1754 Properties, Vander Capital pay $27.8M for Google-leased 40 Jessie
A 1754 Properties and Vander Capital venture reportedly paid about $27.8M, roughly $561 a square foot, for 40 Jessie St, a Google-leased San Francisco office.
- Source Briefing
- Data feed
- Also reported by San Francisco Standard
A venture of 1754 Properties and Vander Capital Partners has bought 40 Jessie St in San Francisco’s South of Market area for about $27.8 million, according to reporting by the San Francisco Standard that cites city records. The sale reportedly closed at the end of October.
Why it matters
The building is 49,560 square feet, fully leased to Google, and the buyer describes it as its first office purchase. ConnectCRE reports the lease runs to December 2030 and that the space mixes offices with laboratory build-out. The buyer’s release says more Bay Area acquisitions are planned.
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The numbers
Our arithmetic on the reported figures: $27.8 million over 49,560 square feet is about $561 a square foot. A 2023 sale of the property, reported at $17.6 million, implies the new price is roughly $10 million higher, or about 58% above the earlier trade. The lease term left at closing is about four years, so the price rests on a single tenant’s decision around 2030.
The price and the 2023 comparison come from outlet reporting on city records, and the outlets themselves are paywalled to our systems, so the figures are attributed rather than independently pulled from the recorder.
What’s next
The buyer says it intends to keep acquiring in the Bay Area, though its release names no further targets or a budget. Watch for the recorded deed, which has not yet been pulled by our desk, and any acquisition financing, which would confirm the price and show how the venture is capitalizing a short-dated single-tenant lease. More on the market is on the San Francisco hub.
Quick answers
- What is the latest on 1754 Properties in San Francisco Bay Area?
- A 1754 Properties and Vander Capital venture reportedly paid about $27.8M, roughly $561 a square foot, for 40 Jessie St, a Google-leased San Francisco office.
- What are the key numbers for 1754 Properties?
- reported price: $27.8M; per sq ft: $561; leased to Google: 100%.
- Where does the information on 1754 Properties come from?
- The story cites San Francisco Standard, ConnectCRE and Business Wire.
On the record
At the reported price of about $27.8M and 49,560 square feet, 40 Jessie St works out to roughly $561 a square foot, about $10M above the $17.6M reported for its 2023 sale.
Our data · sfstandard.com
Company announcement
- Business WireBuyer release on the 40 Jessie St acquisition A company statement, not independently confirmed.
Also reported by
- San Francisco Standard1754 buys 40 Jessie St, plots SF portfolio
- ConnectCRE1754 Properties makes first office acquisition with Google-leased San Francisco asset