Newmark Cornish & Carey Commercial (NewmarkC&CC) Capital Markets is marketing for sale 1001 Van Ness Avenue in San Francisco. Presently, the 106,777-square-foot commercial property serves as the broadcast and office base of KRON Channel 4 television. The broadcast company will be relocating to another facility this year, opening up several redevelopment opportunities for potential buyers.
Executive Managing Director Daniel Cressman and Managing Directors Mike Taquino and Kyle Kovac are exclusively marketing the site.
The property’s zoning allows for over 200 residential units. The opportunity is also well suited for medical office developers given its immediate proximity to the new $1.2 billion Cathedral Hill Hospital that is under construction, as well as tech-office investors given the drastically limited supply of available space for the rapidly expanding San Francisco tenant base.
The four-story property offers 8,000 square feet of highly improved television studio space and 61 subterranean parking stalls. It is positioned along Van Ness Avenue and O’Farrell Street, and boasts three street frontages.
“The flexibility of future redevelopment options will appeal to a wide array of potential buyers,” said Mr. Cressman.
About Cornish & Carey Commercial Newmark
A dominant regional real estate force since 1935, Cornish & Carey Commercial Newmark (C&CCNewmark) has an expansive reach as part of one of the largest commercial real estate service firms in the U.S. Regionally, C&CCNewmark has more than 310 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.ccareynkf.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.