500 Sansome

500 Sansome
San Francisco, California

Property Address:
500 Sansome St.,
San Francisco, CA 94111

150,000-square-foot, nine-story office building.

The project was acquired in 1997 in a San Francisco market that was slowly recovering from the mid-90s downturn. The building was just over 50% leased at acquisition and had very tired lobby and common area finishes, as well as inadequate mechanical systems. Within two years, BPG had renovated the building, all existing leases were converted to new leases with extended terms, and the building was brought to 98% occupancy. The property was sold in 1999 for approximately twice the original cost plus the cost of improvements resulting in a substantial gain to ownership.