Avison Young to Lease 4-Building San Francisco Portfolio

170 Grant Ave. Image courtesy of Avison Young

Grosvenor has appointed Avison Young to oversee leasing for four boutique office properties in downtown San Francisco. Spread across Union Square, the portfolio has a total of 133,000 square feet of office and retail space, with individual buildings ranging between 24,785 and 44,442 square feet.

The leasing team, comprising Principals Kelly Glass and Sean McCallum, Associate William O’Daly and Senior Marketing Associate Melinda Ta, is aiming to attract small- to medium-size companies from the finance, insurance, engineering, marketing, venture capital or architecture sectors.

The largest asset is a 40,442-square-foot mid-rise, situated at 240 Stockton St. Renovated in 2014, the LEED Gold-certified property also includes 11,000 square feet of retail. Grosvenor picked up the building in 2016, in a $80 million deal, according to CommercialEdge.

Next in size is a 37,000-square-foot building that is also LEED Gold-certified. Built in 1908 and renovated in 2012, the property at 251 Post St. features 2,000 square feet of showroom space and 6,000 square feet of retail, CommercialEdge shows.

The last two buildings, totaling nearly 56,000 square feet, are steps away from each other at 170 and 214 Grant Ave.

Office leasing in San Francisco

The four properties are in proximity of the San Francisco Museum of Modern Art and Interstate 80, while San Francisco International Airport is within 14 miles. Due to its positioning, Grosvenor’s portfolio is likely to be among the first properties to rebound as part of downtown San Francisco’s recovery, aligning with the return-to-the office movement, said Sean McCallum, in prepared statements.

According to a recent CommercialEdge report, San Francisco’s office vacancy climbed only 10 basis points month-over-month, to reach 18.1 percent in August. However, on a year-over-year basis, the metro’s vacancy rate inflated by 400 basis points.