Long Market Property Partners And DRA Advisors Acquire 40 Jessie Street Office Building In Downtown San Francisco For $17.6M

Long Market Property Partners and DRA Advisors have purchased a 48,500-square-foot office building located at 40 Jessie St. in downtown San Francisco for $17.6 million, according to public records. The six-story building features high-end office and laboratory space and is situated in the South Financial District, near major landmarks such as Salesforce Tower and the Transbay terminal. The property was gifted to Golden Gate University in the late 1990s and has now been sold separately from the university's main campus at 536 Mission St. The transaction highlights the challenges of the current commercial real estate market.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $17,600,000
• Square Footage: 48,500
• Price per Square Foot: $363
• Buyer: Long Market Property Partners - Justin Shapiro, DRA Advisors
• Seller: Golden Gate University
• Market: Downtown San Francisco
• Date: 05/04/2023

DRA Advisors, acting on behalf of Long Market Property Partners, played a pivotal role in the acquisition of the office building. The property's location in the bustling South Financial District makes it an attractive investment. The proximity to notable landmarks adds to its appeal. This transaction signifies a strategic move by Long Market Property Partners and DRA Advisors amidst a challenging commercial real estate environment in San Francisco.