Hearst purchases 1098 Harrison in tech-driven SOMA District
JLL Capital Markets facilitates the sale of the fully leased creative office asset
SAN FRANCISCO, September 17, 2020 – JLL Capital Markets announced today that it has facilitated the sale of 1098 Harrison Street, a 44,794-square-foot creative office asset in the heart of San Francisco’s tech-driven SOMA District.
JLL facilitated the transaction between the buyer, Hearst, and seller, Embarcadero Capital Partners, in the all-cash, off-market transaction that was structured and completed during COVID.
Originally built in 1924, 1098 Harrison Street received a complete base building renovation over the last 10 years and is regarded as a state-of-the-art creative office space with top-of-the-line amenities, including an all-hands stadium seating area and a rooftop deck. The two-story building is fully leased into 2029 to Plaid, Inc. The property’s central location in Downtown San Francisco provides proximity to premier tenancy, numerous mass transit options providing connectivity throughout the Bay Area and an abundance of retail, entertainment, dining and cultural amenities located in San Francisco’s Union Square, Mid-Market and South/North Financial District neighborhoods.
The JLL Capital Markets team representing Hearst was led by Senior Managing Director Gerry Rohm (CA Lic. #01385740) and Senior Director Erik Hanson.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Embarcadero Capital Partners
Embarcadero Capital Partners is a private real estate investment, management, and development firm based on the San Francisco Peninsula. We focus on West Coast markets where innovation and collaboration drive demand for creative workplace environments. To learn more, please visit: embarcaderocapitalpartners.com.