The Phelan Building, San Francisco
The Phelan Building is a beautiful property with an impressive history, and we were very proud for the opportunity to restore it to its former glory.
New York, NY (PRWEB) March 27, 2017
Thor Equities (http://www.thorequities.com), a global leader in urban real estate development, leasing and management, has received a Bay Area “Real Estate Deal of the Year” award from the San Francisco Business Times for the renovation, leasing, and profitable sale of the Phelan Building at 760 Market Street in Union Square.
The 11-story mixed-use property features 231,000 square feet of office space, and approximately 52,000 square feet of retail space.
“The Phelan Building is a beautiful property with an impressive history, and we were very proud for the opportunity to restore it to its former glory,” said Joseph Sitt, CEO of Thor Equities. “Thanks to our dedicated team of architects, contractors and agents, we were able to successfully renovate and lease the property, and ultimately sell it at a substantial profit.”
When Thor purchased 760 Market Street in 2008 for $130 million, it was comprised of small individual offices. With the explosion of Silicon Valley, many technology firms were looking for large open work spaces in San Francisco. After making upgrades throughout the building and reconfiguring the office space to reveal the vast size of each floor, the property immediately became desirable to technology firms and retailers.
Current office tenants include Credit Karma and Medium, an online publishing platform founded by Twitter co-founder Ev Williams. Retail tenants include Starbucks, Orogold Cosmetics, Walgreens, Verizon and Marshalls.
Built in 1907, 760 Market Street was instantly one of the most prominent and preeminent office buildings in San Francisco. Thor Equities preserved the history of the property including restoring the original brick, mosaic tiles and marble lobby, while installing modern amenities and infrastructure throughout.
Thor continues to own properties in San Francisco at 152 Geary Street in the heart of Union Square, as well as the newly acquired 634 Second Street in SoMa, and 440 Jackson Street and 444 Jackson Street in Jackson Square.
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About Thor Equities: Thor Equities is a leader in the development, leasing and management of commercial, residential, retail, hotel and mixed-use assets in premier urban locations worldwide. The company maximizes returns for investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. Thor Equities is also the exclusive representative of global retailers through Thor Retail Advisors, a premier leasing agent for marquee properties worldwide. For more information, visit http://www.thorequities.com.