Glenn Gilmore and Jesse Feldman’s Brick & Timber Collective have a new prize in San Francisco’s Barbary Coast.
The San Francisco-based investment fund bought the Public Policy Institute of California’s 115,568-square-foot headquarters at 500 Washington Street for $32.7 million, according to two sources with knowledge of the all-cash deal.
The deal is proof it’s a buyer’s market in San Francisco. The nonprofit think tank paid $30.4 million for the eight-story building in 2001.
The property has served as PPIC’s home over the past two decades. PPIC currently occupies two floors and plans to stay put for now, according to Stephen Bliss, director of digital strategy at the organization.
A spokesperson for Brick & Timber declined to comment on the deal, which has been in the works since October, as the San Francisco Chronicle previously reported.
It’s only the beginning of Feldman and Gilmore’s new buying spree in San Francisco, according to the partners.
The co-founders of the decade-old firm are pivoting back to their hometown after previously expanding their portfolio in Miami. Brick & Timber plans to spend $500 million on office properties in San Francisco, the company announced last year.
Feldman said at the time the fund marked “the beginning of a new cycle” for the city’s downtrodden office market.
Bliss, for his part, declined to comment on why PPIC opted to sell its longtime headquarters. He said there are eight other tenants in the building currently, in addition to the think tank. It’s unclear what percent of the property is occupied.
Colliers’ Robert Gilley brokered the sale and did not respond to a request for comment.