A five-story Victorian-era brick-and-timber office building in San Francisco’s Jackson Square just landed a deep-pocketed new landlord. Swiss insurer Zurich’s U.S. real estate arm paid $32.8 million for 394 Pacific Avenue, according to purchase records and industry filings. The deal, which closed last Thursday, moves the corner property into the hands of a global insurer that has been selectively buying smaller city offices.<\/p>\n
As reported by the San Francisco Business Times<\/a>, Zurich Alternative Asset Management LLC was the buyer and paid $32.8 million for the property. The outlet noted that the sale involved Grosvenor Americas, which had owned the building since 2016.<\/p>\n About the building<\/p>\n The five-story property at the corner of Pacific and Sansome was acquired by Grosvenor in 2016 and, at roughly 50,220 square feet, has been marketed as a boutique office asset. Grosvenor<\/a> notes the building dates to 1907 and was substantially renovated in 1981, while industry reporting has documented its size and the earlier 2016 sale. IREI<\/a> reported the building’s square footage and previous sale price when Grosvenor bought it.<\/p>\n Zurich’s U.S. buying strategy<\/p>\n The acquisition fits a pattern of insurers and pension-backed investors targeting well-located, smaller office properties in top neighborhoods. The San Francisco Business Times<\/a> notes Zurich has been buying boutique buildings. Zurich’s own fund materials show it runs U.S. property portfolios across sectors with capacity for selective purchases that emphasize stable occupancy and longer-term income. Zurich Alternative Asset Management<\/a>‘s reports describe that approach.<\/p>\n Why it matters for Jackson Square<\/p>\n For Jackson Square, the sale signals that global capital still sees value in compact, distinctive offices even as some longtime landlords pare back holdings. The deal comes amid a string of recent Grosvenor dispositions as the firm reshapes its U.S. footprint and puts several Union Square assets on the market. The San Francisco Standard<\/a> reported Grosvenor’s broader retreat from direct U.S. ownership.<\/p>\n Neither Zurich nor Grosvenor has said publicly whether they will pursue renovations or changes to the tenant roster at 394 Pacific. For now, the building joins a growing list of boutique San Francisco offices that institutional buyers are consolidating into longer-term portfolios.<\/p>\n","protected":false},"excerpt":{"rendered":"A five-story Victorian-era brick-and-timber office building in San Francisco’s Jackson Square just landed a deep-pocketed new landlord. Swiss…\n","protected":false},"author":2,"featured_media":299977,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[143,145,144],"class_list":["post-299976","post","type-post","status-publish","format-standard","has-post-thumbnail","category-oakland","tag-oakland","tag-oakland-headlines","tag-oakland-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/299976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=299976"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/299976\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/299977"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=299976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=299976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=299976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}