San Francisco, CA – Ellis Partners LLC announced today the purchase of a two building office/retail complex at 715-721 Market Street in San Francisco.
With this new project Ellis Partners, long term stakeholders in San Francisco’s central business district, is joining in the continuing revitalization of Market Street as a destination for retail and office tenants. “We’re looking forward to contributing to the renaissance of Market Street,” said Jim Ellis, Principal of Ellis Partners. “This will be a space for the kind of exciting new retail tenants that are asking to be in this area, but currently face a shortage of choices. Upgraded office space will be available as well.”
These properties, along with the adjacent 731 Market, which was purchased by Ellis in June 2006, will undergo major renovations and be available for occupancy in Summer, 2007. After construction, the combined projects will offer up to 36,000 sq. ft. of reconfigured ground floor spaces are expected to attract specialty retail and/or restaurant tenants.
Retail in 715-721 and 731 will benefit from a location that represents an extension of the Union Square area. The site is also short walking distance from the expanded Westfield Center, the Four Seasons, the new Ritz Carlton, and the Mexican and Jewish museums. The draw of the Yerba Buena Center for the Arts and the Moscone Center also contribute to the area’s pedestrian volume.
The combined site, which will also contain 134,000 sq. ft, of office space, is comprised of buildings from three different eras: one from the mid 1960s, one from the 1930s, and the earliest, the 731 property, which dates back to the beginning of the last century. Ellis Partners has a track record of renovations that enhance the historic character of buildings, as demonstrated in its projects at 111 Sutter and 114 Sansome Streets.
About Ellis Partners:
Ellis Partners LLC was founded in 1993 for the purpose of acquiring and developing commercial real estate properties. The firm has a long history of championing and completing architecturally significant renovation projects.