint venture, the five-story, 160,000-square-foot mixed-use building is located in the SoMA district of San Francisco. The property is approximately one-third leased to Verizon Wireless and AT&T, and two-thirds is designated for light industrial and creative office tenants. The new owners have commenced a more than $12 million repositioning that will transform the property into a premiere, creative-office asset.
Newmark Executive Managing Directors Charlie Withers, Bill Benton and Liz Hart along with Senior Managing Director Roman Adler will serve as the leasing agents for 360 Spear Street, which is recognized as SoMa’s premier mixed-use project. Newmark will work closely with Madison Capital Partner J. Joseph Jacobson, Director Jonathan Nachmani, Director, and Vice President Justin Cesario.
“360 Spear is a rare combination of the office, PDR, and biotech markets, all of which are seeing low single-digit vacancy. When you add that to the fact that it is downtown and near dozens of tech companies, you realize there is simply no other opportunity like it in San Francisco right now,” said Withers.
Current availabilities at 360 Spear consist of 54,000 square feet of office space and up to 113,000 square feet of life science, light industrial and production, development and repair (PDR) space.
The building features expansive 40,000-square-foot floor plates, 13-foot ceilings, on-site parking, a loading dock and views of the San Francisco Bay and Bay Bridge. In addition, the building’s infrastructure includes an available electrical capacity for dedicated tenant use that far exceeds capacities found in Class A office buildings. Planned improvements will consist of several design-driven, building modernization and amenity-focused projects including activation of the 275 feet of green space that spans the building’s frontage along Spear Street.
According to Justin Cesario of Madison Capital, “Our repositioning will be focused on transforming 360 Spear into a boutique, creative office building with modern amenities that will inspire our tenants and their guests.”
360 Spear is situated one block west of the Embarcadero waterfront at the northwest corner of Spear Street and Harrison Street. The property is within close proximity to a many food, fitness and cultural amenities including the Ferry Building Marketplace, the Rincon Center, the Embarcadero Promenade and the Transbay Center Redevelopment.
About Madison Capital
Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets. Since the firm’s inception in 2002, Madison has grown its portfolio organically, acquiring one asset at a time to over $2.5 billion of current assets under management. Targeting income-producing, opportunistic and value-add opportunities in New York, Chicago, San Francisco, Miami and other gateway cities, the firm employs a focused and disciplined approach to its investments. For more information, please visit the firm’s website at www.mcapny.com.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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