Newmark Knight Frank Cornish & Carey Commercial (NKFC&CC) Capital Markets has successfully closed on the sale of 2155 Webster Street located in the world-class Pacific Heights neighborhood of San Francisco. NKFC&CC’s Daniel Cressman, Michael Taquino and Kyle Kovac represented the University of the Pacific, Arthur A. Dugoni School of Dentistry on the disposition assignment. Trumark Urban, a Bay Area residential condominium developer, was the purchaser of the property.
The 222,000-square-foot office building, with an adjacent 17,000-square-foot parking lot, has served as the San Francisco campus for the University of the Pacific’s Arthur A. Dugoni School of Dentistry since its construction in 1967. The top three floors of the building boast Golden Gate Bridge and San Francisco Bay views. With average ceiling heights of 13.5 feet, 2155 Webster Street is uniquely positioned for a high-end residential conversion.
“2155 Webster Street presents a once-in-a-lifetime opportunity for a developer to create a world class condominium development in San Francisco’s most prestigious neighborhood, rivaling high-end condo projects in New York and London,” Mr. Cressman said.
Mr. Taquino added, “2155 Webster Street represents the only residential project of this size to be built in Pacific Heights in years. It will truly be a trophy address.”
In September 2010, the team was retained by University of the Pacific to handle its full-service real estate requirements that included purchasing a new San Francisco campus, as well as the disposition of its 100,000-square-foot student dormitory located at 2130 Post Street in San Francisco.
In November 2011, the team successfully represented the University in the purchase of 155 5th Street, a 400,000-square-foot former Wells Fargo data center in San Francisco. In January 2012, the team completed the sale of the 67-unit student housing property located at 2130 Post Street. The University of the Pacific will continue to occupy 2155 Webster Street until July of 2014, at which time it will relocate to the new 155 5th Street campus, which is scheduled for completion in the first quarter of 2014.
“The University of the Pacific’s foresight and timing on this multi-pronged real estate project rivaled that of any top-tier real estate company. The University’s advisory committee was first-class and was able make a truly complex assignment look easy,” stated Mr. Cressman.
With the sale of 2155 Webster Street, the team’s deal value for this assignment-including total value of the dispositions and total development costs for the new campus-exceeds $350 million.
The Cressman, Taquino and Kovac NKFC&CC Capital Markets team has transacted more than $1 billion of commercial properties in downtown San Francisco since 2008, representing both domestic institutional and high-net worth offshore clients. The team joined the firm in 2012 and continues to lead NGKF Capital Markets’ institutional investment sales business in the Northern California office market.
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