Bain Capital will move out of two highrise properties in downtown San Francisco and consolidate into a turn-of-the-century former horse stable in Jackson Square, a Bain source has confirmed.
In the last quarter of 2022, the investment firm signed a lease to take the entire 28,600-square-foot four-story building at 450 Pacific Avenue and plans to move in by the end of the year. The company will give up office space at 301 Howard Street, where its venture group is located, and another suite at Steuart Tower on Market Street near the Ferry Building, which Bain Capital’s website describes as the home of its “tech opportunities” office.
The new office will still be close to the waterfront but the move puts Bain a few blocks north of Market and a world away from the sleek highrises that dominate downtown. Jackson Square is known for its historic low-rise buildings; those that survived the 1906 earthquake date back to the Gold Rush and Barbary Coast era.
The brick-and-timber building with a view of the Transamerica Pyramid was built just after the great quake and was purchased in 2019 for $32 million by Brick & Timber Collective, which specializes in Jackson Square and North Waterfront offices. Previously the site functioned as a stable for horses used by the fire station that was across the street, according to a story on the sale in the San Francisco Business Times. The completely renovated space now has three atriums, three dozen offices, several conference rooms, lounges and a ground-floor bar.
According to a fourth quarter CBRE report, the building ranks as Class B office space, which is currently running at a 36.5 percent vacancy rate in Jackson Square with average asking rents of just under $70 per square foot annually.
Newmark brokered the deal and did not reply to a request for comment.
Read more
Commercial
San Francisco
Downtown SF faces 1,300 expiring office leases by 2024
Commercial
San Francisco
Autodesk to clear out of two floors at its SF headquarters
Commercial
San Francisco
CBRE: Office tenants play “musical chairs” in Downtown SF