Madison Capital, PGIM sell revamped San Fran office for $165M

Buyer Harvest Properties has acquired numerous properties in financial district

Los Angeles /
Jan.January 13, 2021 02:00 PM
Madison Capital's Jonathan Nachmani and Harvest Properties' John Winther with 360 Spear Street (Google Maps)
Madison Capital’s Jonathan Nachmani and Harvest Properties’ John Winther with 360 Spear Street (Google Maps)

UPDATED, Jan. 14, 7:29 a.m.: Madison Capital and PGIM sold their recently revamped mixed-used building in Downtown San Francisco for $165 million.

The buyer of the 170,000-square-foot property at 360 Spear Street was Oakland-based Harvest Properties, which has been accumulating assets in the city’s core financial district. Madison announced the deal.

The sale, which pencils out to $965 a foot, closed Dec. 31. Cushman & Wakefield’s Seth Siegel handled the transaction. The building is being marketed as a life sciences and creative office property.

New York-based private equity firm Madison and PGIM, an offshoot of Prudential Financial, bought the property for $95 million in 2018. The duo then poured $17 million into capital improvements, converting the former data center into a modern mixed-use asset. The five-story building was constructed in 1924 as a Navy and Marine hub.

About 130,000 square feet of the building is leased out to blood bank Vitalant, “people management platform” Lattice, Verizon and AT&T.

Founded in 2002 by John Winther, Harvest Properties has bought numerous buildings in the Bay Area over the past decade. In April, it paid nearly $100 million for an office building on nearby Brannan Street in April. CIM Group was the seller.

Messages left with Harvest Properties were not immediately returned.


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